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SF payroll firm Rippling has to delay payouts after Silicon Valley Bank collapse

sfgate.com

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Re: SF payroll firm Rippling has to delay payouts after Silicon Valley Bank collapse

#81

Post by maxerickson »

OJFord wrote: post #71
FireBeyond wrote: post #62

Earlier quoted context omitted.

Right, but that's my point, not necessarily agreeing with the motivation or such. If the transfer went through before the FDIC shuttered them this AM, it could be argued that the transaction was entirely authorized _at the time_ the ACH debit occurred. Hopefully banks will sympathize, but I don't know that you can say "the bank was forcibly closed the day after this ACH transaction, so it's unauthorized, because I in…

Regardless of the correctness or legality of the advice, it's a bit odd to wade in and give it at all isn't it? Why not steer well clear? Seem friendly/helpful and buy goodwill I suppose?

It's Rippling's account at SVB. They literally can't steer clear of the transfers.

Re: SF payroll firm Rippling has to delay payouts after Silicon Valley Bank collapse

#82

Post by more_corn »

VirusNewbie wrote: post #68
0cf8612b2e1e wrote: post #38

Earlier quoted context omitted.

So people are not receiving their promised money on time? Sounds like the title is accurate. Not everyone has the float to handle an unexpected delay in money. People can also suffer liquidity events.

There’s a huge difference between “oops we had a payroll issue it will be there tomorrow” and “oops lol our money is gone we can’t make payroll, maybe we can get a loan next week”.

Deposits are insured. Payments will resume Monday. But headline is accurate. Payments delayed.

Re: SF payroll firm Rippling has to delay payouts after Silicon Valley Bank collapse

#83

Post by more_corn »

crote wrote: post #60
jjulius wrote: post #56

Earlier quoted context omitted.

>The article headline is clickbait. Oh? Okay, let's see, it starts with... >SF payroll firm Rippling has to delay payouts... And then you said... >The only delay is because... So, two sentences later you've confirmed the headline's accuracy yourself.

No, there is a substantial difference between the two. GP says that Rippling did not delay payouts. In fact, the payouts went out in time - they were delayed in transit, outside of Rippling's control, and Rippling immediately made another payout through a different bank. The headline suggests that there were issues at Rippling, which meant that the payouts did not go out in time. That is a completely different scenar…

Tomato tomato. If you were expecting your paycheck today it’s not coming till Monday at the earliest. That’s a delay.

Re: SF payroll firm Rippling has to delay payouts after Silicon Valley Bank collapse

#84

Post by atkailash »

nighthawk454 wrote: post #73
ummonk wrote: post #32

The article headline is clickbait. They're immediately doing payouts through JP Morgan Chase now; the only delay is because some payouts were in flight when they got stuck in SVB, so if a payout was started via SVB a few days ago and was going to arrive today (because bank transactions aren't instantaneous), the new payouts will take a few days to arrive via JP Morgan Chase.

> Clickbait … is designed to attract attention and to entice users to [engage with] content, being typically deceptive, sensationalized, or otherwise misleading. - Wikipedia This is literally clickbait. Y’all need to chill. It’s sensationalized and misleading relative to the severity of todays events. The title is “technically correct” but it sensationalizes it for sure. Reading that title you expect Rippling to be g…

[dead]

Re: SF payroll firm Rippling has to delay payouts after Silicon Valley Bank collapse

#85

Post by woah »

ummonk wrote: post #32

The article headline is clickbait. They're immediately doing payouts through JP Morgan Chase now; the only delay is because some payouts were in flight when they got stuck in SVB, so if a payout was started via SVB a few days ago and was going to arrive today (because bank transactions aren't instantaneous), the new payouts will take a few days to arrive via JP Morgan Chase.

Incredible that the boring routine movement of a paycheck is somehow exposed to someone’s questionable bond investments

Re: SF payroll firm Rippling has to delay payouts after Silicon Valley Bank collapse

#86

Post by ShakataGaNai »

HarryHirsch wrote: post #10
mabbo wrote: post #5

Is there a resource we can all use to find out if our employer is in a similar situation?

