To our Gusto Customers using Silicon Valley Bank (SVB) and Signature Bank to fund payroll:
We know there are continuing struggles for many of you as Silicon Valley Bank (SVB) and Signature Banks return to normal operations after being shut down last week.
To help ease the pain and difficulties, Gusto used its own balance sheet earlier this week to run payroll for businesses that were not able to get their funds in time on the 3/13 and 3/14 dates.
And we’ll be doing the same with today’s 3/15 payroll date for customers that are experiencing operational issues or aren’t able to get their wires in before the deadline.
Payroll is critical for every business. That’s why Gusto’s payroll operations run on a redundant system of leading national banks (e.g. JP Morgan Chase and PNC). So if one fails or experiences delays, we can still run payroll and support our customers without disruptions.
Latest Updates for SVB and Signature Bank Customers using Gusto:
- 3/15 Payroll: As mentioned above, we’ll be funding payroll1 from Gusto’s balance sheet for the businesses that submitted payroll for March 15th, but are experiencing operational issues, delays, or are not able to get their funds in before the deadline. It’s an extraordinary time and we’re committed to making sure employees get paid and minimizing delays whenever possible.
- Potential Double Payroll Payments: Some businesses have submitted both wire and ACH payments. In the event of any double payment that has been made for a payroll, we are expediting a return of the excess payment. Customers should start to see the return of excess funds this week — based on when the fund transfer was initiated.
- Return to Normal: We are evaluating all available information, including the reports of operational challenges and potential security concerns with ACH payments. We’re also keeping a close eye on the most recent announcements from the new Silicon Valley Bridge Bank (SVBB), Signature Bank, and the FDIC. We expect operations to return to a more normalized state next week and will share details as soon as we know more.
We understand this is still a changing, fluid situation and we’re here to support you. Please see our resource hub for additional details, and information as we all navigate this difficult time. If you have further questions or need additional support, please reach out to our dedicated support team: [email protected] with SVB or Signature in the subject line.
1 – Subject to Gusto risk procedures