Customers of Silicon Valley Bank in California are lining up to withdraw their funds, as reported by Yasmin Khorram on CNBC’s ‘Power Lunch’.
The scene outside the bank shows about 35 to 40 people waiting to make sure they can access their money.
Representatives from both the FDIC and the bank are on-site to answer questions and reassure customers that their money is safe.
Some customers are relieved by the announcement from the government and are happy to wait and see what happens next.
However, others are more concerned and are attempting to move their funds to another institution, with one person even lining up from 2 AM to do so.
The situation is still developing, and there is no clear timeline for when everyone will have clarity on what’s going on.
