Is my money safe? What you need to know about bank failures

NEW YORK (AP) — The recent failures of Silicon Valley Bank and Signature Bank, which catered mostly to the tech industry, may have you worried about your money. They were the second- and third-biggest bank failures in U.S. history.

It all started last week when too many depositors tried to withdraw their money from Silicon Valley Bank in Santa Clara, California. That's known as a bank run.

The bank had to sell treasury bonds and other securities at a steep loss and more people kept trying to withdraw money as word of the situation spread, causing the bank to fail. Regulators took control of New York-based Signature Bank soon after, saying it was necessary to protect depositors after too many people withdrew money.

In response, regulators guaranteed all deposits at the two banks and created a program to help shield other banks to shield them from a run on deposits.