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Etsy sellers have been hit hardest by the collapse of Silicon Valley Bank. An e-commerce marketplace popular with handmade artists has notified sellers via email that there may be delays in processing payments to accounts.
According to NBC News, Etsy has not provided a timeline for when payments to sellers will resume.
According to one seller who posted the message on Reddit, below is the email Etsy sent to the seller.
“Hello, we would like to inform you that the deposit that was scheduled for today has been delayed. We are working with our other payment partners to issue deposits as soon as possible.We know you count on us to help you run your business and We understand how important it is for you to receive your funds when you need them. No further action is required.If you have any questions, feel free to contact our 24/7 Help Center.”
Not all Etsy sellers will be affected by the SVB collapse.
SVB Collapse Delayed payments to some Etsy sellers
SVB was acquired and shut down by the California Department of Financial Protection and Innovation on Friday after a tumultuous week for the bank. All insured deposits up to $250,000 will be available Monday morning after he announced later Friday that the FDIC has been named as the beneficiary of his SVB.
The FDIC said Silicon Valley Bank locations in California and Massachusetts will resume operations on Monday, March 13.
“Silicon Valley Bank official checks will continue to be cleared. Under the Federal Deposit Insurance Act, the FDIC may create a DINB to allow customers to continue to access the insured’s funds.” FDIC announced.
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