In light of the recent news creating uncertainty for Silvergate, Signature Bank, and Silicon Valley Bank, we are here to offer a solution: Relay.
Our partner Relay has set up a quick onboarding process, in case you don’t have any business bank alternatives.
What You Need To Know
- Regulators approved plans Sunday to backstop both depositors and financial institutions associated with Silicon Valley Bank.
- Officials will unwind both SVB and Signature Bank, ensuring that depositors will have full access to their funds on Monday.
What You Need To Do
- Set up a new account somewhere.
Examples: Relay, Mercury, top 4 bank, or a regional bank.
- Redirect any inbound cash deposits to your new bank
Examples: Stripe, PayPal, and/or all merchant accounts.
- Redirect any outbound payment accounts
Examples: your payroll provider, your bill pay provider, and your auto payments from your credit card company.
- If you carry over $250,000, evaluate your treasury policy
Examples: Making sure you have more than one bank with accounts, and evaluating the financial products to extend FDIC coverage.
Read on for FDIC FAQs specific to this circumstance.
Relay is here to help!
Deposit $10,000 with Relay in the next 30 days and:
– Receive a $250 bonus
– Free same-day ACH, domestic wires and international wires for a year
Last year, we wrote an overview about bank alternatives for startups, but this really applies to any technology company.
Hopefully this is helpful in case the uncertainty worsens. If you have any questions, reach out to our services team.
Frequently Asked Questions
All of your questions should be answered directly on the FDIC website. Here are some of the most important questions right now:
- How do I file a claim for uninsured funds?
- What if my account has greater than $250,000?
- Can I still use banking services including checks, ATM, and debit cards?
- How do I close my account?
- Can I use any portion of my uninsured or insured deposits to repay a loan from Silicon Valley?
Get answers to all of these questions and more in the FDIC FAQ section.
