At a minimum, workers should be aware that the federal government, through the Federal Deposit Insurance Corporation (FDIC), ensures up to $250,000 for most checking, savings, or retirement accounts.
There are just under 5,000 banks with more than 81,000 branches where depositors are protected in case a bank collapses. When selecting a bank or opting into a private retirement account like a 401(k) or an IRA, you can ask either bank employees or your employer if up to $250,000 will be insured by the FDIC.
To better understand the SVB collapse and how the event reflects on the safety of the financial sector, check out the story from Maite Knorr-Evans.
