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 my 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.
Does my client fund my payments with an account at SVB?
We have communicated with our customers, your client, to avoid any disruption to pay run funding.
My bank details in Worksuite are for my account with SVB (or another bank closed by the FDIC).
Your payment processing may be impacted until you update your banking details with a new bank in Worksuite. It is important to ensure that you update your banking information as soon as possible to avoid any delays or disruptions in payment processing.
Please see this article if you need guidance to update your bank details.
How long do I have to update my banking information in Worksuite?
We encourage all freelancers who were previously receiving payments through SVB to update their banking information in Worksuite as soon as possible. However, we understand that this may take some time to complete.
We recommend that you complete this process by Friday, March 17, to ensure that your payment processing is not affected.
As with any bank details that are or become invalid, Worksuite will support you directly with any rejected payments to ensure they are reissued to valid bank details in a timely manner.
Additional questions? You 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.