[richardlblair]

If I was a founder in the US right now I'd be opening at least 1 other bank account today and getting at least half my funds into that account. I would also never operate without at least 2 bank accounts.

Operating a business and having employees is a huge responsibility. If people are depending on you to manage the risk of your business so they can buy groceries it's important to take that as seriously as you can.

[chatmasta]

We are taking the responsibility seriously. We have payday on Wednesday and ACH configured with Gusto. They told us to send them a wire by 11am Wednesday, but this was prior to last night's announcement. So I'm wondering if this has changed.

It's likely not possible to open an account at another bank, wire all our money from SVB to there, and then wire the money to Gusto by 11am on Wednesday. So in the interest of ensuring employees are paid, the fastest option will likely be using SVB.

You're right that operating with two bank accounts now sounds like a good idea. We actually have that already because our structure involves a US parent corporation and a UK subsidiary, but the second bank account is in the UK (thankfully not with SVB UK, although ironically that's because we dragged our feet on moving to it).

[richardlblair]

I didn't mean to imply you aren't taking it seriously. Just pointing out what I'd be doing today.

Glad to hear you're focusing on getting that money flowing through to your employees.

Sorry you're in this situation. I know how frustrating it can be when you have to enter a reactive state that takes your attention away from your core mission.

[Zetice]

Does Gusto/Workday make pulling from multiple banks transparent? Seems like a value add for them to add in a way to seamlessly pull evenly from multiple accounts, and doesn't immediately strike me as overly difficult from a technical perspective.