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Comment by dannyw | Hacker News Reader

When, though?

If your company can't access your money to access payroll for X months, you might as well as be dead.

The press release answers some of that. Insured money is there on Monday. Uninsured money will get their first payout no later than next week.

After that its a question but typically depositors will know the answer very quickly because their claims come first.

Not quite, the uninsured money will be partially paid out depending on how the books look (since the FDIC has to liquidate the bank), however a chunk of the money can be in limbo for now via receivership certificate that tracks the amount you have claim to.

From the PR

>The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds

This is a 100% standard FDIC statement and not unique to SVB btw.

https://www.investopedia.com/terms/a/advance-dividend.asp#:~....

> All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week.

So you'll get 250k plus an unspecified percentage of the other 93% of deposits the bank is holding. Startups have millions in SVB, it will be at least months before they have access to that.

Yep, the additional percentage paid out in advance will be based on the bank's books once the FDIC digs into it to estimate what can be recovered. The rest is after liquidation.

"When, though": now. The article says checks continue to clear, and branches open Monday, the next business day.

And

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