FDIC Insurance was created after the Great Depression during the New Deal to protect consumers from losses at a bank. FDIC Insurance protects up to $250,000 in deposits.
What should you do right now to protect funds?
If you had under $250,000 in funds held at SVB these funds should be available by Monday (March 13th) for removal to another corporate bank account. Please consult counsel before removing any funds to a personal account. You should urgently be looking for another corporate banking account—most likely multiple, not just 1.
In order to have access to the $250,000 in insurance, you must file a claim with the FDIC.
FDIC: Deposit Claims & Asset Sales
We recommend filing claims by Monday (March 13th) at the latest. It’s to our knowledge that if you file by Monday you should have access to that $250,000 by end of business on Monday (but, of course, this is highly subject to change.)
If you had more than $250,000 held in SVB please call the FDIC at 1-866-799-0959 as well to let them know of your claims.