NOTE: If you do not bank with SVB (or if you do, but you never used an account there for receiving WooPayments deposits), this article does not apply to you.
Due to the FDIC takeover of Silicon Valley Bank (SVB) and HSBC’s purchase of SVB UK, our payments partner (Stripe) temporarily paused some money movements to and from these banks 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 SVB 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 SVB is once again operational, and so money movements have resumed as normal. As such, affected merchants now have a choice:
- Keep receiving deposits with their non-SVB account.
- Switch back to their SVB account for receiving deposits.