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Do you work for a company that has most of its operating cash in SVB? If so you probably won't see your next paycheck or it will be late. Even if you work for a
by rickreynoldssf 4y ago
Do you work for a company that has most of its operating cash in SVB? If so you probably won't see your next paycheck or it will be late. Even if you work for a unicorn there's still a risk because they're not likely to hold more cash than is needed for a few weeks (which is now held up beyond $250k.) The rest of the funds are in bonds or other investments that will take some time to unwind to get cash to meet payroll.
So you decide...
- bombcar 4y agoEven if you work for a company entirely banked with SVB (and many companies have a few bank accounts for various reasons) they'll probably be able to make payroll even if they have to take an annoying loan.
- renewiltord 4y agoAnnoyingly, Rippling had a lot of their stuff in SVB so some companies see the debit from their SVB account but no actual corresponding credit into their employees accounts.
- mkagenius 4y agoIf the companies had their account with SVB then rippling is not the issue. Issue arises when their bank is something else but since rippling uses SVB, they see debit in their accounts but SVB doesn't release pay roll. (Unless rippling forces you for opening SVB account, i don't know, i do not use rippling)