Americans rush to bank branches to withdraw their life savings

Customers with accounts at under-pressure banks across the country said they were reassured on Monday after authorities stepped in to protect deposits, even as markets fretted about systemic contagion.

A few dozen account holders waited outside a San Francisco branch of stricken Silicon Valley Bank, which was seized by regulators on Friday after it collapsed, but there was no evident panic.

'We know that things are in place with the FDIC,' said Wyatt Boumedine, the chief finance officer of a Silicon Valley start up, referring to a federal deposit protection scheme.

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