[HN Gopher] How the last-ditch effort to save Silicon Valley Ban... ___________________________________________________________________ How the last-ditch effort to save Silicon Valley Bank failed Author : marban Score : 31 points Date : 2023-03-22 11:36 UTC (11 hours ago) (HTM) web link (www.wsj.com) (TXT) w3m dump (www.wsj.com) | krmbzds wrote: | https://archive.is/Pn6Ky | dang wrote: | Related: | | _Matt Levine: Silicon Valley Bank Ran Out of Money_ - | https://news.ycombinator.com/item?id=35265027 | hackly wrote: | My bank (in Canada) has limits on how much I can withdraw per | day, per week, per month. Furthermore, there could be a delay of | up to 5 business days before I can get the money to its | destination. And that's for money in the thousands only. How is | that money in the billions can be withdrawn so quickly esp. since | these were high value accounts each in the millions/billions? | Couldn't they just use one of their terms or conditions to delay | the withdrawals and give themselves ample time to react? | loopdoend wrote: | This does not reflect the reality of business bank accounts in | Canada. | | When you have treasury access you can wire as much money as you | want practically instantly just like with SVB. I bank with one | of the big 5. | | Nothing is stopping you from going into your bank and wiring | money away it's just cash that they don't want to give out | without multi-day delays. | computerex wrote: | I don't think it would have meaningfully helped. Once the word | was out that the bank was in distress it was game over. Company | I work for also pulled out. | bitdivision wrote: | I doubt those limits would apply to business accounts, which | I'd guess were the majority of the withdrawals here. | | Are you sure the limits on your account would apply to e.g. a | wire transaction? Of course there are limits on ATM withdrawals | and some other transfer methods, but I'm not sure they'd apply | if you wanted to send a wire. | ars wrote: | That's very odd. I don't know if it's your bank, or something | specific to Canada. | | In the US the only limits are via the ATM or Debit card. If you | write a check, go in person, or send a wire, you can withdraw | as much as you want, with no time delay or restriction. | | > Couldn't they just use one of their terms or conditions to | delay the withdrawals and give themselves ample time to react? | | That's simply not a thing. | ozi wrote: | No business is going to park their working capital with a bank | that has those requirements. | tacostakohashi wrote: | Does it, in fact, not permit you to get to the entire balance | immediately via, say, cash or a bank check? | | It sounds like you are referring to something like an ATM | withdrawal limit or online transfer limit which is just a risk | / fraud limiting measure for those particular channels rather | than a limitation on the account itself. | yardie wrote: | Is that for a debit card? I understand the liability in | draining a checking account with nothing more than a 4-digit | PIN. On the other hand, I would never bank at a place that made | withdrawal restrictions a condition to access my money. ___________________________________________________________________ (page generated 2023-03-22 23:00 UTC)