With the sudden failures of two major banks, Silicon Valley Bank and Signature Bank, over three days, regulators and other financial institutions raced to prevent a more widespread collapse. And while shockwaves continue to move through the banking system, anxious investors and customers want answers to questions like, what happens next? Will we continue to see other banks fall? What is our government and regulators doing? Are they stepping in with necessary protocols, or will we continue to see rescue plans in action?
To help provide some of those answers, Del Monte Group’s Co-Founder and CEO, Richard Del Monte, sat down with ABC 7 news reporter Karina Nova to share more of the backstory behind the failure, talk about what’s being done to get us out of it, plus gives a few tips to help people rethink some of their financial decisions. If you’ve been wondering about the safety of your money since the banking crisis began, we hope this interview will help provide some much-needed peace of mind.
Interview Timestamps:
0:00 Introduction
0:19 How did First Republic become the third bank to nearly fail in less than a week?
1:36 We saw big banks like Chase and Bank of America step in to help, but how does that really work?
2:48 Should Americans worry about the safety of their money?
3:08 You shouldn’t have more money in the bank than the FDIC can insure – for a single person, that would be $250,000. For couples, that would be $500,000, and for families with living trusts, that could go up to $1.5 million.
4:36 Unfortunately, people who had owned shares in the banks that fell lost their money.
5:37 Next, Richard and Karina discuss Silicon Valley Bank Bonds – will people get their money back?
6:26 Now that we’re all paying attention, what can we expect to see in the coming weeks?
7:44 Can the government do more than what they’ve already done?
Interested in having Richard or Angela on for an interview? Send us a message by emailing Info@APlaceOfPossibility.com, and we’ll reach out to you to discuss your needs, or feel free to call us at 925.736.6410. And to learn more about Richard, Angela, and their areas of expertise, please visit https://APlaceOfPossibility.com/Presentations/.
“One-size-fits-all” won’t fit you here! The Del Monte Group team understands that everyone’s financial goals are unique. That’s why we always provide customized advice. No matter where you are in life, you can depend on our proven expertise to provide financial planning support for long-term success. Ready to get started? Schedule a meeting with Richard or Angela in our Alamo, CA based office today or we can meet via Zoom! >> You can select a date and time that works for you via our calendar, call us at 925.736.6410, or send an email to Info@APlaceOfPossibility.com. We can’t wait to help you!
