In light of the news that the Federal Deposit Insurance Corporation (FDIC) took ownership of the assets formerly held by Silicon Valley Bank (SVB) and Signature Bank, we've assembled this guide to address any potential concerns.
What has happened with SVB and Signature Bank?
The FDIC has closed SVB, and as such, it is no longer a viable bank for payment processing. Freelancers who were previously receiving payments through SVB will need to update their bank details for Worksuite to process their payments successfully.
Do you process freelancer payments through SVB (or another bank closed by the FDIC)?
We process payments in an agile fashion via multiple rails, none of which leverage SVB, Signature, or any banks that are known to be at risk of closure.
We push pay run funding from our bank account with SVB.
During the week of March 13, we are seeing successful transfers. That said, we strongly recommend establishing another account from which to push pay run funding as soon as possible.
Worksuite pulls pay run funding from our bank account with SVB.
We are no longer able to debit SVB accounts. Please push your funding ASAP from an alternate account.
Do we have freelancers who receive payments to an account with SVB?
We have reached out to all freelancers whose bank details point to an account with SVB or Signature with the suggestion to update bank details in Worksuite ASAP to avoid any potential disruption to successful funds delivery. Additionally, a talent-facing article is available here.
As with any bank details that are or become invalid, Worksuite will support your freelancers directly with any rejected payments.
Questions? Please reach out to Payment Operations via our group email alias or our shared Slack channel, and we’ll be happy to assist.
Your freelancers may always reach our Help Desk via the Support button on any page of Worksuite or by submitting a support request from the top of any page in this Help Center.