4 ms·
Your 2 week payroll is more than $250,000 and you are bootstrapped? I call B.S. Something doesn't add up. Coming from an anon account no less.
by breck 4y ago
Your 2 week payroll is more than $250,000 and you are bootstrapped?
I call B.S.
Something doesn't add up. Coming from an anon account no less.
- gfsdgsfgfds 4y agoIt is not. SVB account is frozen. Nothing in or out. Wire had to land March 13th so had to be sent Friday.
- breck 4y agoA wire on the 13th lands on the 13th.
- gfsdgsfgfds 4y agoMy personal bank is Bank of America. I paid the $30 to do "1 business day" I read that as if I did it on Monday it would land Tuesday. Gusto was saying it had to be funded by Monday. Perhaps it would have worked out fine that funds would be unlocked on Monday and Gusto would have been fine with wire initiated on Monday, but this was Friday and everything seemed on fire. FWIW, Just looked at the screenshot of the wire completion and it does say "Same day". But I did it at after 8pm. Anyway, I felt I did the safest thing to keep the staff from freaking out and for me not to be too stressed through the weekend. I'll have enough headaches moving banks the next two weeks to also be worried about payroll.
- kfrzcode 4y agoA wire can commonly take up to two days; just FYSA. https://www.investopedia.com/terms/w/wiretransfer.asp https://www.investopedia.com/terms/w/wiretransfer.asp
- breck 4y agoGot it. So you are unfamiliar with the wire system. Most people are. I actually don't have anything good to say about it. (Sidenote: 24/7 crypto is far better, but crypto is still a bit of a wild west so I don't recommend for people who aren't comfortable being early adopters) You are learning a lot and sounds like you figured out a way to not have your employees see any hiccup. Well done. Thank you for replying and providing more info. Nowadays one must assume ChatGPT bot/shill when talking to a new account.
- dboreham 4y agoAn actual "wire" transfer yes, but op may have meant ACH.
- xiphias2 4y agoPeople don't have access to that $250k right now, it takes time.
- breck 4y agoEveryone will have $250K tomorrow.
- swatcoder 4y agoAs an owner who feels responsible to your staff, and who feels bewildered by the sudden closure of your bank, you may not trust what you think you know. Securing alternative funding for your payroll makes sense and is commendable.
- fisherjeff 4y agoUh yeah, in the very unlikely event that you find yourself explaining to your staff why payroll hasn’t been run, about the last thing you want to lead with is “Well, see, after our our bank failed, I assumed…”
- nostrebored 4y agoFDIC insured funds haven’t been disbursed yet right?
- dragonwriter 4y ago> FDIC insured funds haven’t been disbursed yet right? The bank was closed on Friday, and at the time an announcement was made that the Deposit Insurance National Bank of Santa Clara would open with all insured deposits on Monday (this will not happen if between now and Monday a buyer is found and that bank instead takes over operations on Monday.) There’s not really a “disbursement” of insured funds, just a transfer to a new bank, which may or may not be run by the Federal government. For uninsured funds, the announced plan (which also might be cancelled if a bank takeover provides better terms for them) is to provide an initial dividend during the week, and a “receivership certificate” for any remaining uninsured balances. Most likely (given history) a bank takeover would also preserve uninsured balances as normal deposits at the new bank; but that’s not guaranteed.
- rdl 4y agoAs of about an hour ago, the government through some weird indirection is basically guaranteeing 100% of the par value of all the assets, so SVB or the DNIBoCA (I guess? honestly not sure which) should re-open Monday AM with 100% of assets available to depositors. i.e. bullet dodged.
- powera 4y agoHacker News is full of people who believe anything they read on this site if it fits the narrative, even if it is from a throw-away account that clearly doesn't understand the banking system.