Take steps now to safeguard your money should your bank collapse like Silicon Valley Bank.

Ezra Bailey

Bank failures are rare. Over the past decade, less than 1% of banks insured by the Federal Deposit Insurance Corp. failed annually, according to an analysis of FDIC data. That amounts to just a handful of banks each year (if that). 

But the recent high-profile collapses of Silicon Valley Bank and Signature Bank in the span of a few days has many business owners wondering whether their business bank — and their capital — is safe. 

Originally published on nerdwallet.com, part of the BLOX Digital Content Exchange.

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