Over the course of three days, financial regulators shutdown both Silicon Valley Bank (Friday, March 10) and Signature Bank (Sunday, March 12). These consecutive closures are believed to be the second and third largest bank failures in U.S. history.
Netchex does not use Silicon Valley Bank or Signature Bank to fund our clients’ payroll services or our internal operations. Neither the Silicon Valley Bank nor Signature Bank closures have any effect on Netchex or our ability to provide payroll services to any of our clients or prospective customers.
This sudden and far-reaching situation has greatly impacted customers of both banks. Again, while Netchex’s ability to process payroll is not impacted by these events, we are here to provide support for any clients and their employees who do bank with either Silicon Valley or Signature banks.
For any Netchex clients that fund their payroll via SVB or Signature Bank and are changing banks, please submit a case to Netchex via our community portal and we will assist in updating your banking information.
Throughout the years, Netchex has provided steadfast support to our clients in all emergency situations—from bank closures to hurricanes. We can assist any businesses in navigating these unfortunate and unexpected events.
“Trust is a major component in our relationship with clients,” states Will Boudreaux, co-founder and CEO of Netchex. “With payroll processing, clients entrust us not only with their business’ finances, but also their employees’ well-being. It is something we take very seriously and would never do anything to jeopardize.”
Netchex goes to great lengths to ensure our clients’ payrolls are processed quickly, safely, and accurately—while following ALL local, federal, and industry mandates.
“We pride ourselves on the lengths we’ve gone to in order to protect our clients’ funds,” added Netchex CFO Louis Dubuc. “We collaborate with teams of experts and professionals to ensure we’re using the most updated, most secure procedures for handling our clients’ hard-earned money.”
- Resources from the FDIC regarding Silicon Valley Bank
- FDIC Press Release Regarding Silicon Valley Bank
- When a Bank Fails: FAQ for Debitors, Creditors, Borrowers
- FDIC Silicon Valley Bank FAQ
- Security Check: A Note from Netchex’s CFO on the Security of Our Clients’ Funds
- Safe and Secure: How to Find a Trustworthy Payroll Company
- Making Netchex Safe & Secure: What Does it Mean to be Cyber Ready?
- Payroll You Can Trust: What the IOI Lawsuit and MyPayrollHR Scandal Means For Payroll Outsourcing
This is a developing story. Please check back with Netchex in the future for more information as it becomes available.
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