ILLINOIS (WCIA) — The closing of two banks in the month of March may have raised some concerns for people with money in the bank.

Finance professor at the University of Illinois, George Pennacchi said, “It’s often businesses that have large accounts at banks often because they have to meet payroll or other expenses. So who is really most at risk from collapses from Silicone Valley Bank and Signature Bank are large businesses.”

He said that accounts are insured up to $250,000, though businesses may have accounts larger than this. Pennachi said the FDIC, Federal Reserve, and Treasurer’s office are making an exception to the recent collapses to reduce nervousness in the banking system.

Pennacchi said though that you more than likely have nothing to worry about if you have a personal or joint account. As long as your bank account is under $250,000, you are insured by the FDIC, meaning they will pay you up to $250,000 should your bank collapse. He said it doesn’t matter if you have money spread out in other accounts as long as the individual account is under the insured limit.

Pennacchi said while a lot of people have compared the events closely to 2008, he thinks it matches more with the recession of the late 1970s and early 1980s.

“In 2008 the main risk that caused banks to lose their assets was mortgage defaults,” Pennacchi explained.

He added that during the 1980s savings and loan crisis, banks started to fail as a result of interest rates being raised, which he said appears to have happened to the two closed banks.