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

[SmallthingsbyAmanda]

my money went in the bank as normal yesterday  

[PriddeyThings]

If you only got the email at 5pm, the bank would have been closing so it would not have shown in your account. The deposit will no doubt show up some time during the next working day, ie. today.

And yes, I got my money into my account yesterday as normal. The only difference was the account from which the money came in. 

[MissouriCrossing]

Why you can’t expect Etsy or other companies to be transparent… it’s what got silicone valley bank into this mess.  

“https://www.cnn.com/2023/03/13/business/svb-employees-angry-at-ceo/index.html

That was absolutely idiotic,” the employee, who works on the asset management side of Silicon Valley Bank, told CNN in an. “They were being very transparent. It’s the exact opposite of what you’d normally see in a scandal. But their transparency and forthright-ness did them in.”

Becker and his leadership team revealed last Wednesday night a hope (but no firm commitment) to raise $2.25 billion in capital as well as $21 billion in asset sales that sparked a $1.8 billion loss.

That news set off a wave of fear across Silicon Valley, where the bank serves as a key lender to tech startups. Many of them panicked,yanking $42 billion last Thursday alone when Silicon Valley Bank’s stock crashed by 60%, according to filings by California regulators.

By the close of business that day, Silicon Valley Bank had a negative cash balance of about $958 million.

——

if Etsy came out and said Friday  it may be awhile before sellers get paid, we had 90% of our cash at SVB sellers would go on vacation and the stock price would crash.   

[DianesK9Creations]

Payment sent yesterday but no money in my bank account. No email from my bank showing a payment. Something is wrong. Hope they didn't mess up the payments for us.

[HandyNat]

Yes same exact thing for me 🤦‍ I normally get it the next morning but not this one! 

[JMOldeVintage]

Unless things have changed deposits made after 2pm are credited the following day.
Next, if Etsy was delayed in starting the deposit process by the time the transfer actually completed banks may have literally been closed. 
While certain banking actions are 24/7 others are not. 
Today is a new day & hopefully things will be returning to normal.

[HandyNat]

I had my deposits sent 3pm, 4pm and almost 5pm on Mondays before and they showed up in the morning! I’m hoping its not going to be another issue we have to deal with 🤷🏻‍

[JMOldeVintage]

This update from Etsy:
https://community.etsy.com/t5/Technical-Issues/RESOLVED-03-10-23-USD-Disbursements/m-p/141549657#M76...

[CharmingMaggie]

Same here. I am a daily depositor. On Fridays my money is in my bank a couple hours after Etsy deposits it. Nothing today. It is all electronic. 
The bank doesn't have to be 'open' for an electronic deposit to go through. I am getting worried and very frustrated. 

[PriddeyThings]

@CharmingMaggie That is usually how it works though. Electronic or not, it is highly unlikely the bank would be crediting money deposited to your account after 5pm until the next working day. 

[PeoplePackages]

My deposit was sent yesterday on Monday according to Etsy, but as of now it's not there, hopefully will show of by the end of today.

[boygirlboygirldesign]

@PeoplePackages 

My notice from Etsy Support usually comes on Mondays and my bank shows the deposit on Tuesdays. I just checked and so far it hasn't shown up. I'm not sure what time it does show but my banks says that deposits are shown at the end of the business day. I'll check this evening to be sure.

[9ElizabethStreet]

I think the way this goes depends on a few factors, like where the shop owner is located, who they bank with, and where their payments originated before the SVB mess. I'm in Ohio, using a small credit union, and experienced no delays or issues with my regularly scheduled deposit. Money sent by Etsy mid-day Monday, credited by my bank early Tuesday morning - just as usual.

While I have utmost empathy to those who were/are affected by the delay, it really only hit about one-half of 1% of Etsy sellers. Yes, it really hurt those affected, but it's also not a sign of major issues for Etsy overall. The sky is not falling, unless everyone (buyers & sellers alike) starts panicking across the nation. And the globe.

[DesignedToCharm2]

Apparently it hasn't affected my shop at this point. Deposit went in as normal on Monday and showed up today and another deposit was made today so should (fingers crossed) be in my account tomorrow. I'm not putting my shops on vacation mode as some suggested. 

[CraftyCraftsCorners]

Ok all is resolved read here https://community.etsy.com/t5/Technical-Issues/RESOLVED-03-10-23-USD-Disbursements/m-p/141549657#M76...  Business as Usual  or sit back on Vacation mode and get no sales. Easter and Mother's Day is fast approaching are you ready ?? : )

[SugarTaffySoap]

Ah, ok, there seems to be a delay for mine. US/eastern time.  Monday deposit didn't show in account until Tuesday afternoon. 

[boygirlboygirldesign]

So my deposit appeared in my bank account yesterday. However, it shows up as "Etsy Inc. Deposit."

All my other deposits have always shown up as "Etsy Payout."

Anyone else? Does anyone know the difference?

[bradgoodell]

Etsy has to switch to a different bank to send payments.  What is says is irrelevant, it is simply a way to identify it for the receiver. 

[boygirlboygirldesign]

@bradgoodell 

Thanks. I kind of figures that. Just curious. Thanks for clarifying.

[CraftyCornishMaids]

sometimes my say

Etsy Ireland

and sometimes

Ayden

and sometimes

stichting custodia,

it's a descriptive field, so it's whatever the payment processor puts in the description.

[StreetwoodDesign]

got my money deposit, nuf said after bank-n-stuff fail......