By Daisy Luther
Earlier this week, I wrote an article about the possibility of the FDIC doing a bail-in with your money. The article discussed how actions would be taken on a Friday and how depositors could be right out of luck.
Several readers called it “fear porn” but as it turns out, it wasn’t.
This morning, it’s been announced that the FDIC has taken control of the deposits in Silicon Valley Bank. As of today, Friday, customers are not able to access their accounts.
Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced Friday, in what is the largest bank failure since the Global Financial Crisis more than a decade ago.
The collapse of SVB, a key player in the tech and venture capital community, leaves companies and wealthy individuals largely unsure of what will happen to their money….
According to press releases from regulators, the California Department of Financial Protection and Innovation closed SVB and named the FDIC as the receiver. The FDIC in turn has created the Deposit Insurance National Bank of Santa Clara, which now holds the insured deposits from SVB.
The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning. SVB’s branch offices will also reopen at that time, under the control of the regulator.
The FDIC also said SVB’s official checks will continue to clear.
This is incredibly concerning. SVB is (or was) a major banking entity for venture-based companies.
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This will not only affect depositors, but also those with loans and credit lines through SVB. According to CNBC:
It is unclear exactly how larger accounts or credit lines for companies will be impacted by the closure. The FDIC said it will pay uninsured depositors an advanced dividend within the next week.
We certainly hope that the bleeding stops here.
Seriously…you need to pay attention.
Notice that this implies all the accounts are now under the control of the FDIC. Not just the big ones. Not just the ones with tens of thousands of dollars.
Hopefully, people will be able to access their money again on Monday.
If nothing else, please let this be a wake-up call. I’m not here trying to spout doom. I’m trying to warn you that your money is in a precarious position.
If you haven’t already, it’s high time that you begin making plans to invest some of your savings in gold or silver. This, of course, comes after your emergency fund and your preps. But if you have a large sum of money just sitting there in the bank, it could be at risk.
To learn more about moving your money into precious metals, go here to speak to an expert at no charge.
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This is exactly how they said it would happen.
In the video I shared earlier in the week, members of the FDIC discussed this situation exactly. They said they’d to it on a Friday to give them the weekend to strategize. They talked about how to do it without starting a panic.
In a three-and-a-half-hour “fireside chat,” FDIC bankers openly discussed the potential of a bail-in. They talk about the “strategic options” open to the FDIC, making moves over the weekend, and also mention the 40 million accounts they have to dip from “at the time of resolution.”
I don’t know what else I can say here.
I really hoped that it wouldn’t come to this. And there’s still time to pull things out of the fire – we haven’t yet seen a bail-in.
If we used the US military’s Defcon system for banking, I’d say this puts us right at Defcon 2.
What are your thoughts?
I have to wonder if this is a test run to see how we respond.
Are you concerned about the apparent collapse of SVB? How do you think the demise of one bank could affect the rest of the system? Are you going to do anything this weekend to get better financially prepared?
Share your thoughts in the comments.
Source: The Organic Prepper
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