Strong Sauce posted:

https://twitter.com/NateAFischer/status/1635453565471711232

In Training posted:

I got an email from my bank today reassuring me that my account is FDIC insured and please don't take out the money Lol.

quote:

To our valued customers,

By now you’ve likely heard the Federal Deposit Insurance Corporation (FDIC) announced on Friday that Silicon Valley Bank (SVB) is in receivership. Of course this impacts those who were banking with SVB, but as this news is unsettling for the entire entrepreneurial community we wanted to provide reassurance.

Following the news, we immediately reached out to Wave customers who were banking with SVB to offer support and let them know that their online payments and payroll needs would not be affected in any way.

Rest assured Wave does not have exposure to SVB and was not impacted by Friday’s events. Our bank partners are stable and in a strong position to continue to support the industry and Wave, allowing us to continue to serve you as we always have:

Online payments and payroll processing are continuing seamlessly without interruption or delay

We continue to further support your cash flow with the option of instant payouts

Our Wave Money banking customers can continue accessing funds

Meanwhile, here are some suggestions to help you and your employees feel more confident:

Any of your customers who bank with SVB will still be able to pay you through Wave.

Enabling online payments on your Wave invoices gives your customers an easy option that can speed up the payment process and help you get paid faster, improving your cash flow. Additionally, customers who choose to pay by credit card can hold onto their cash for an extra month before their bill comes due, which is beneficial for their cash flow as well.

You can set up automated reminders to help remind them of payments owing.

If you use Wave’s payroll feature, reassure your employees there is no risk to their paychecks.

If you’re looking for a reliable payroll option, we can automate your payroll so you can focus on your business.

We are always monitoring the markets, taking steps to mitigate any risk so we can continue to deliver to you, our valued customer. Should you have any questions, please contact the Wave Support team by logging into your Wave Account and clicking on the Live Chat button at the bottom right of your screen.

As always, we are here to support you and the small business community. We thank you for your business and your trust.

Sincerely,

Zahir Khoja
CEO

Mr Hootington posted:

Remember for tomorrow. It will be weighted less now. But an increase is an increase.
https://twitter.com/GuyDealership/status/1633110490753712128?t=FnVcueYy9MvhD92gX9uqMA&s=19

Paradoxish posted:

It's fun how everything is going to absolute poo poo well before the economy is actually in recession. All the big brain optimist economists keep screaming that there's no recession but, like, it'd almost be better if we were there already. Endless inflation, consumer credit spiraling out of control, bank failures, loan delinquencies, and all this is just the pre-show.

Paradoxish posted:

It's fun how everything is going to absolute poo poo well before the economy is actually in recession. All the big brain optimist economists keep screaming that there's no recession but, like, it'd almost be better if we were there already. Endless inflation, consumer credit spiraling out of control, bank failures, loan delinquencies, and all this is just the pre-show.

mastershakeman posted:

Haven't we been in recession for 2 or 3 quarters now but the institutions changed the definitions because of being scared of Trump 24

Paradoxish posted:

The definition of a recession is basically that NBER reads the entrails and decides that we're in one, but you generally need a couple quarters of negative growth alongside rising unemployment so probably not. If the fed can't break the labor market then they probably don't have to ever admit that the economy is in recession.

mastershakeman posted:

Weird, I thought it was just negative gdp and employment was irrelevant.

Willa Rogers posted:

Coincidentally Intuit also sent me an email today saying that effective may 31, desktop quickbooks is no-can-do & my client must sign up for some overpriced online bullshit the price of which will be determined by the sales rep you speak to so maybe I'll talk my client into Wave instead.

Mr Hootington posted:

The rest of the world runs like that

Joey Steel posted:

Huh? Are you a CPA?

Willa Rogers posted:

What are the CPI changes that are kicking in for tomorrow?

Willa Rogers posted:

oh I thought they'd changed the calculations or something the way hootington was framing it.

Bar Ran Dun posted:

sure doesn’t look like rented lots there.

Woke Mind Virus posted:

CPI number is gonna be mild because it has to be. Everything has led up to this point. They will massage it until their hands fall off.

Willa Rogers posted:

No, that's above my pay grade.

In Training posted:

I got an email from my bank today reassuring me that my account is FDIC insured and please don't take out the money Lol.

quote:

Dear Valued Members,

I want to take this opportunity to address the recent news surrounding the shutdown of Silicon Valley Bank (SVB) and the impact it has had on some banks in the SF Bay Area. Firstly, I want to thank you for your continued trust in SF Fire Credit Union and assure you of our unwavering commitment to your financial stability and well-being.

Some customers of affected banks have been contacting us, seeking information and reassurance during this time. Let me take this opportunity to remind you that we have always been a stable financial institution and our prudent approach in providing safe, reliable financial products and services to our members. During the pandemic, we remained open for business, and were recognized as the #1 credit union to join during the Occupy Wall Street movement of 2011.

We understand that you may have concerns regarding the stability of your finances outside of the credit union, and we want to assure you that we are here to help. Our products and services are designed to provide great benefits and financial security. We offer competitive cash bonuses and good term certificate rates. The last five annual reports demonstrate our continued progress and stability.

To our potential new members from affected banks, we would like to welcome you to the SF Fire Credit Union Family. As a member-owned, not-for-profit cooperative, we prioritize the well-being of our members above everything else. Our staff are equipped to provide you with the guidance and extra support you need during this time.

At SF Fire Credit Union, we are a core member of the San Francisco Bay Area community, and have been for over 70 years. We were built by firefighters but are open to community members. We are proud of our commitment to serving the community, and we will continue to do so for many years to come.

If any friends and family would like to open an account with SF Fire Credit Union, please share our new member offer at sffirecu.org/bonus300

Sincerely,
Kathy Duvall
President and CEO
SF Fire Credit Union

quote:

Deposits in SF Fire Credit Union are insured by American Share Insurance, the largest provider of private share insurance.

pancake rabbit posted:

probably nothing

https://twitter.com/FirstSquawk/status/1635481386311368704

Hubbert posted:

Mr Hootington posted:

Remember for tomorrow. It will be weighted less now. But an increase is an increase.
https://twitter.com/GuyDealership/status/1633110490753712128?t=FnVcueYy9MvhD92gX9uqMA&s=19

Hubbert posted:

caelxii posted:

lol USAA hasn't sent me poo poo. Guess they're above all that.

Paradoxish posted:

Used car prices will never actually come down again.