Following the collapse of Silicon Valley Bank and Signature Bank, small businesses owners may reconsider where to keep their money.
However, on Sunday, regulators approved a plan to ensure that clients of SVB — which just a week ago was the nation's 16th-largest bank — will get all their deposits back. The plan also applies to Signature Bank, whose customers also withdrew funds en masse.For starters, the message is that when a bank fails, customer deposits will be covered for an unlimited amount, Boneparth said.
"If you're a small business with never more than $250,000 in deposits, and your bank fails, it won't be an issue, other than a big inconvenience," Boneparth said.You also could consider having accounts at different banks, depending on the complexity of your business, said CFP Marguerita Cheng, CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland.
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