Here’s how the Silicon Valley Bank and Signature Bank failings, and moves by U.S. regulators may affect your wallet, according to financial advisors.
is $250,000 per depositor, per bank, for each account ownership category, such as single or joint account holders. And you can split cash among ownership categories and banks to avoid exceeding the limits, Baker said.However, the bigger issue for some investors may be exposure to the financial sector. While some may have a smaller slice of exposure through an index fund, it's possible there's greater risk through financial sector-focused funds or individual stocks.
"This is a bit of a cautionary tale as it relates to diversification issues," said Baker, who is part of CNBC'sStill, despite mounting fears, he doesn't believe the bank failures are a repeat of the financial crisis in 2008."We're not about to head down the road of 40% broad market decline," he said, noting that there's no reason to make"major portfolio moves and panic at the absolute wrong time.
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