Jay Ritter

Silicon Valley Bank just imploded. Here’s what it means for your money

The words “bank run” evoke images of panicked investors pounding on the doors of an august institution, demanding their money for fear it will vaporize. Metaphorically, that’s what happened at Silicon Valley Bank, which collapsed Friday morning just two days after first revealing its struggles.

For the average person, there is nothing to lose sleep over, according to Cordell Eminent Scholar Jay Ritter

“You shouldn’t be worried at all; you’re going to be made whole” if you have less than $250,000 in your bank account, he said. 

Read more from Ritter in this story from the San Francisco Chronicle (subscription required)