Do Instagram and TikTok mean banks are less safe?
The fastest bank run in US history was enabled by the speed of social media combined with digital banking. …
Perhaps this is an overreaction to the very special case of SVB. It is a careful balancing act. Other jurisdictions are also pondering whether to increase the amount of deposits covered under protection schemes. It is a fair criticism, however, that it is unrealistic to imagine businesses can bank, and run payrolls, from dozens of bank accounts, designed to protect all their deposit balances.
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