Latest up here: https://www.moderntreasury.com/svb-resource-center
Prior HN thread: https://news.ycombinator.com/item?id=35113496
SVB's programmatic payment systems are back online
1–10 of 67 posts
Re: SVB's programmatic payment systems are back online
#2Their site is understandably having a rough day but you can get wires initiated.
Re: SVB's programmatic payment systems are back online
#3Brex and Gusto have been nagging us to setup a new bank account, but is this urgently necessary if SVB ACH is operating normally now? What are other people doing?
We'll obviously open a new account eventually but it doesn't seem urgent?
Re: SVB's programmatic payment systems are back online
#4Brex and Gusto have been nagging us to setup a new bank account, but is this urgently necessary if SVB ACH is operating normally now? What are other people doing? We'll obviously open a new account eventually but it doesn't seem urgent?
It is not urgent. All depositors assets, uninsured & insured, are being backstopped by the Treasury. No need to worry if your assets are being held by the FDIC receivership. Now, if your assets are at First Republic, there might be some concern, but I believe that the Treasury has sent a strong signal that depositors will be made whole.
Re: SVB's programmatic payment systems are back online
#5Brex and Gusto have been nagging us to setup a new bank account, but is this urgently necessary if SVB ACH is operating normally now? What are other people doing? We'll obviously open a new account eventually but it doesn't seem urgent?
If I was a founder in the US right now I'd be opening at least 1 other bank account today and getting at least half my funds into that account. I would also never operate without at least 2 bank accounts.
Operating a business and having employees is a huge responsibility. If people are depending on you to manage the risk of your business so they can buy groceries it's important to take that as seriously as you can.
Re: SVB's programmatic payment systems are back online
#6Brex and Gusto have been nagging us to setup a new bank account, but is this urgently necessary if SVB ACH is operating normally now? What are other people doing? We'll obviously open a new account eventually but it doesn't seem urgent?
If I was a founder in the US right now I'd be opening at least 1 other bank account today and getting at least half my funds into that account. I would also never operate without at least 2 bank accounts. Operating a business and having employees is a huge responsibility. If people are depending on you to manage the risk of your business so they can buy groceries it's important to take that as seriously as you can.
We are taking the responsibility seriously. We have payday on Wednesday and ACH configured with Gusto. They told us to send them a wire by 11am Wednesday, but this was prior to last night's announcement. So I'm wondering if this has changed.
It's likely not possible to open an account at another bank, wire all our money from SVB to there, and then wire the money to Gusto by 11am on Wednesday. So in the interest of ensuring employees are paid, the fastest option will likely be using SVB.
You're right that operating with two bank accounts now sounds like a good idea. We actually have that already because our structure involves a US parent corporation and a UK subsidiary, but the second bank account is in the UK (thankfully not with SVB UK, although ironically that's because we dragged our feet on moving to it).
Re: SVB's programmatic payment systems are back online
#7Brex and Gusto have been nagging us to setup a new bank account, but is this urgently necessary if SVB ACH is operating normally now? What are other people doing? We'll obviously open a new account eventually but it doesn't seem urgent?
Always have a backup. I have 2 corporate bank accounts (at least). Neither of them are SVB. Chase is solid. Avoid shiny objects. Startups have enough risk in their daily existence, the last thing you need is to introduce unnecessary risk. Be a revolutionary where it matters. Be boring, steady, and predictable everywhere else.
Re: SVB's programmatic payment systems are back online
#8Brex and Gusto have been nagging us to setup a new bank account, but is this urgently necessary if SVB ACH is operating normally now? What are other people doing? We'll obviously open a new account eventually but it doesn't seem urgent?
Always have a backup. I have 2 corporate bank accounts (at least). Neither of them are SVB. Chase is solid. Avoid shiny objects. Startups have enough risk in their daily existence, the last thing you need is to introduce unnecessary risk. Be a revolutionary where it matters. Be boring, steady, and predictable everywhere else.
Brex has been promoting their business checking account, and claims it's FDIC insured up to $2.25m. Anyone moving there?
Re: SVB's programmatic payment systems are back online
#9Brex and Gusto have been nagging us to setup a new bank account, but is this urgently necessary if SVB ACH is operating normally now? What are other people doing? We'll obviously open a new account eventually but it doesn't seem urgent?
Not urgent. With the government guaranteeing deposits, SVB might be the safest bank in America (at least for this week).
I agree with others that you should be diversifying over the medium/long term, but I wouldn’t be racing to do that today.
Re: SVB's programmatic payment systems are back online
#10Brex and Gusto have been nagging us to setup a new bank account, but is this urgently necessary if SVB ACH is operating normally now? What are other people doing? We'll obviously open a new account eventually but it doesn't seem urgent?
So the new DIND bank created by the FDIC is an actual bank? Not just some kind of temporary org until everyone withdraws their money?