Dear Fund That Flip Community,
As has been widely reported, on Friday, March 10, the California Department of Financial Protection and Innovation stepped in to halt operations at Silicon Valley Bank (SVB), handing over control to the Federal Deposit Insurance Corporation (FDIC).
SVB was one of Fund That Flip’s banks. In anticipation of this, we mobilized Thursday evening and throughout the weekend to optimize our ability to serve our customers without disruption. On Sunday, March 12, the Treasury, Federal Reserve, and FDIC released a joint statement that 100% of depositors’ funds would be available on Monday, March 13.
We continue to work tirelessly to ensure that we are providing extraordinary service to our customers. As a result, we will rely upon some of our other banking partners and also be establishing new relationships to replace the services previously provided by SVB. As we work to implement these changes, there may be minor delays in processing certain financial transactions. It is also possible that until we can get all banking operations transitioned, the level of service provided by the bank established by the FDIC to stand in the stead of SVB will process transactions slower than would normally be expected.
Please know that this is our highest priority, and we will be doing everything within our control to ensure a seamless transition. We will continue to communicate specifics if we do expect any delays and information that may impact you individually.
We appreciate your trust in choosing us.
Founder and CEO