Hacker News new | ask | show | jobs
by chernevik 1191 days ago
> you would be able to access all your funds

How fast and how?

You might consider providing a "living will" document that keeps your clients up-to-date on where the $$$ are and how they access them. If I'm using something like this I would want to be sure I can make payroll the day after you vanish.

(Not a potential customer or cash management expert, prioritize accordingly.)
1 comments
jqpabc123 1191 days ago
How fast and how?

My best guess, not until OK'd by a bankruptcy judge. You may have a strong claim on the funds but so does Mercury --- hence the fact stated above that you can't withdraw without their approval. On the other hand, they may be able to withdraw without your approval. A bankruptcy judge is the only one who could override their claim and release these funds to you.

Remember, SVB was an FDIC bank. The reason depositors are able to withdraw money today is because of the quick actions of the FDIC.

link
chernevik 1191 days ago
That doesn't sound even remotely close to right.

If the client is the owner of record Mercury hasn't any claim at all.

link
jqpabc123 1191 days ago
My guess, this is a trust/FBO co-mingled type account of some sort.

Only Mercury knows the exact structural details but based solely on their statement above, they have significant control and claims that you can't easily override yourself.

I wouldn't count on this all being resolved quickly in the event of a bankruptcy.

link