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Silicon Valley Bank – FAQ
The FDIC has announced that Silicon Valley Bank “was closed today by the California Department of Financial Protection and Innovation.”
Silicon Valley Bank is one of our banking partners, a global network of leading banks where our customer funds are held. Payoneer maintains the vast majority of customer balances at Global Systemically Important Banks (GSIBs) and has a large and diverse network of banking partners, including GSIBs and other large financial institutions.
The shutdown of Silicon Valley Bank by federal regulators has no impact on your Payoneer balance.
Payoneer customer funds are 100% guaranteed, available and accessible — not exposed to loss from the shutdown of Silicon Valley Bank.
The company keeps the vast majority of funds, including customer funds, at Global Systemically Important Banks (GSIBs). Given the company’s strong financial position, and our high standards and vigilance related to risk, we’re more than prepared for incidents like this.
Let us know if we can be supportive to you or your business partners. Here at Payoneer, your funds are guaranteed to be fully secure and accessible.
The shutdown of Silicon Valley Bank by federal regulators has no impact on your Payoneer balance.
Payoneer customer funds are 100% guaranteed, available and accessible — not exposed to loss from the shutdown of Silicon Valley Bank.
Your balances remain 100% secure, available and accessible. As a precaution, Payoneer has proactively disabled the Silicon Valley Bank account you have defined. To proceed receiving your funds or paying your recipients, please add a bank account in another bank. Here's how to do it:
To add a new bank account for withdrawal, select the Your accounts tab.
To add a new recipient bank account for paying recipients that are not Payoneer customers, select the Recipient accounts tab.
Select Add bank account.
Follow the on-screen instructions to add the bank account details.
For Individual accounts: The account holder name must match the name on your Payoneer account.
For Company accounts: The account holder name much match the company name on your Payoneer account. Note: If you are adding a recipient bank account, you will be asked to provide recipient contact details. Please ensure that this information is accurate, as incorrect information can delay Payoneer approval of the bank account.
Once you submit the details, we’ll review them. It usually takes up to 3 business days. Watch your email for confirmation that the bank account has been approved.
If you signed up to Payoneer via one of the companies we work with and are receiving payments directly to the bank account you signed up with, you cannot change the account to which you receive your payments by adding a new bank account for withdrawal. In this case please let us know that you would like to change this type of details and we will assist you.
Due to the closure of Silicon Valley Bank by federal regulators, we are no longer able to accept payments from SVB bank accounts. Please ask your payer to pay you through alternate methods. Here's how.
Due to the closure of Silicon Valley Bank by federal regulators, we can no longer support withdrawals to SVB accounts. To withdraw funds from your Payoneer account, please connect a new bank account. Here's how.
Due to the closure of Silicon Valley Bank by federal regulators, we are no longer able to support SVB bank accounts. Please connect a new bank account to your Payoneer account. Here's how.
Due to the closure of Silicon Valley Bank by federal regulators, we are no longer able to pay out to SVB bank accounts. Please ask your recipient to provide a different bank account for the payment.
