CNBC: Americans withdrew almost $100 billion from bank deposits in a week

Americans withdrew $98.4 billion from deposits in banks from March 8 to March 15, reports CNBC with reference to data from the Federal Reserve System (FRS). The bulk of the withdrawn money fell on small banks.

Against the backdrop of new data from the Fed, yesterday, March 24, a meeting of the Financial Stability Oversight Board was held. In a closed session, officials said the banking system “remains sound and resilient.”

Since March 11, the 16th largest bank in the US, Silicon Valley Bank (SVB), has been closed. At the end of 2022, 89% of the bank’s deposits, or about $175 billion, were not insured. SVB shares collapsed by almost 70%, and depositors tried to withdraw $40 billion from their accounts. On March 12, Signature Bank was closed in the United States due to systemic risks.

Read about the consequences in the publication “Kommersant FM” “Problems of Silicon Valley Bank expand geography.”

Maria Fedotova