The collapse of Silicon Valley Bank has caused fear and anxiety among its customers and members of other banks.
However, President Joe Biden has reassured the public that no one with money in Silicon Valley Bank will lose any of their money, even above the federally insured limit.
Despite this, members of other banks in LA are withdrawing their money out of fear.
Over the weekend, lines were seen outside branches of the failed Silicon Valley Bank and other regional banks like First Republic and Signature.
Financial advisors suggest that bank customers should review where their assets are and make sure they are diversified.
They also advise customers to ensure that their assets are under $250,000, which is the FDIC limit.
Although the collapse of banks may cause panic among customers, the government is likely to backstop everything, and deposits will be there when customers need them.
