The collapse of Silicon Valley Bank has prompted a wave of customers to apply for account transfers to larger US banks such as JPMorgan Chase and Citigroup.
Additionally, smaller banks such as Bank of America are taking extra measures to accommodate transfer requests and speed up the sign-up process.
Even with government emergency measures to prevent further bank collapses, depositors are still attempting to move their accounts to larger banks or money market funds.
The Federal Deposit Insurance Corporation is protecting deposits up to $250,000, but accounts over that amount – accounting for 85% of SVB accounts – are at risk. US regional banks such as First Republic Bank, Western Alliance, and KeyCorp have also seen drops in their shares due to fears of bank contagion following the collapse of SVB and Signature Bank.
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