Silicon Valley Bank, a popular digital bank for startups that was founded in 1983, collapsed last Friday after the FDIC took it over, citing “inadequate liquidity and insolvency.” The Federal Deposit Insurance Corporation — more commonly known as the FDIC — seized SVB’s $209 billion in assets, making it the biggest bank to fail since the 2008’s Great Recession.
Companies affected by the shutdown include a range of startups and tech companies, many issuing public statements over the weekend detailing how much money they held with the bank and advising a pause in payroll account access is regained.
Here are some companies known to have worked with Silicon Valley Bank, updated as news rolls in.
Must read: 12 alternatives to Silicon Valley Bank
The FDIC issued a press release on March 12, 2023, announcing that it had immediately transferred all insured deposits to the newly created Deposit Interest National Bank of Santa Clarita (DINB). The FDIC assured depositers full access to their insured deposits by Monday, March 13, 2023.
For depositers whose assets total more than the $250,000 covered by the FDIC’s standard insurance, the FDIC has announced it will pay “an advance dividend within the next week” with possible “future dividend payments” as the government sells off SVB’s assets.
The FDIC advises customers whose accounts total more than $250,000 to call 866-799-0959 for more information.
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| Response | Male (%) | Female (%) |
|---|---|---|
| 65+ | 4.20% | 2.92% |
| 55-64 | 7.62% | 3.63% |
| 45-54 | 10.53% | 5.41% |
| 35-44 | 13.95% | 7.90% |
| 25-34 | 15.23% | 10.11% |
| 18-24 | 11.96% | 6.55% |
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Here’s how we rate business checking accounts, covering what we look for in fees, cash deposit, opening requirements, transaction limits, APY and account features.
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Small business owners can earn up to 4.25% APY with this digital checking account that accepts cash deposits.
This small business checking account comes with features like early access to payments, automatic savings for taxes and emergencies and pre-filled tax forms.
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