Banking experts to local customers: 'Don’t worry'

Despite falling stock prices of parent company Zions Bancorporation, Vectra CEO Bruce Alexander said local customers have nothing to worry about. (Kylea Hensler/Montrose Daily Press)

While the collapses of Silicon Valley and Signature banks have plastered the news all week, local banking experts say the average account holder has nothing to worry about — for multiple reasons.

The first is that the Federal Deposit Insurance Corporation (FDIC), a government corporation created in the 1930s that protects consumers and supervises the safety of financial institutions, insures deposits of up to $250,000. People with less than that in their bank account would get their money back even if something did happen to their bank, according to chartered financial analyst and Colorado Mesa University Assistant Professor Yen-Sheng Lee.

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