at this point, discussion for this is a little late, but is anyone feeling the effects of them going down? since last friday, it seems like the FDIC is honoring 100% of funds in an account, rather than the 250k (without the need for tapping into taxpayer money).

still tho, Meta just laid off another 10K people, and i feel like that's got to be related at least a little bit?

anyway, my company is doing fine, despite having money and a credit line with them luckily

and for those not informed, basically a bunch of VC investors told their clients to pull all of their money out of Silicon Valley Bank because of getting spooked that the bank was having money issues, which in turn caused the bank to fail, similar to what happened during the great depression

I couldn't issue new virtual cards from Coupa for a couple of days but that's been the extent of what I've seen so far.

One of my good friends is CTO of a late-stage startup and spent the entire weekend (said he got 4 hours sleep) dealing with the fallout of this debacle. He said if the FDIC had not stepped in promptly their company would likely have ceased to exist.

I don't think he's alone in that -- I think a lot of companies got very lucky that the FDIC stepped in... And now, all eyes are on the banks. I wonder what will happen...

how come people think this is going to happen to other banks? seems like an isolated incident no? or is it just because people are more spooked now?

I'm thinking it's because people are spooked at its core. Everyone's moving money around to try and get their money to be 'safe' given what happened, and banks are scrambling if they don't have the money on hand to give. But that's like, my opinion, man.

Social media posts aren't helping at all :D Just making more panic. What a wreck!