eBay

12345jamesstamps · ‎03-12-2023

It's possible eBay might pick up some more sellers due to Silicon Valley Bank shut down.

Etsy stopped payments to all its sellers Friday due to having funds in SVB. Etsy won't say how much money they have in that bank that went under Friday. We won't know who else is connected to SVB until Monday. It's all the news in San Francisco where I live. Sometimes selling on another platform doesn't always work. I think I will stick with eBay.

my-cottage-books-and-antiques · ‎03-12-2023

@12345jamesstamps The latest news is the govt will cover ALL deposits....not just up to the $250,000 limit.

https://www.washingtonpost.com/us-policy/2023/03/12/silicon-valley-bank-deposits/

View Best Answer in original post

my-cottage-books-and-antiques · ‎03-12-2023

Government is saying all depositors will have access to their money on Monday.

natoman777 · ‎03-12-2023

I had not heard this...pretty disturbing

12345jamesstamps · ‎03-12-2023

FDIC Only $250,000 but not millions. We don't know how much Etsy had in the bank. Most companies have millions in the bank. Etsy is a big company.

my-cottage-books-and-antiques · ‎03-12-2023

@12345jamesstamps The latest news is the govt will cover ALL deposits....not just up to the $250,000 limit.

https://www.washingtonpost.com/us-policy/2023/03/12/silicon-valley-bank-deposits/

chapeau-noir · ‎03-12-2023

Etsy has been a mess since Silverman took over it. There are other successful platforms.

“The most common way people give up their power is by thinking they don’t have any.”
— Alice Walker

#freedomtoread
#readbannedbooks

12345jamesstamps · ‎03-12-2023

Hopefully, what is printed is the truth. Yellen stated there is no bail out of the bank by the USA taxpayers as this afternoon by Yellen on the radio by CBS News 60 Minutes. Bank is looking for a buyer of this bank. That is the only way. I don't know why but "New Republic Bank" also had money in this bank. Should be interesting tomorrow when the stock market opens tomorrow.

yuzuha · ‎03-12-2023

@chapeau-noir wrote:
Etsy has been a mess since Silverman took over it. There are other successful platforms.

Yeah, I stopped buying there when they started allowing mass-produced garbage. It's too bad because I have some really nice handmade jewelry that I purchased there, but these days it's impossible to sift through all of the manufactured carp to find the actual handmade stuff.

tealt · ‎03-12-2023

@my-cottage-books-and-antiques wrote:
Government is saying all depositors will have access to their money on Monday.

Yep.

The Biden administration has announced it will bail out Silicon Valley Bank and a smaller New York bank.

All the venture capitalists and elites in this valley are breathing a sigh of relief.

Etsy and other firms who had their deposits at SVB will have their money available tomorrow. Small non-profitable start-ups can continue operations, which is a good thing for their founders, venture capitalist backers, and employees.

Exactly who will pay for this unusual action is subject to a certain amount of conjecture, but it would not surprise me to learn that we ordinary taxpayers will in time, eventually, foot the bill.

Now the local news headlines can go back to our strange weather.

vintagecraze50 · ‎03-12-2023

You got that right. His mandatory ad fees are killing those sellers on there.

vintagecraze50 · ‎03-12-2023

Yes, and all those great artists making wonderful handmade stuff are competing with the junk and having to pay those mandatory ad fees. I never buy anything on there anymore either. The prices for the stuff I obtain are way too high. Compensation for the ad fees.

pburn · ‎03-12-2023

@tealt wrote:
@my-cottage-books-and-antiques wrote:
Government is saying all depositors will have access to their money on Monday.

Yep.

The Biden administration has announced it will bail out Silicon Valley Bank and a smaller New York bank.

@tealt

Would you mind posting a link to that info? I've read that the depositors will be made whole, but I haven't seen any announcement that there will be a bail out for the bank. I'd like to read about that. Thanks!

ekmadonna · ‎03-12-2023

Etsy didn't stop payments to ALL it's sellers, only some. Not sure why only some were effected and others were not. But the news is very disturbing to say the least. Nobody's money is safe when it is in ANYONE ELSES HANDS.

kringletrain · ‎03-12-2023

WARNING - I am sensing this is leaking over into eBay as well. I just discovered that though my there are funds in my account, that all of a sudden there is no schedule payouts(usually Tuesday). I called eBay Customer Diservice and what I found odd was that the first person switched me to the payout department hardly asking any questions, as if they were receiving many of these calls and knew to switch me. Once transferred they seemed to know right way what I was talking about and indicated that eBay was doing some "back office" verification of my account. Here is the thing, I have had this account for 11 years(and another account for 24 years) and have not changed banks, changed addresses, or anything that would cause a flag, and have no nefarious transactions going on. Tax ID is in order, etc. There is absolutely no reason to check on my bank account. Then they say that normally it is a 5 day review period, but ONLY because I called they would try to complete it 36 to 48 hours. Bullcrap. SVB written all over it. Putting my listings on vacation hold.

valueaddedresource · ‎03-12-2023

@pburn wrote:
@tealt wrote:
@my-cottage-books-and-antiques wrote:
Government is saying all depositors will have access to their money on Monday.

Yep.

The Biden administration has announced it will bail out Silicon Valley Bank and a smaller New York bank.
@tealt

Would you mind posting a link to that info? I've read that the depositors will be made whole, but I haven't seen any announcement that there will be a bail out for the bank. I'd like to read about that. Thanks!

@pburn @tealt - here's the statement from the Federal Reserve.

https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm

Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.

After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.

We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.

Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.

The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today's actions demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe.