Etsy's bank fails... what next?

[#1]

The collapse of Silicon Valley Bank today is awful news.  I wonder what this means for Etsy sellers and funds.  

https://www.wsj.com/articles/after-silicon-valley-bank-fails-tech-startups-race-to-meet-payroll-4ebd9c5c

[MandisAtticToyz]

If they lost all their money too bad. That’s on them.  Haven’t you seen goodfellas?  F U pay me

[MaynardMillinery]

Correction @MandisAtticToyz - They've lost your money. 

[EnergyPeace]

I suppose lol. But I think it will be cleared up. Just take a few extra days. 

[NanaLetha]

@violetpi  the refund is deducted from your payment account

[violetpi]

But where is their refund coming from? The money would seem to be in limbo, no?

[ThePurplePuppy]

@violetpi 

IF your money is sitting in your payment account that is not yet sent to the bank a refund will come from there--if there is not enough in your payment account the refund is charged to your CC. I don't see why one could not refund, even now.

[TickleYourWitch]

Cue the misinformation and speculation. 

[SmudgePlant]

Too bad Etsy doesn't have a Community Forum where someone from their team could post a reassuring message...

[DecorativeSewingPins]

Oh but they have a "Help Center 24/7" that we can reach out to. #sarcasm

[2di4jewelryoriginals]

LOL. 

[CoxRetros]

I clicked the Help Center link in that email and it went to a broken page!

[AustinSchoolHouse]

Ending the email with a known lie doesn’t help their credibility. Their “help center” has consisted of web pages with broken links for 2-3 years.

[EvieDesignShop]

They posted this under technical issues: https://community.etsy.com/t5/Technical-Issues/UPDATE-03-10-23-USD-Disbursements/m-p/141527053#M7633...

[CollectedInvitations]

I emailed the 24 hour Etsy help and it says it will take a couple of days to answer the email. Very lame.

[OLDSTUFFNOW]

Been on Etsy many years did well nothing lasts nothing i do well here just see what happens.  

[UniqueGiftOrnaments]

Seems like until things are figured out, nobody will get paid and nobody can purchase, and we can't even pay our monthly bill.

[EarSugarHandmade]

I just got a new sale about 10 minutes ago so customers can still purchase.  

[EnergyPeace]

people can purchase, question is more where will they money go and how will we get paid?

[TickleYourWitch]

Who said nobody can purchase? I just had a sale 5 minutes ago. Let's wait for facts. 

[EvasFeathers]

Orders are still coming through, I just got one this hour.  

[plyeffects]

I've had several sales in the last 24 hours.

It's important to know that Etsy uses more than one bank. They have more cash /cash equivalents than can be covered by the FDIC at one bank. It's a publicly traded company and if you own stock in it they send you annual shareholders information. 

SVB was also bought out by another bank, so it's not exactly 'closed'. 

Things will get sorted out and sellers will be paid. 

[LoonMtEmbroidnCrafts]

Good grief, another glitch. And I was almost stopping from shaking my head! Why does it seem to always be something going wonky!

[ThePurplePuppy]

This is more than a glitch--and this is not on Etsy-this is on that bank.

[UniqueGiftOrnaments]

@EarSugarHandmade   But has your sale processed? Or is the buyer using PayPal?

[CuriosAnCollectibles]

It's hardly a glitch!