As the U.S. economy continues to grapple with the effects of the coronavirus pandemic, Silicon Valley Bank (SVB) is taking steps to ensure its customers have access to their deposits. Starting Monday, all SVB customers will have access to their deposits, guaranteed by the U.S. government.
The move is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law in March 2020. The CARES Act provides financial assistance to individuals and businesses affected by the pandemic, including access to deposits held at banks like SVB.
Under the CARES Act, the U.S. government is guaranteeing deposits up to $250,000 per customer, per bank. This means that if a customer has more than $250,000 in deposits at SVB, they will still have access to all of their funds, even if the bank fails.
SVB is one of the largest banks in Silicon Valley, and its customers include many of the world’s leading tech companies. The bank has been working hard to ensure its customers have access to their deposits during this difficult time.
The bank has also implemented a number of other measures to help its customers during the pandemic, such as waiving certain fees and providing loan assistance.
The move by SVB is an important step towards helping its customers weather the economic storm caused by the pandemic. It is also a sign that the U.S. government is taking steps to protect individuals and businesses from the economic fallout of the pandemic.
For more information on the CARES Act and how it affects SVB customers, visit the bank’s website or contact your local branch.
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