Your 2 week payroll is more than $250,000 and you are bootstrapped?
I call B.S.
Something doesn't add up. Coming from an anon account no less.
I call B.S.
Something doesn't add up. Coming from an anon account no less.
FWIW, Just looked at the screenshot of the wire completion and it does say "Same day". But I did it at after 8pm. Anyway, I felt I did the safest thing to keep the staff from freaking out and for me not to be too stressed through the weekend. I'll have enough headaches moving banks the next two weeks to also be worried about payroll.
You are learning a lot and sounds like you figured out a way to not have your employees see any hiccup. Well done.
Thank you for replying and providing more info.
Nowadays one must assume ChatGPT bot/shill when talking to a new account.
Securing alternative funding for your payroll makes sense and is commendable.
The bank was closed on Friday, and at the time an announcement was made that the Deposit Insurance National Bank of Santa Clara would open with all insured deposits on Monday (this will not happen if between now and Monday a buyer is found and that bank instead takes over operations on Monday.) There’s not really a “disbursement” of insured funds, just a transfer to a new bank, which may or may not be run by the Federal government.
For uninsured funds, the announced plan (which also might be cancelled if a bank takeover provides better terms for them) is to provide an initial dividend during the week, and a “receivership certificate” for any remaining uninsured balances. Most likely (given history) a bank takeover would also preserve uninsured balances as normal deposits at the new bank; but that’s not guaranteed.