'Tell us what the deal is.' New York customers worried by Signature Bank failure

Customers who bank with Signature Bank are frustrated following the bank’s failure, with some saying that the bank did not notify them of what has been taking place.

Adolfo Carrion and Julio Avila

Mar 13, 2023, 9:26 PM

Updated 437 days ago

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Customers who bank with Signature Bank are frustrated by the bank’s failure, with some saying that the bank did not notify them of what has been taking place.  
“Tell us what the deal is, what the story is,” said Meyer Silber, a Signature Bank customer. “Are we staying here, are we leaving, do we have to find someplace else?” 
This comes after Gov. Kathy Hochul and the federal government made the announcement that the bank is now in federal hands.  
News about the bank’s failure broke on Sunday, following the Silicon Valley Bank’s failure. The Silicon Valley Bank failure happened following a rush of people withdrawing their money after word spread that the bank was selling off low-valued bonds to have available cash on hand.  
The bank failures caught the attention of Hochul, the state’s Department of Financial Services, and even President Joe Biden. They announced the Federal Deposit Insurance Corporation would now be operating these banks, and that all depositors are insured, including those who surpassed the $250,000 limit.  
Despite the fast response from elected officials, New Yorkers who bank with Signature Bank still felt that they were left out of this information by their bank.  
“They’re not letting me withdraw, and I’m not getting any answers,” said Signature Bank customer Jane Willis. 
News 12 reached out to Signature Bank to address some customer concerns and is awaiting their response.  
According to the Signature Bank website, they will continue to provide banking and loan services and that deposits will be secure.


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