Bonds and stocks have been hammered since last year, as the Federal Reserve has raised interest rates aggressively, and SVB also noted it wanted to pare down its bond portfolio to avoid further losses.īut that announcement spooked the bank's clients, who got worried about SVB's viability, and then proceeded to withdraw even more money from the bank - a textbook definition of a bank run.Įconomy Federal Reserve Chair Jerome Powell warns inflation fight will be long and bumpy SVB said earlier this week, that in order to make good on those withdrawals, it had to sell part of its bond holdings at a steep loss of $1.8 billion. That filled the lender's coffers, and SVB had about $174 billion in deposits.īut in recent months, many of Silicon Valley Bank's clients had been withdrawing money at a time when the tech sector as a whole has been suffering. Silicon Valley's business boomed as tech companies did well during the pandemic. The bank suffered a run on deposits that led to its collapse. You can also pay online and in-app wherever the Buy with Google Pay button is displayed.People walk through the parking lot at the Silicon Valley Bank headquarters in Santa Clara, Calif., on March 10, 2023. Some stores will also display the Google Pay logo. Just look for the Interac Flash® logo or contactless symbol at the checkout. Google Pay using your card works wherever Interac Flash® is accepted. Shop, order takeout, or get tickets with the press of a button. With Google Pay, you can check out in apps without having to enter your payment information. Hold your watch over the contactless payment terminal until you hear a sound or feel vibration from your watch.On your watch, open the Google Pay app.Hold your phone over the terminal until you see a blue check mark on the screen.Follow the on-screen prompts to complete setup.
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