What is the FDIC?

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.

Access the link here.

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.

What materials do you need for filing?

  1. SSN/TAX ID NO. The Claimant's tax identification number (if a company) or his/her Social Security Number (if an individual).
  2. NAME OF PERSON COMPLETING THE PROOF OF CLAIM. Self-explanatory.
  3. NAME OF THE CLAIMANT. This is the person or entity actually making the claim. This may be you or another person or entity on whose behalf you are authorized to file the claim.
  4. AMOUNT OF CLAIM. The dollar amount of the claim.
  5. DESCRIPTION OF CLAIM. Detailed description of what is being claimed (e.g., the invoice number, type of service being claimed, account number, etc.). Additional information may be attached.
  6. NAME. The name of person completing the POC.
  7. TITLE. Include your title if you are filing this POC on behalf of the Claimant.
  8. SIGNATURE. The signature of the person completing the POC.
  9. DATE. Date the form is signed.
  10. FIRM. If you are filing this POC on behalf of the Claimant, include the name of your company or firm, if applicable.