HARRISBURG, Pa. (WHTM) – The recent collapse of Silicon Valley Bank is having a ripple effect throughout financial industries in the United States.

Signature Bank in New York, along with Credit Suisse in Europe, also failed this week due to what financial experts call “contagion,” a term used when bank failures, like the one at SVB, spread as a result of economic uncertainty.

The widespread failures have prompted some Pennsylvanians to ask the question — “is my money safe?” The short answer is yes, as long as the bank account has $250,000 or less in it. Joint accounts are protected up to $500,000.

“It’s FDIC [Federal Deposit Insurance Corporation] insured, and your money is safe no matter if the bank defaults, or goes bankrupt,” said Alex Langan, a financial advisor at Langan Financial Group. “The U.S. government will step in and protect you so your money is safe.”

President Biden reiterated that promise Monday.

“Americans can have confidence that the banking system is safe,” Biden said at the White House. Your deposits will be there when you need them. Small businesses across the country with deposit accounts at these banks can breathe easier, knowing they’ll be able to pay their workers and pay their bills and their hard-working employees can breathe easier as well.”

Financial experts recommend that anyone who has over $250,000 in a single account remove the remainder of that money to a different financial institution(s). There’s also agreement this crisis will not be a repeat of 2008.

“I don’t see this as what’s known as contagion like we had in 2008,” said Robert E. Caplan, a retired investment advisor. “I think this is something we’re going to learn from.”