Worried about the safety of your money? What you need to know about bank failures

(AP Photo/ Benjamin Fanjoy) (Benjamin Fanjoy, 2023 Associated Press All Right Reserved)

Hi, everyone.

Two large banks that cater to the tech industry have collapsed after a bank run.

We’re going to talk about this first.

🏦 2 banks collapse

(AP Photo/Jeff Chiu, file) (Copyright 2023 The Associated Press. All rights reserved)

You might be worried about the safety of your money after the failures of Silicon Valley Bank and Signature Bank, which catered mostly to the tech industry. 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.

READ MORE: Justice Deptartment, SEC probing collapse of Silicon Valley Bank | How Washington came to rescue US banks | Fed criticized for missing red flags before bank collapse | Class action suit filed against Silicon Valley Bank parent | After 2 historic US bank failures, here’s what comes next | Government races to reassure US that banking system is safe | Signature Bank seized to send banks a message, director says | Bank collapse has some Florida business owners on edge

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.

Here’s what you need to know about the safety of your money.

(AP Photo/Seth Wenig) (Copyright 2023 The Associated Press. All rights reserved.)

🚙 The backseat of most mid-size SUVs may not be as safe as you think

People sitting in the backseat of mid-size SUVs may not be as safe as they think, a new study by the Insurance Institute for Highway Safety found.

Mid-size SUVs endured the IIHS crash test for the first time with a dummy in the back seat.

Only four of the cars tested — the Ford Explorer, Ford Mustang Mach-E, Subaru Ascent and Tesla Model Y — earned good ratings.

Three others — the Chevrolet Traverse, Toyota Highlander and Volkswagen Atlas — earned marginal ratings.

The remaining six models were rated as poor.

Here are more of the results of the study.

⚠️ Bottles & coolers recalled

We have two recalls to discuss this week.

Bindle is voluntarily recalling its “sip and stash” water bottle after Consumer Reports tests found alarmingly high levels of lead in the bottle’s bottom storage compartment — levels that were over a thousand times the amount allowed in many consumer products.

Bindle has said that “Production of Bindle Bottles has been suspended and will be overhauled going forward, eliminating the presence of exposed lead anywhere on future products.”

If you have a Bindle Bottle and want to contact the manufacturer, go to Bindle’s recall page at bindlebottle.com/pages/recall and complete the form to receive a free repair kit.

To report a dangerous product or a product-related injury, go to saferproducts.gov.

RECALL DETAILS: Bindle water bottles | Yeti coolers

And Yeti issued a recall for about 1.9 million of its soft coolers and gear cases because of a magnet-lined closure defect that could be dangerous if swallowed.

According to the Consumer Product Safety Commission, the magnet-lined closures can fail and result in detached magnets, which could cause serious injury or death if ingested.

The recall includes the YetiHopper M30 Soft Cooler 1.0 and 2.0, Hopper M20 Soft Backpack Cooler and SideKick Dry Gear Case, which were sold at Dick’s Sporting Goods, Ace Hardware, Academy Sports + Outdoors, and online at Yeti and Amazon. The products have a main-pocket closure lined with high-powered magnets, which are enclosed in a heat-sealed plastic strip.

The CPSC recommends consumers stop using the recalled products and contact Yeti at yeti.com to receive a full refund with an additional $25 gift card or a replacement.

(Consumer Product Safety Commission)

🚘 Another recall — this 1 impacting Honda vehicles

(AP Photo/Gene J. Puskar, File) (Copyright 2019 The Associated Press. All rights reserved)

Honda is recalling a half-million vehicles in the U.S. and Canada because the front seat belts may not latch properly.

The recall covers some of the automaker’s top-selling models including the 2017 through 2020 CR-V, the 2018 and 2019 Accord, the 2018 through 2020 Odyssey and the 2019 Insight. Also included is the Acura RDX from the 2019 and 2020 model years.

Dealers will replace the front seat belt buckle release buttons or the buckle assemblies if needed. Owners will be notified by letter starting April 17.

More details can be found here.

📝 The rest of the list

💰 What’s the Deal?

(Copyright 2022 by WJXT News4Jax - All rights reserved.)

This newsletter isn’t just a way for us here at News4JAX to break down important issues. It’s also a way for us to connect with you and get to the bottom of problems impacting your daily life. So, if you’ve got a consumer issue or potential scam and you want some answers, we want to hear from you. 🗣️ Tell us about it here.