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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

#91

Post by agrippanux »

walrus01 wrote: post #61
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.

The employees of the companies which outsourced their payroll operations to Rippling did not receive the ACH credits to their account on the specified date and time. This is not clickbait. Payment did not occur as scheduled. Payments have been delayed.

This is a pretty big issue in the state of CA. Not paying on time results in a $100 fine per paycheck failure and subsequent infractions are $200 and 25% of what the employee is owed.

It's CA Labor Code 210 if anyone is interested in looking it up.

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

#92

Post by scheme271 »

dahdum wrote: post #76
OJFord wrote: post #69

Earlier quoted context omitted.

We're talking about a 1-2 working day delay, depending on recipient bank. You wouldn't bat an eyelid if it weren't already in the news, I've certainly had pay delayed or incorrect longer, for non-big-news reasons. The title is perhaps yes strictly speaking accurate, but it's still clickbait, it deliberately implies trouble pouring on an already flaming fire, when actually this sounds like an extremely minor symptom -…

It’s overblown but pretty relevant news. SVB is the cause, and there could be more before it blows over. 1-2 business day delay for highly paid salaried workers usually isn’t a big deal but it can really turn the screws on lower paid hourly staff like their warehouse workers. They are getting mailed checks, and may then have check clearing delays. They could end up with missed payment fees, overage fees, credit card…

A surprisingly large percentage of highly compensated workers are living paycheck to paycheck. All it takes is living right at or above your means.

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

#93

Post by Scoundreller »

ummonk wrote: post #28
hackernewds wrote: post #18

Earlier quoted context omitted.

Who will be liable? The employer? Rippling?

No one's going to be liable for a paycheck that's late by a few days due to the collapse of the bank through which the paycheck was being wired.

Trick is to be first in the queue, whether that be first in filing for a missed paycheque (because it may not be the last missed), withdrawing funds first from a failing bank, or by regularly processing your payroll before a Friday when everyone else tries to.

Not sure why everyone sticks to payroll on Fridays. It’s not the early/mid 1900s where you have to worry about workers going on payday benders.

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

#94

Post by luckylion »

hartator wrote: post #65
crote wrote: post #60

Earlier quoted context omitted.

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…

How it is not Rippling responsibility which bank they use? We are not even arguing responsibilities anyway. There are delays if you are using Rippling which is the title.

No. Amazon ships you a product with UPS. UPS notifies Amazon that their driver has eaten the package and they're very sorry. Amazon ships out a new package.

The new package, provided the driver doesn't eat it, will arrive delayed. But Amazon didn't delay it, nor do they "have to" delay sending packages.

"SF payroll firm Rippling finds some payouts delayed" would be accurate. "Has to delay" implies that they "had to" make a choice to delay payments, e.g. because they don't have the funds available.

Yes, it's a subtle change in wording, but it's a very different issue.

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

#95

Post by Symbiote »

briffle wrote: post #54
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 if a payout was started via SVB a few days ago and was going to arrive today (because bank transactions aren't instantaneous) FedNow instant payments are supposed to go live this spring/summer. Feels like it should have been 10 years ago.

Even in Britain, which has had a similar instant transfer system for 15 years, it's not unusual for payroll to use the slower system.

Though in searching for statistics, I found several payroll processing companies advertising that they would use the Faster Payments (instant) system. The business can keep the money for an additional couple of days, which is presumably an advantage if money is tight.

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

#96

Post by DeathArrow »

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.

>They're immediately doing payouts through JP Morgan Chase

And is JP Morgan safe from having similar issues with SVB?

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

#97

Post by [deleted] »

DeathArrow wrote: post #96
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.

>They're immediately doing payouts through JP Morgan Chase And is JP Morgan safe from having similar issues with SVB?

[deleted]

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

#98

Post by lotsofpulp »

DeathArrow wrote: post #96
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.

>They're immediately doing payouts through JP Morgan Chase And is JP Morgan safe from having similar issues with SVB?

I think it is safe to say JPM has a different relationship with the federal US government than a comparatively tiny bank like SVB.

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

#100

Post by jen20 »

luckylion wrote: post #94
hartator wrote: post #65

Earlier quoted context omitted.

How it is not Rippling responsibility which bank they use? We are not even arguing responsibilities anyway. There are delays if you are using Rippling which is the title.

No. Amazon ships you a product with UPS. UPS notifies Amazon that their driver has eaten the package and they're very sorry. Amazon ships out a new package. The new package, provided the driver doesn't eat it, will arrive delayed. But Amazon didn't delay it, nor do they "have to" delay sending packages. "SF payroll firm Rippling finds some payouts delayed" would be accurate. "Has to delay" implies that they "had to"…

> But Amazon didn't delay it

Yes, they did by their choice if provider. Services are end to end, you don’t get to pass off responsibility for things like that.

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