NOTE: If you do not bank with Signature Bank (or if you do, but don’t use them for receiving WooPayments deposits), this article does not apply to you.
Due to the New York State DFS takeover of Signature Bank, our payments partner (Stripe) temporarily paused some money movements to and from that bank due to their services being unavailable or unreliable. No money was lost, but funds may have started to accumulate in your account without being deposited.
Soon after, we emailed all WooPayments merchants who were using Signature Bank to receive deposits and advised them to switch to a different bank account. This was done to ensure that your deposits would continue with the least amount of interruption possible.
Stripe has since confirmed that Signature Bank is operational again, and so money movements have resumed as normal. As such, affected merchants now have a choice:
- Keep receiving deposits with their non-Signature Bank account.
- Switch back to their Signature Bank account for receiving deposits.