{"menuItems":[{"label":"What Silicon Valley Bank's shutdown means for customers","anchorName":"#what-silicon-valley-bank-s-shutdown-means-for-customers"}]}
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.
Finder has done its best to vet that companies listed in this table had some dealings with SVB at some point in the past. Please contact us if you find an error.
What Silicon Valley Bank’s shutdown means for customers
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.
Richard Laycock is Finder’s NYC-based senior content marketing manager & insights editor, spending the last decade data diving, writing and editing articles about all things personal finance. His musings can be found across the web including on NASDAQ, MoneyMag, Yahoo Finance and Travel Weekly. Richard studied Media at Macquarie University, including a semester abroad at The Missouri School of Journalism (MIZZOU).
This small business checking account comes with features like early access to payments, automatic savings for taxes and emergencies and pre-filled tax forms.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
