AuctionBytes Blog

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AuctionBytes Blog

The AuctionBytes Blog has been giving a voice to online merchants since its launch in 2005. Named one of the world’s top 30 blogs in 2008 by “Blogging Heroes.” Weigh in with your thoughts on the joys and pitfalls of selling online.

Fri Mar 10 2023 23:45:07

By: Ina Steiner

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Some Etsy sellers failed to get disbursements on Friday, and in a letter that a seller forwarded to EcommerceBytes, Etsy explained it was due to the Silicon Valley Bank (SVB) debacle.

Things got rocky for the bank, which lends money to startups and handles banking for tech firms. There was a run on the bank after venture capitalists told their portfolio companies to pull out their cash, and SVB went into FDIC receivership on Friday.

Etsy sent the following letter to sellers who were impacted by its issues with the bank:

“We wanted to let you know that there is a delay with your deposit that was scheduled for today. This delay was caused by the recent developments regarding Silicon Valley Bank, who Etsy uses to facilitate disbursement to some sellers. We are working with our other pa