The recent failure of Silicon Valley Bank has raised concerns among individuals regarding the safety of their banking assets. It is crucial to keep your eye on any uninsured deposits in personal or business bank accounts and the overall stability of the banks in which you hold those assets. To ensure the safety and security of your assets, it is recommended to consider the following suggestions with the help of a financial advisor and banker:

Gain an understanding of the products in which your cash is held in the bank. Be mindful of "cash sweep" accounts as they can co-mingle your funds with others at the bank.

Determine if you have any cash above the FDIC insurance limit of $250,000 and consider diversifying your deposits into accounts at other institutions to avoid exceeding the FDIC insurance limit. It is important to note that depositors do not receive incentives for holding uninsured deposits at banks.

Explore ways to increase your access to FDIC insurance through the titling of your accounts. Jointly held accounts between two people can provide up to $500,000 of FDIC insurance, and each business entity with its own tax identification number can provide up to $250,000 of FDIC insurance. Additionally, there are products designed to spread your deposits across multiple banks, ensuring that deposits never exceed $250,000 at any one bank.

Consider holding assets at a third-party independent custodian, which are held in your name, not comingled with outside assets, and are insulated from any risk to your banking partner.

For business owners and individuals responsible for corporate bank accounts, it is important to understand the requirements that the bank has regarding your company's cash management. If your company has a borrowing relationship with the bank, it is common for banks that lend money to this business to require a deposit relationship to be held at that bank.

In conclusion, it is advisable to explore additional ways to protect your assets and implement effective cash-management strategies in light of recent banking failures.