To our customers:
In the wake of Friday’s sudden collapse of SVB, the hard-earned wages of workers across the country were frozen and put under the control of the FDIC. This included the Friday paychecks of workers making an average of less than $50,000 a year. Many Americans live paycheck to paycheck and can’t afford this delay. They need access to their wages to pay rent and put food on the table.
We’re working through the weekend to ensure that the customer payroll funds currently locked up with SVB are released to employees. We will continue to send regular status updates directly to impacted customers via email.
Here’s what we’ve done, and what we’re doing:
- We completed a long-planned transition to JP Morgan Chase to ensure that all future customer payments will succeed.
- We extended our own capital to cover all March 10th and March 13th pay runs.
- We filed an FDIC claim on behalf of all customer payroll funds held at SVB.
- We are in communication with our congressional leaders and regulators about the importance of prioritizing the immediate release of payroll funds.
But the quickest way to ensure that impacted employees get paid next week is for the FDIC to unblock these payroll funds.
This is why we are calling on the FDIC to immediately release payroll funds associated with hundreds of thousands of hard working Americans, whose payroll is frozen through no fault of their own.
We appreciate the vital role that the FDIC played in ensuring the stability of our banking system on Friday, but it’s equally important for the FDIC to act swiftly to address the impact that these actions have had on everyday American workers.