CommitChange, LLC and Software for Good, GBC do not have direct exposure to Silicon Valley Bank, Signature Bank or related institutions. CommitChange’s services are unaffected by SVB’s closure and continue to operate normally.
As the situation with SVB and affiliated financial institutions continues to unfold, we have been receiving frequent updates from Stripe on their policies for affected banks. We will continue to stay abreast of this situation as we receive updates. If you have your CommitChange account connected to one of the following banks, please continue reading for more information.
Silicon Valley Bank
Signature Bank
Silicon Valley Bank
Stripe does not have direct exposure to Silicon Valley Bank (SVB) or Silicon Valley Bank UK (SVB UK) and does not store user funds at the impacted banks.
As a result of the FDIC takeover of SVB and an intention to put SVB UK into insolvency, Stripe briefly suspended payouts to SVB and SVB UK bank accounts in order to safeguard our customers’ access to their funds. Stripe is currently allowing payouts to SVB and payments from SVB and SVB UK issued credit cards. Stripe has paused payments from SVB UK issued debit cards.
Stripe’s services are unaffected by SVB’s closure and continue to operate normally.
If your CommitChange account is connected to SVB and you would like to connect another bank account for payouts, changing your bank account is a quick and easy process. Admin users can change the bank account connected to their account by logging into CommitChange, going to their Payments dashboard (through the icon that looks like a piggy bank), and clicking on the Payouts tab in the top-right corner of the screen. Near the top of the Payouts screen there will be a button marked “Change Bank Account.” Simply enter the new information and confirm the change via an email that will be sent to the email account linked to your user login.
Signature Bank
On Sunday March 12, the New York DFS announced the closure of Signature Bank and transferred the deposits and assets to Signature Bridge Bank (SBB), which the FDIC will operate as a full-service bank.
To protect your funds during the evolving situation, Stripe paused payouts on Sunday, March 12. Stripe resumed supporting all functionality with SBB on Monday, March 13.
If you would like to move to a different bank account, changing your connected account is a quick and easy process. Admin users can change their bank account by logging into CommitChange, going to their Payments dashboard (through the icon that looks like a piggy bank), and clicking on the Payouts tab in the top-right corner of the screen. Near the top of the Payouts screen there will be a button marked “Change Bank Account.” Simply enter the new information and confirm the change via an email that will be sent to the email account linked to your user login.
While we have limited information, as always we are happy to answer any questions you have about your CommitChange account and to assist with any issues that arise in moving over to a new bank account.
Regards,
Wendy Bolm
CommitChange Product Lead