Big banks are seeing a surge in deposits after the Silicon Valley collapse

New York (CNN) Nervous bank clients rushed to the safety of the big banks in the wake of a pair of high-profile bank failures that shook confidence in the system.

American bank (buck)And Wells Fargo (WFC) And Citigroup (c) All have seen a huge increase in deposits since then The Silicon Valley bank ran into a problem Last week, people familiar with the matter told CNN.

Small and regional banks have it Deposit outflows sufferedalthough a senior Treasury official told CNN earlier this week that those Customer withdrawals eased.

The situation is fluid and it is not clear how much money has been spent in the major banks, although the amount is likely to be in the billions or tens of billions of dollars.

Last Thursday alone, customers ripped $42 billion from a Silicon Valley bank, draining all of the California lender’s cash. By Friday, regulators had closed the bank, making it the second largest bank failure in American history.

In the past week, Citi has been working to speed up account opening across retail banking, small business lending and wealth management, a person familiar with the matter said.

Bank of America entered More than $15 billion in new deposits In just a matter of days, according to a Bloomberg News report.

Banks don’t usually disclose specific details about short-term fluctuations in deposits, opting to publish these numbers on a quarterly basis.

Bank of America, Wells Fargo and Citi declined to comment.

Large banks are seen as safer due to their larger balance sheets. Moreover, their role as institutions of systemic importance suggests that the government will bail them out in the event of trouble, as they did in 2008.

But the FDIC insures deposits of up to $250,000 per bank for each borrower, regardless of whether the accounts are at small, medium, or large banks.

Analysts say the FDIC’s decision to bail out uninsured depositors at Silicon Valley Bank and Signature Bank indicates that regulators will have to do the same if another bank fails.