"Banking System Soundness and Consumer Protection Plans in the Spotlight"
Treasury Secretary Janet Yellen has warned that uninsured deposits may not be protected in the event of future bank failures. Depositors generally have up to $250,000 of coverage per bank, per account ownership category through the Federal Deposit Insurance Corporation (FDIC). However, many depositors at failed banks, such as Silicon Valley Bank and Signature Bank, had uninsured deposits at the time of failure. To ensure FDIC coverage, customers should check their bank statements and consider opening accounts at other banks. Other financial safety nets, such as Treasury bills, may also provide protection.