Comment Lots of regular folks will suffer (Score 1) 74
My brother-in-law is a CEO of two companies with more than 300 employees. He's a smart, hard working honest guy that looks out for his people. This was his bank for both of his business. They were profitable and doing well. There's a chance that he and all of his employees will be out of work. Many thousands of people may end up losing their jobs over this. This is the second biggest bank failure in US history..
If you have business accounts in the tens or hundreds of millions of dollars, how do you protect yourself from an insurance perspective? FDIC only covers up to $250K. Can you open up and aggregate several hundred accounts such that you're FDIC insured?
There's a lot of things CEOs have to worry about when growing a business, I'm sure many of them are blindsided by this. Practical advice is welcome. It also seems smart to use multiple banks.