To our valued clients and partners,
These past several days have been challenging for those in the financial industry, and I wanted to communicate that Dwolla’s services are unaffected and continue to operate normally.
As most of you are aware, on Friday, March 10, 2023 the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) and shortly thereafter, on Sunday, March 12, 2023, the NYDFS closed Signature Bank. Each regulator has appointed the Federal Deposit Insurance Corporation as the receiver. The FDIC has established bridge banks for both institutions, and on Sunday the FDIC announced jointly with the Federal Reserve and the Department of the Treasury that the FDIC will fund all deposits at SVB, whether insured or uninsured.
While the closure of SVB and Signature Bank have led to great uncertainty, all indicators suggest that transactions will continue to process normally as clients of each bank work to transition their funds and financial services. Dwolla plans to continue to operate as normal with respect to any transactions involving either bank. Our system will allow for you to make decisions about how you’d like to fund your transactions moving forward, including changing your primary bank accounts or adding new accounts.
Providing the best support to our clients and partners is our priority, and we’ll continue to help you navigate and minimize any disruptions to your payment operations. All of us here at Dwolla are here to support you, as your success is our success. We sincerely appreciate your continued trust and loyalty.
This has been a tough week for many in the banking industry. These financial institutions have been strong supporters of the innovations happening across the payments landscape, and we are thinking of everyone affected by last week’s events.
Brady Harris, CEO
