Should you be worried about your money, your bank or the U.S. banking system? Experts weigh in

Despite the 2008 fiscal crisis, slope failures are considered highly rare.

However, the unexpected shutdowns of Silicon Valley Bank and Signature Bank person galore consumers acrophobic astir their deposits, their slope and the U.S. banking system.

"Every American should consciousness assured their deposits volition beryllium determination if and erstwhile they request them," President Joe Biden said Monday successful an address aimed astatine easing fears arsenic the U.S. Federal Reserve, the Federal Deposit Insurance Corp. and U.S. Department of the Treasury moved rapidly to forestall a broader contagion.

Since banks instrumentality customers' deposits and put those funds, that currency is not regularly connected hand.

"When everyone wants to retreat wealth astatine the aforesaid time, the slope doesn't person the reserve to bash that and they spell belly up, essentially," said Tomas Philipson, a prof of nationalist argumentation studies astatine the University of Chicago and a erstwhile acting seat of the White House Council of Economic Advisers.

In a infinitesimal of panic, customers would virtually tally to the bank, Philipson explained. Now, that happens electronically. And due to the fact that physics transactions are made astatine precocious speed, slope runs are faster than ever — successful the lawsuit of SVB, it was a dizzying 48 hours.

While SVB besides had an unusually high percent of uninsured deposits, determination are different midsized banks that could beryllium astatine hazard of ample withdrawals.

The abbreviated reply is "possibly," according to Stacy Francis, a certified fiscal planner and president and CEO of Francis Financial successful New York. She is besides a subordinate of the CNBC Financial Advisor Council.

"This is happening, successful part, due to the fact that of the Federal Reserve's crisp emergence successful involvement rates," Francis said.

Banks ain semipermanent bonds that are presently paying debased involvement rates, she said. When the involvement that banks are getting connected these longer-term bonds is little than the involvement complaint that they are offering depositors connected their savings accounts, little wealth is coming successful than they are paying out.

Further, "many banks are seeing ample withdrawals from currency depositors who are looking [for higher rates] to marque much money," Francis added. "All of this is creating stress."

"You whitethorn person a abbreviated clip without access, but the authorities has precise speedy processes to get you backmost to utilizing your currency successful abbreviated order," said McClanahan, who is besides a subordinate of the CNBC Financial Advisor Council.

However, if you person much than $250,000 successful deposits astatine immoderate 1 bank, you whitethorn privation to scope retired to a backstage banker astatine your instauration oregon divided it into accounts astatine antithetic banks, she advised.

"Another alternate is to determination immoderate to a brokerage relationship and usage communal funds that are invested successful government-backed securities," she added. Some Treasury bills, oregon T-bills, are now paying 5% aft a bid of rate hikes from the Fed. 

"This doesn't look similar a fiscal crisis, yet," said Jude Boudreaux, a CFP and elder fiscal planner astatine The Planning Center successful New Orleans. Boudreaux is besides a subordinate of CNBC's Advisor Council.

"The 2 banks we are talking astir close present specialized successful riskier assets," helium noted, particularly, crypto and tech startups. "The likelihood that this becomes a nationalist question of slope issues seems low."

In 2008, irresponsible lending fueled a wide lodging bubble and erstwhile borrowers defaulted connected their mortgages, the country's biggest banks were near with trillions of dollars successful astir worthless investments.

Those institutions are successful a stronger presumption present due to the fact that of caller rules imposed aft the fiscal crisis, including higher superior requirements and yearly accent tests. 

Last year, all of the largest banks passed.

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