⚠️ Is your business at risk in wake of the collapse of Silicon Valley Bank (SVB) and Signature Bank?
So many news to process for the tech world this week! After SVB’s failure, we now learn that Signature Bank is also in receivership. Urgent time to deal with your deposits, if any.
🚨🚨🚨 Be mindful of the risks of SCAM! 🚨🚨🚨
The Federal Deposit Insurance Corporation (FDIC) is the ONLY authority you can trust. Scammers will most likely use these events to try to defraud customers of SVB and Signature Bank, by initiating calls to their attention: ☎️ always make the call yourself and to a trusted phone number (“sorry, I will call you back in a minute” and call the trusted number). Never answer requests from an unknown source (even if the caller’s number displayed seems familiar—scammers can impersonate CIDs too!)
ℹ️ What happens now? ℹ️
👉 If you were a customer of SVB, you are now a customer of the Deposit Insurance National Bank of Santa Clara (DINB), temporarily created by the FDIC to take over the operations of SVB. The latest statement of the FDIC, a few hours ago today (Sunday) seemed to indicate that all depositors would be able to access all of their deposits as from Monday, including uninsured deposits. We are closely monitoring the situation.
👉 If you were a customer of Signature Bank, you are now a customer of Signature Bridge Bank, N.A. (SBB). SBB is a “bridge bank,” which is also a temporary arrangement under the supervision of the FDIC, while the operations are reorganized with the ultimate goal of selling the bank to new investors.
🔴 If you need to file a claim, your first point of contact should be the FDIC, ideally through their purpose-built website, or by calling one of their agents at the toll-free number published on their website (1-866-799-0959 at the time of writing).
🤔 Do you need legal assistance? Send us an email at contact@yoann.law or call +1 (408) 641-1020.