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Ask HN: What US bank post-SVB would you recommend?

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Re: Ask HN: What US bank post-SVB would you recommend?

#41

Post by biztos »

bank-error wrote: post #36
bradleyjg wrote: post #21

A systematically important bank. They are subject to the most regulation (small, regional, and credit unions lobbied for looser rules) and have an implicit government backstop. The top 3 are JPM-Chase, BoA, and Citi.

[flagged]

What does “placing assets” mean here?

If I walk in to Citi and say “I have ten million bucks and will need to withdraw them half a million per month” are they really not going to take my deposit?

I get that they might not want to loan me money, but the SVB problem everyone’s worried about is losing their deposits, or do I have that wrong?

Re: Ask HN: What US bank post-SVB would you recommend?

#42

Post by arcticbull »

supernova87a wrote: post #40

What about brokerages like Fidelity, Schwab, Vanguard, etc? Are holdings in money market funds/accounts in such typical brokerages protected / owned like a security? Or should one regard it also like cash, and not FDIC insured greater than $250,000? (but while also trusting those institutions are unlikely to fail or have risky policies)

Money market funds are securities, and are covered by SIPC.

Re: Ask HN: What US bank post-SVB would you recommend?

#43

Post by Dave_TRS »

welder wrote: post #37

Posting as top-level comment because my original post was downvoted a ton for some reason: I like https://mercury.com and have been using them for a few years. It's a bank wrapper, but your money is in a real bank (Evolve bank). [0] I recommend them because: * $1M FDIC insurance for your cash [1] * Business banking features I use work great (paying vendors, receiving wires) [0] https://mercury.com/how-mercury-works […

I love Mercury. Their interface is dream, a world apart from TD, Chase, BofA etc. Merucry is online-only so nothing requires a branch, ever. Wires are free and take 1 min to initiate. I don't have more than $1M in the bank but if I wanted FDIC insurance or a large institution guarantee I'd just put the excess somewhere and do 1-2 transfers a year between them.

Re: Ask HN: What US bank post-SVB would you recommend?

#44

Post by bradleyjg »

supernova87a wrote: post #40

What about brokerages like Fidelity, Schwab, Vanguard, etc? Are holdings in money market funds/accounts in such typical brokerages protected / owned like a security? Or should one regard it also like cash, and not FDIC insured greater than $250,000? (but while also trusting those institutions are unlikely to fail or have risky policies)

Money market funds are not guaranteed. Google “broke the buck.”

Re: Ask HN: What US bank post-SVB would you recommend?

#45

Post by guipsp »

bank-error wrote: post #33
chewz wrote: post #16

JP Morgan - it's shares went up 2,5 pct. on Friday.. Good liquidity...

We will see who is liquid after Monday and then Wednesday of next week.

I think it is insane to think that JPMC will go insolvent, or will be allowed to

Re: Ask HN: What US bank post-SVB would you recommend?

#46

Post by oefrha »

biztos wrote: post #41
bank-error wrote: post #36

Earlier quoted context omitted.

[flagged]

What does “placing assets” mean here? If I walk in to Citi and say “I have ten million bucks and will need to withdraw them half a million per month” are they really not going to take my deposit? I get that they might not want to loan me money, but the SVB problem everyone’s worried about is losing their deposits, or do I have that wrong?

> If I walk in to Citi and say “I have ten million bucks and will need to withdraw them half a million per month” are they really not going to take my deposit?

They will take your deposit, and the banker will even get a nice fat bonus for bringing in big cash deposits (well maybe not a fat one for a meager $10m). Gp doesn’t know what they’re talking about.

Re: Ask HN: What US bank post-SVB would you recommend?

#47

Post by tyoma »

Whatever bank offers the best services to meet your needs.

Then do treasury management. Put excess cash in short term treasury bonds (and their non-US equivalents). These are backed by the full faith and credit of the issuing country and the markets in them are very liquid. I’m sure there is some service that will automate this for you, for a small fee.

Re: Ask HN: What US bank post-SVB would you recommend?

#48

Post by arcticbull »

bradleyjg wrote: post #44
supernova87a wrote: post #40

What about brokerages like Fidelity, Schwab, Vanguard, etc? Are holdings in money market funds/accounts in such typical brokerages protected / owned like a security? Or should one regard it also like cash, and not FDIC insured greater than $250,000? (but while also trusting those institutions are unlikely to fail or have risky policies)

Money market funds are not guaranteed. Google “broke the buck.”

The value of the money market fund is not insured, no, but the failure of the brokerage is. That said regulations are significantly stronger now for MMFs than they were when pre-2008. I guess it depends on what you're trying to protect against exactly. [1]

[1] https://www.sipc.org/for-investors/introduction

Re: Ask HN: What US bank post-SVB would you recommend?

#49

Post by sverhagen »

welder wrote: post #37

Posting as top-level comment because my original post was downvoted a ton for some reason: I like https://mercury.com and have been using them for a few years. It's a bank wrapper, but your money is in a real bank (Evolve bank). [0] I recommend them because: * $1M FDIC insurance for your cash [1] * Business banking features I use work great (paying vendors, receiving wires) [0] https://mercury.com/how-mercury-works […

I've heard spotty results about Evolve's responsiveness to customers, and while there may be a wrapper, that's not always who you talk to, and certainly not who is setting the rules you have to abide by.

Re: Ask HN: What US bank post-SVB would you recommend?

#50

Post by sschueller »

nabla9 wrote: post #3

C. Hoare & Co. https://www.hoaresbank.co.uk/ is the one if you need stability and quality, no question. If you are worried about bank runs you can divide your deposits into $250,000 chunks and divide it between banks. (or whatever the insured amount in your country is)

If you are in Switzerland and you want a deposit over 100k to be safe put it in a Kantonalbank which is backed by the Kanton if it fails to meet its obligations. However there are some Kantons that don't do this so check first. One of the ones considered to be the safest is the zkb in Zürich.
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