The First Internet Fueled Bank Run

This, like the overall macroeconomic environment, is not a good sign for tech companies:

https://www.vice.com/en/article/epvg8a/how-silicon-valleys-bank-imploded?utm_source=motherboard_twitter

Thanks for referencing this … the Quote from the banks CEO says a lot’

CEO, Greg Becker, hopped on a call on Thursday and basically pleaded with venture capitalists to stay calm and support us just like we supported you during the challenging times.

The article doesn’t mention how the CEO cashed out several million $ in stock options and bonuses were paid out before the bank collapsed.

I spent a good part of my professional career in banking. It’s sad to say but there is too much truth to the above.

For the record, I would have (and regularly did) reverse any fees associated with minimal overdrafts. Like many things, overdraft fees are assessed automatically by computers. It takes a human to understand the context of a specific circumstance then act, hopefully, accordingly. Should one find themselves in a minimal overdraft situation, it never hurts to politely ask for the fees to be reversed.

@NancyM said:
The article doesn’t mention how the CEO cashed out several million $ in stock options and bonuses were paid out before the bank collapsed.

The article I linked was among the first covering the SVB situation. Later articles did cover the bonus payouts.