Daily Management Review

Americans withdraw nearly $100B from bank deposits in a week


CNBC reports that between March 8 and March 15 Americans withdrew $98.4 billion from bank deposits, according to statistics from the Federal Reserve.

The majority of the money taken out came from tiny institutions.

March 24, the Financial Stability Oversight Council met in light of the most recent statistics from the Federal Reserve. 

Officials stated that the banking system "remains sound and resilient" in a conference held behind closed doors.

Silicon Valley Bank (SVB), the 16th-largest bank in the US, has been suspended since March 11. 89%, or about $175 billion, of the bank's assets at the end of 2022 were not insured. 

Shares of SVB fell by nearly 70%, and $40 billion in deposits were attempted to be withdrawn. Due to systemic threats, Signature Bank closed on March 12 in the US.

source: cnbc.com