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Comment by jaxomlotus | Hacker News Reader

We bank with SVB and our funds are now frozen. This is going to be an incredibly painful weekend of waiting for news. For anyone else impacted, wishing you the best - stay strong.

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Two is one and one is none. I am an individual person with no payroll to run and I bank in three US retail banks because they fail closed so often (most frequently from card use while traveling, but also for myriad other reasons).

If you don't have more that 250k cash in there you should be good.

Unless they needed to pay their employees or vendors today.

Supposedly checks drawn on the old bank will still clear (presumably only up to the insured amount, though it doesn't say that) according to the FDIC. And the non-insured amount will be available in branches tomorrow via the FDIC-operated DINB. So in theory you would be looking at at most one business day late for payments if you are only concerned with the $250k part.

> And the non-insured amount will be available in branches tomorrow via the FDIC-operated DINB.

Why do you believe this? The FDIC said it will provide certificates that you had deposits. These certificates help you make claims in court proceedings as they liquidate.

The FDIC said a bit more

> The FDIC will pay uninsured depositors an advance dividend within the next week.

The FDIC will examine the books and estimate how much of the uninsured it can pay now, and pay that as an immediate dividend.

> Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.

That was a typo, I mean to say that the insured amount was available.

You should have deposited your money into a bank that wasn’t going to fail.

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