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Sounds like a perfect HN startup MVP. Split your operating cash among banks to keep under FDIC limits while presenting a convenient front end ui for payroll

• pjc50 4y ago
  Google for "insured cash sweep". https://www.cbhou.com/Resources/Customer-Corner/entryid/237/faqs-your-guide-to-insured-cash-sweep https://www.cbhou.com/Resources/Customer-Corner/entryid/237/... The specific problem for SVB was that many VCs got their companies to agree not to do this, specifically to keep all the money in SVB.
  • Pet_Ant 4y ago
    > specific problem for SVB was that many VCs got their companies to agree not to do this What was in it for the VCs???
    • pjc50 4y ago
      I have not yet heard a specific explanation for this, although there has to have been some quid pro quo.
• mos_basik 4y ago
  >Split your operating cash among banks to keep under FDIC limits while presenting a convenient front end ui for payroll I work for a six-person startup; our CEO landed on Brex after SVB, and one of the reasons he gave was that it does exactly this (up to 9 banks). See https://www.brex.com/product/business-account https://www.brex.com/product/business-account