Is my money safe? What you need to know about bank failures

NEW YORK (AP) — Recent bank failures may have you worried about your money.

But there’s no need for concern if your money is in a bank insured by the Federal Deposit Insurance Corp. and you have less than $250,000 there.

If the bank fails, you’ll get your money back. If you have over $250,000 in one bank, that amount is considered uninsured and experts recommend that you move the remainder to a different financial institution.

A new report from the Federal Reserve finds that Silicon Valley Bank failed due to a combination of extremely poor bank management, weakened regulations and lax government supervision.

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