Customers at Signature Bank can rest assured that their deposits are safe following the bank's collapse and abrupt federal takeover, but some depositors remained uneasy about the whole situation and say the bank is not being forthright with them.
“Despite the jitters over the weekend, this is Monday,” Hochul said at a Monday morning press conference in Manhattan. “The banks are open, the assets are protected, the deposits are protected.”
“Everything I have, my mortgage, everything is on autopay with this bank. Everything,” Willis said. “Gas bills, everything. I don’t know how I’m supposed to manage that, it could get me into trouble and I’m being personally responsible. This is why people have so much lack of trust for the banking system.”
But in a sense, Signature’s client base was similar to Silicon Valley’s: the lion’s share of its deposits were corporate in nature, largely from law firms and real estate companies. And also like Silicon Valley, most of its deposits were over $250,000 and thus not FDIC-insured:reported that $79 billion of the bank’s $88 billion in deposits were uninsured at the end of 2022.
Hochul and Harris also urged bank customers not to draw any conclusions early in the game, especially regarding Signature’s cryptocurrency holdings. Signature was notable among financial institutions for accepting crypto deposits, the Times reported, but Harris said that the bank had a wide range of depositors, including personal and small business accounts, and disputed that crypto had single-handedly tanked the bank’s fortunes.
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