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

[MichelleArtStudioCo]

I do weekly deposit’s 

[JMOldeVintage]

The "depositing process" has always shown the next scheduled deposit date. If you receive weekly deposits the next one would be Monday, 20th. If you are scheduled for daily deposits, the next day would be tomorrow, March 14th.
From there your shop's account balance - available for deposit - should reflect the deposit has been sent - it should "zero out".

If you do not see any change in the amount available for deposit, then, this might be a cause for concern.
How quickly you see the deposit transaction into your personal bank account may be different, depending on the bank you use. 

[Emslittlefoxrun]

Amazing that --

Etsy did not have a backup plan in place for just such an occurrence.  What does this tell you people????

[CoquetteBath]

that they don't have a crystal ball...or one that works.

I mean, while it is understandable to next day quarterback this...I think people all need to take a breath.

and if this is hurtful or painful, to take it as a lesson to have more money in the account for next time. If there is one, you'll be glad. If there isn't...you will have cash.

JMO.

ETA: I've advised & taught my kids that everything that happens is either a lesson or an opportunity. A lesson on what to do. A lesson on what not to do. And opportunity to make a choice. Or not.

the point is, things change. Be prepared. And nope, wasn't a Boy Scout...LOL.

[IndependentReign]

I'm in the US (NYC) and my deposit still shows the 10th.  My settings are for weekly deposits, so I usually get the deposit every Monday.  However there was a large balance and I needed the funds so I requested the deposit on Thursday 3/9 for the "next available day" (this is before any news of the SVB collapse).  Deposit was then scheduled for Friday, 3/10, but obviously that never happened and I received the email from Etsy about it.

Regardless...my deposit date still shows "Scheduled for March 10th..."   

[cindylouwho2]

"A spokesperson for the company told TechCrunch in an email that the issue has impacted a small group of sellers, noting that approximately 0.5% of its active seller base had their payments delayed on Friday. Etsy is working to pay these sellers today and has already started processing payments via another payment partner this morning."
- exact quote from Etsy "We expect to pay sellers via our other payment partners and are starting to process these payments as soon as March 13.” [my emphasis]

https://techcrunch.com/2023/03/13/etsy-processing-seller-payments-alternative-partners-after-svb-imp...

Note that doesn't automatically mean everyone will get paid today; they were careful not to say that. 

[OneTrickChassis]

Thank you for posting this.

[eileenb58]

My weekly payment is now scheduled for 3/20. 

[plyeffects]

I've been selling on Etsy since 2007 and know many other shops that started back in the early days. Not one of us has been paid yet. How did we get so lucky?? Seems like the "0.5%" is a bit off...

[BrizelButtons]

Been here since 2007.

How many times have we heard in the past that whatever the issue is... "It's only impacting a small amount of sellers"

[cindylouwho2]

@plyeffects most sellers do not get daily deposits, and the issue (apparently) only affected USD deposits. 1/2 a percent on Friday - or one out of every 200 sellers - seems about right. 

The number of sellers affected today could end up being much higher. 

[dayspringcollectible]

@cindylouwho2 

Many thought that our deposits weren't coming in today because dates were changed to our next deposit date.

However, a number of us have noticed that has now been changed to Your Payment is currently Being Deposited.  It is normal for the date to be changed first, but since it was past the time we usually get the deposit notice, assumed this payment had changed.

Instead, it appears they are simply running an hour or two late on initiating todays deposits.

[dayspringcollectible]

We'll have wait a bit to see if the Available for Deposit actually zeroes out and it goes through for real.

[cindylouwho2]

@dayspringcollectible since we don't know for sure everyone will get paid today, and Etsy carefully did not say that, I am still going to urge caution. 

When this happened, I told people to prepare for not being paid for several more days, because it is better to be cautious with cash flow than not. 

[dayspringcollectible]

@cindylouwho2 

Yes, I've seen sellers say they had already spent what was supposed to be today's deposit.  Not a wise thing to do until you know for sure it is in, as there are always things that can happen.  It is reliable so much of the time we begin to take it for granted.  I understand the temptation though when things are tight or you are behind on bills.

[dayspringcollectible]

My payment account zeroed out, so the payment has been sent.  I won't receive it until tomorrow.

[BeeGalBoutique]

My deposit date switched from today to tomorrow. I hope it actually happens because that already moves me out to Wednesday before I would actually receive the funds. But my sales have picked up - so there's that!

[CourageousFineArt]

Mine has done the exact same. Deposit was scheduled for today, but did not happen and has changed to tomorrow’s date.

(Sorry this was supposed to be a reply message to another post.)

[DianesK9Creations]

Mine changed to the 14th now it says this. Your payment is currently being deposited into your bank account.

[cindylouwho2]

@DianesK9Creations YAY! It's good news that some are going through. 

[MichelleArtStudioCo]

Now it says scheduled 3/14 just 15 minutes ago it was being drposited

[BirdsongEmporium]

Wait and see if you get an email about a deposit @MichelleArtStudioCo. For us it always changes to the next deposit date once the banking deposit has been initiated but it sometimes takes a bit of time before the email and the payment account update to show the bank deposit has been sent.

[CoquetteBath]

as I said in another thread. Mine was 3.13 this morning. Then it switched to 3.20. Then I got an email from Etsy, as normal, stating it was on the way.

My account is zeroed. I think this is a done deal.

[TimeSpanTreasures]

My payment just went through, too, showing funds sent to my bank account, according to my dashboard.

(I am in USA, on weekly payouts.)

[bradgoodell]

I just received the "Your funds are on the way!" email.