Big banks in the United States will bear billions of dollars in extra fees to replenish a deposit insurance fund that was used to bail out banks in March, the Federal Deposit Insurance Corporation (FDIC) said on Thursday.
The recent collapse of Silicon Valley Bank (SVB) and Signature Bank impacted the deposit insurance fund (DIF) for a total of $15.8 billion because the government insured depositors’ money that exceeded the $250,000 insurance cap to stem the panic from these banks’ failures.
Around 113 banks are expected to pay the fee. While the fee applies to all banks, in practice lenders with more than $50 billion in assets would be responsible for over 95 percent of the replenishment, the agency said. Banks with less than $5 billion in assets would not pay any fee….