Can you share more context around avoiding SVB?
that sounds horrible. What do you mean by this ?
I assume by "sweeping" the GC meant transferring funds to a bank outside of PP?
That is why I use multiple bank accounts accounts at different financial institutions, and only some are used for others to send and receive funds, and then I transfer the funds from there to the other bank accounts that others do not know about.
PayPal, Venmo, Stripe, etc -- any service provider that I choose to share bank account (or debit card) numbers with -- gets the information for a small holding account only.
I maintain the balance in that holding account around the level where I'd be "irritated but not affected" if something were to go wrong.
Honestly I just don't trust them to correctly and quickly fix any errors or exposures. So I prefer to avoid the issue altogether.
I already have a "burner" bank account for gym memberships and other non-trusted entities.
Maybe I should take a two-tier approach for business accounts, to "sweep the sweeps," so to speak, and PayPal et all only have access to a business burner.
And most banks that I'm aware of will let existing customers create new accounts with distinct routing/account numbers online.
Not in the US. Especially unique routing numbers. Maybe you mean virtual credit card numbers.
A bank will only have one or a small number of routing numbers.
My point was that most banks will let existing customers open new accounts online. This will create a new routing/account number combination that you can share with the service you don't trust enough to share your primary account with.
You can also add a (new) debit card to the new account, and some providers let you create virtual cards at will. But that's not what I was talking about.
SVB: Used them about 10 years ago for a startup. Didn't go back to them when I started my second business, as I didn't feel like they had many staff or really cared about having me as a customer.
Plus, as I remove all funds instantly, disruption costs me nothing.
If PayPal cares, they can do these things. If you move serious money through them, they should probably care.