Consumer trust in banks remains high after SVB failure

Following the closure of Silicon Valley Bank, a majority of Americans (70%) said they trust banks to do what is right, according to a new survey by Morning Consult. The poll also found that most bank customers believe their money is secure, and only one in five respondents with primary bank accounts said they have moved their money somewhere else.

Trust was highest among regional bank customers at 81%, according to the survey. Credit union customers had a slightly lower level of trust in their institutions than bank customers, at 69%. Most bank customers said they’re at least somewhat confident that their money is secure following recent bank failures. About one in three said they’re “very confident” in their banks’ ability to provide them with all of the money in their accounts if they requested it, compared with just 5% who said they’re “not confident at all.”

Only 28% of respondents said they expected recent events to have any effect on them in the coming weeks, although 73% expected at least some effect on the U.S. economy.