Peter Polson thought that his company’s money was safe. As the founder and CEO of Tiller Money, he and his team had taken several steps to protect the business’ funds, including implementing extra security measures for moving money around and building a deep relationship with their bank, Silicon Valley Bank. But over the weekend, Silicon Valley Bank folded, and Tiller Money “went from a financially healthy, strong position to a balance of zero available funds,” Peter wrote in a company blog post.
You can read more about what happened at Silicon Valley Bank (we explain it here, in plain English) and we answer the question many people have been asking since the collapse of both Silicon Valley Bank and Signature Bank, which is: “Is my money safe?”
In this special HerMoney episode, Peter walks us through the events that led to Silicon Valley Bank’s collapse — an unfortunate mix of rising interest rates, short-term deposits stuck in long-term investments, and depositor panic. He tells us how his company reacted to potentially losing a seven figure sum before the federal government stepped in to backstop deposits, and he explains why resilience (and a budget!) ultimately helped them keep their cool during a tough time. The experience was a “kick in the pants” to take a closer look at his company’s finances and prepare for worst-case scenarios, Peter says. And the wake up call shouldn’t just be for business owners — listen in to hear how everyone can better protect their money in the wake of the banking crisis.
You can find out more about Peter and Tiller Money on the company’s website.
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