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SVB's programmatic payment systems are back online

news.ycombinator.com

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Re: SVB's programmatic payment systems are back online

#11

Post by richardlblair »

chatmasta wrote: post #6
richardlblair wrote: post #5

Earlier quoted context omitted.

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 en…

I didn't mean to imply you aren't taking it seriously. Just pointing out what I'd be doing today.

Glad to hear you're focusing on getting that money flowing through to your employees.

Sorry you're in this situation. I know how frustrating it can be when you have to enter a reactive state that takes your attention away from your core mission.

Re: SVB's programmatic payment systems are back online

#12

Post by chatmasta »

jacooper wrote: post #10
chatmasta wrote: post #3

Brex 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?

It's quite bizarre and I'm also wondering this. I have no idea if it's possible to deposit into SVB. But they claim that the bank is operating normally.

Re: SVB's programmatic payment systems are back online

#13

Post by churchill »

I wonder why no one has said it yet but Mercury will come out the biggest winner from this mess. I can't estimate how the traffic from SVB > Mercury has been but I saw a post by Arc.tech saying they'd received hundreds of millions in deposits between 8 - 10 March.

Given Mercury was a more popular contender, I'm going to bet they had an inflow of basically double-digit billions.

Re: SVB's programmatic payment systems are back online

#14

Post by Karunamon »

chatmasta wrote: post #8
rexreed wrote: post #7

Earlier quoted context omitted.

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?

I would think twice about them after they unceremoniously cut off a bunch of their customers, followed by the higher ups responding to the outrage with lame PR corpspeak

https://news.ycombinator.com/item?id=31772211

Re: SVB's programmatic payment systems are back online

#15

Post by robertlagrant »

HPMOR wrote: post #4
chatmasta wrote: post #3

Brex 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.

What does "sent a strong signal" mean in reality?

Re: SVB's programmatic payment systems are back online

#16

Post by Alex3917 »

ladon86 wrote: post #9
chatmasta wrote: post #3

Brex 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.

> SVB might be the safest bank in America

Except for that you can't log into their website, they don't pick up their phones or answer their emails, etc.

Re: SVB's programmatic payment systems are back online

#17

Post by tempsy »

churchill wrote: post #13

I wonder why no one has said it yet but Mercury will come out the biggest winner from this mess. I can't estimate how the traffic from SVB > Mercury has been but I saw a post by Arc.tech saying they'd received hundreds of millions in deposits between 8 - 10 March. Given Mercury was a more popular contender, I'm going to bet they had an inflow of basically double-digit billions.

Why would anyone go from midsized public bank to opaque neobank if they're now spooked about bank solvency issues?

The logical move is to go bigger eg JPM.

Re: SVB's programmatic payment systems are back online

#18

Post by swsieber »

tempsy wrote: post #17
churchill wrote: post #13

I wonder why no one has said it yet but Mercury will come out the biggest winner from this mess. I can't estimate how the traffic from SVB > Mercury has been but I saw a post by Arc.tech saying they'd received hundreds of millions in deposits between 8 - 10 March. Given Mercury was a more popular contender, I'm going to bet they had an inflow of basically double-digit billions.

Why would anyone go from midsized public bank to opaque neobank if they're now spooked about bank solvency issues? The logical move is to go bigger eg JPM.

I'd probably move about 250k an opaque neobank if I'm spooked about to solvency issues.

Re: SVB's programmatic payment systems are back online

#20

Post by dougSF70 »

chatmasta wrote: post #3

Brex 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?

I am going to run payroll from my personal checking account because gusto wants a different bank to SVB. I will then wire funds from SVB to my personal account. Then I will find a new business banking provider.
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