Bank Run at Silicon Valley Bank

Re:Bank Run at Silicon Valley Bank by dgwight on Thursday March 09, 2023 @04:38PM (#35087085)

I just tried to login to svb.connect.com and it is giving me a popup to scan an QR code from the app. The app now gives me a popup requiring two factor auth (which it hadn’t ever before) with a phone number that I don’t have access to. I luckily don’t have much money in this account. As a bootstrapped founder, what would I need to do to get my money if SVB goes under?

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Re:Bank Run at Silicon Valley Bank by Danieru on Thursday March 09, 2023 @05:00PM (#35087364)

NPR did a story fourteen years ago covering a real life example: https://www.npr.org/2009/03/26/102384657/anatomy-of-a-bank-t...

This being a bit different, the most likely scenario will be SVB getting bought on the cheap by a bigger bank. The merger will be pushed by the regulator.

Since SVB's root problem is lack of diversification in client basis, a larger bank beings the perfect solution. In such a scenario SVB will continue as a brand, and their website would start working again.

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Re:Bank Run at Silicon Valley Bank by bagels on Friday March 10, 2023 @01:13AM (#35091011)

That's probably the best of the bad outcomes. Hopefully other banks aren't hiding liquidity crunches too, and can actually make the purchase.

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