![]() ![]() Gone is the time when a "run on the bank" meant mobs of customers banging on bolted doors and demanding deposits back. ![]() Some messages that caused cold sweats among financial customers proved to be misleading, prompting calls to focus on facts not speculation. ![]() NEW YORK: Fearful Twitter posts and anxious WhatsApp exchanges coupled with online banking ease are seen as helping power an Internet-age run on a pair of now-collapsed American lending institutions.īoth Silicon Valley Bank and Signature Bank were hit with massive withdrawals by customers fearful of losing their money, but the speed was dizzying in an age when rumours spread like wildfire on social media and apps make moving funds with the click of a simple button.Ĭongressman Patrick McHenry, chairman of the US House Financial Services Committee, referred to the recent turmoil as "the first Twitter fuelled bank run." ![]()
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