Off to the Department of Labour, they won't look kindly on late paychecks.

If it was a single company, then it might help. But this is likely to affect hundred if not thousands of companies. Millions of potential complaints. That will be a cluster, if everyone does complain. DOL may not like it, but they will likely take into account the fact that these were caused by a bank failure to a scale we've not seen in a decade. At the end of the day the culprit is a bank that's now toast, or the FDIC... who's immune.

And if this goes on for any length of time, you could sue your employer... but lack of payroll would only happen if the company no longer has any money - effectively making them bankrupt. Again you could name SVB in the lawsuit, or the FDIC... but good luck getting blood from the stone.

Re: SF payroll firm Rippling has to delay payouts after Silicon Valley Bank collapse

#87

Post by wk_end »

0cf8612b2e1e wrote: post #38
ummonk wrote: post #32

The article headline is clickbait. They're immediately doing payouts through JP Morgan Chase now; the only delay is because some payouts were in flight when they got stuck in SVB, so if a payout was started via SVB a few days ago and was going to arrive today (because bank transactions aren't instantaneous), the new payouts will take a few days to arrive via JP Morgan Chase.

So people are not receiving their promised money on time? Sounds like the title is accurate. Not everyone has the float to handle an unexpected delay in money. People can also suffer liquidity events.

"Clickbait" doesn't necessarily mean something that's inaccurate - it can (and usually does) mean something that's phrased in a way - often by omission - so as to imply the most sensational possible interpretation of the words' literal meaning.

Re: SF payroll firm Rippling has to delay payouts after Silicon Valley Bank collapse

#88

Post by hiyer »

0cf8612b2e1e wrote: post #38
ummonk wrote: post #32

The article headline is clickbait. They're immediately doing payouts through JP Morgan Chase now; the only delay is because some payouts were in flight when they got stuck in SVB, so if a payout was started via SVB a few days ago and was going to arrive today (because bank transactions aren't instantaneous), the new payouts will take a few days to arrive via JP Morgan Chase.

So people are not receiving their promised money on time? Sounds like the title is accurate. Not everyone has the float to handle an unexpected delay in money. People can also suffer liquidity events.

I don't know how I would reword it, but the current headline gave me the impression that Rippling had money deposits stuck in the bank and hence couldn't pay people on time.

Re: SF payroll firm Rippling has to delay payouts after Silicon Valley Bank collapse

#89

Post by tedunangst »

JumpCrisscross wrote: post #21
hackernewds wrote: post #18

Earlier quoted context omitted.

Who will be liable? The employer? Rippling?

> Who will be liable? The employer? Rippling? To the employee, the employer. To the employer, Rippling. It's wild that, as a payment processor, they didn't have redundant rails.

It takes a certain amount of time to confirm it went off rails in the first place, no? They're not going to make every payment twice from two different banks and then reverse one after confirming delivery.

Re: SF payroll firm Rippling has to delay payouts after Silicon Valley Bank collapse

#90

Post by mosseater »

dccoolgai wrote: post #75
VirusNewbie wrote: post #68

Earlier quoted context omitted.

There’s a huge difference between “oops we had a payroll issue it will be there tomorrow” and “oops lol our money is gone we can’t make payroll, maybe we can get a loan next week”.

If you were an employee at a typical startup, would you be able to tell the difference? Because leadership is never _that_ transparent with the rank-and-file around these kinds of things. I've seen it happen (thankfully never to me) - over and over again they would say "whoops, it will be there next week". Two months later people - one by one - just stop showing up...

I dunno. I've seen management be sketchy on transparency before. But when it comes to people's money getting into their hands, I've actually never had management do the "whoops, it will be there next week" thing. It's always been straight forward with what happened and with expectations. Which makes sense, as you said, people won't show up if they don't get there money.

It's all circumstantial anyway. I don't think it's fair to call this a case of a "typical startup". Although it's definitely a stereotype of startups.

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