I always assumed publicly traded companies with hundreds of millions of dollars in cash split it between banks. There are Cash Management Accounts that will do this automatically.
The whole point of the bank is the insurance. If you don't have the insurance then you're basically an investor in a company. Why would you invest all your cash in one company?
The FDIC is currently trying to find another bank to pawn off SVB accounts so they don't have to pay out the insurance claims. However, if they can't find another bank and have to pay, guess what happens?
Hopefully the businesses with cash deposited there can figure out how to make payroll, because that will screw over employees living paycheck to paycheck.
Now they only got 六円 (roku-en) TL note: six yen
I always assumed publicly traded companies with hundreds of millions of dollars in cash split it between banks. There are Cash Management Accounts that will do this automatically.
The whole point of the bank is the insurance. If you don't have the insurance then you're basically an investor in a company. Why would you invest all your cash in one company?
Everyone expects a bank to be the last to lose in any catastrophe. Given their size, they probably got benefits from using only them.
When I sold a house and had $$$$ in the bank for a week I hoped that wasn't the week my bank decided to fail.
Perhaps I should apply to be Roku's CFO.
The FDIC is currently trying to find another bank to pawn off SVB accounts so they don't have to pay out the insurance claims. However, if they can't find another bank and have to pay, guess what happens?
The silver lining is that, for once, it's the richest people ($250K) who get shafted, while the small clients get their money back.
Hopefully the businesses with cash deposited there can figure out how to make payroll, because that will screw over employees living paycheck to paycheck.
I'm trying to be positive here.