I am going to run payroll from my personal checking account because gusto wants a different bank to SVB. I will then wire funds from SVB to my personal account. Then I will find a new business banking provider.
Why the hell would they want a different bank than the one being run by the US government?
The whole point of the herculean effort of a all-deposits-protected federal takeover is to prevent disruption of this kind by providing the firmest possible guarantees.
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To clarify — If you have not yet updated your bank account on file to another (see article), you will have to wire funds to Gusto in order to make payroll on time. Log in to the app, run payroll, and you’ll get a prompt with more details and the specific cut-off, but it’s usually 10am PST in the morning of payroll.
In terms, of getting a new bank set up, I’ve seen people open bank accounts same-day with Mercury (online) or Chase (walking into a branch). Wiring funds from SVB to one of these banks should take <24hr to complete.
But yes, you CAN initiate a wire transfer from SVB if you prefer to do that. Note that some SVB customers are seeing issues with the portal right now (probably given high traffic).
Hope this helps.
Oh, also we created this resource hub to help SVB customers with tips like the above: https://gusto.com/company-news/silicon-valley-bank-closure-r...
Silicon Valley Bank, N.A. rising from the ashes of SVB...can gusto update now please.