Are Banks Unsafe? What the SVB Shutdown Might Mean for You

Financial Feminist

Her First $100K

Self-improvement, Education, How To, Business

4.7 • 6.2K Ratings

🗓️ 13 March 2023

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

WTF is happening with SVB? Are we heading into another 2008? Is it even safe to use a bank right now? In this pep-talk episode, host and financial educator Tori Dunlap is here to give you the TLDR on what’s happening with Silicon Valley Bank, what it might mean for you, and how to continue to make sure your money is protected. Read more about SVB, get transcripts from the episode, and grab additional resources at www.financialfeministpodcast.com If you were affected by the shutdown, see resources from the FDIC: https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/silicon-valley.html Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	If you would have told me six years ago that I host a podcast or I'd have to come on and explain to everybody
0:06.0	What a bake failure means and how it works. I would have laughed to your goddamn face
0:12.8	We can keep that
0:30.0	Hello everybody. Let's talk about a bake closure. Sounds fun, doesn't it? Okay
0:35.6	We are gonna make a quick and dirty episode today because you have a lot of questions as do I as do everybody else
0:43.0	Which is is my money safe?
0:45.0	Banks are closing is this 2008 all over again? What happens to my money if my bank closes?
0:50.5	Etc etc. So first let's talk about what happens
0:55.2	This is the part that I'm gonna be honest with you still kind of confuses me
0:59.9	Because it's a little murky. We spent a couple hours this morning researching. I was online all weekend watching a lot of videos
1:07.2	So let's explain this in as simple words as we can so what happened
1:12.7	Silicon Valley bank SVB was shut down on Thursday March 9th
1:17.8	Things are happening all the time. We're getting updates literally like moment to moment
1:22.0	But here's what we know so far as of our recording at 9 a.m. Pacific time on March 13th
1:27.7	So first how banks work
1:30.5	Banks work by selling and investing
1:33.8	Lower risk things like bonds and then loaning money with the interest
1:39.2	Banks have to make money in some way in order to stay alive, right?
1:43.4	Just like any business does and so when they take your money
1:47.0	It doesn't just go like in their
1:50.1	Metaphorical mattress, right or the bank's backyard under
1:54.7	Parade under some dirt
	...

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