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March 15, 2023

Can people get their money back from SVB (Silicon Valley Bank)?

Alex Song
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Former VP of Finance & Capital Markets, Ramp
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      Last Sunday evening, the Federal Reserve, Department of Treasury, and the FDIC jointly announced a full guarantee on SVB deposits, providing a significant amount of relief to the start-up and venture community. Over the course of Monday and Tuesday, numerous early reports indicated successful ACH transactions (both pull and push), wire transfers, and payroll debits. While some users faced login issues, these were hopefully temporary technical glitches. If you are having issues accessing your account, we recommend you try switching devices or browsers, or simply change your internet connection if you are attempting to access SVB online.


      It also seems that phone support and live customer service for SVB are now operational, available for those unable to access the online portal. And by Tuesday, payments have been observed flowing smoothly both into and out of SVB accounts.

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      Alex Song
      Former VP of Finance & Capital Markets, Ramp
      Alex Song was the founding member of the Ramp Finance team. He helped build out critical infrastructure within the accounting, capital markets, FP&A, and treasury functions, among others. Prior to joining Ramp in 2020, he spent more than a decade as a credit and financials investor in the hedge fund industry, working at firms including Sculptor Capital Management, Crayhill Capital Management, Bain Capital, and Morgan Stanley. Alex holds two Bachelor's degrees from Stanford, in Biomechanical Engineering and in Economics. He also holds a Master of Business Administration from Harvard Business School. Alex is a CFA charterholder.
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