4 ms·
I just tried to login to svb.connect.com and it is giving me a popup to scan an QR code from the app. The app now gives me a popup requiring two factor auth (wh
by dgwight 4y ago
I just tried to login to svb.connect.com and it is giving me a popup to scan an QR code from the app. The app now gives me a popup requiring two factor auth (which it hadn’t ever before) with a phone number that I don’t have access to. I luckily don’t have much money in this account. As a bootstrapped founder, what would I need to do to get my money if SVB goes under?
- Danieru 4y agoNPR did a story fourteen years ago covering a real life example: https://www.npr.org/2009/03/26/102384657/anatomy-of-a-bank-takeover https://www.npr.org/2009/03/26/102384657/anatomy-of-a-bank-t... This being a bit different, the most likely scenario will be SVB getting bought on the cheap by a bigger bank. The merger will be pushed by the regulator. Since SVB's root problem is lack of diversification in client basis, a larger bank beings the perfect solution. In such a scenario SVB will continue as a brand, and their website would start working again.
- bagels 4y agoThat's probably the best of the bad outcomes. Hopefully other banks aren't hiding liquidity crunches too, and can actually make the purchase.