FAQ: How is Brex supporting SVB customers?
The news surrounding Silicon Valley Bank (SVB) has created uncertainty for many companies. The situation is rapidly evolving, and we want to ensure we can support you in this challenging moment. We will continue to provide updates as we learn more about the SVB situation.
Please continue to reference this article for the latest information.
For prospective customers
If you are an SVB customer and have questions regarding the latest announcement about Brex sent out starting on March 16, please reach out to email@example.com.
For existing customers
Q: I cannot access my SVB account. Will you be offering the emergency bridge loan again?
While the situation is ever-evolving, at this time, we’re not offering emergency bridge loans. You can continue trying to reroute your SVB funds via wire. Logging in may take several attempts to be successful.
Q: I initiated a payment from SVB to Brex. When can I expect it to process?
Wires are expected to process between 1-2 business days. ACHs should process between 5-7 business days. Though these processing timelines may change, we do not recommend reversing any activity.
Note: All wire payments entered on March 9 or 10 that have not been processed have since been canceled by SVB. You'll need to re-initiate these wires.
Q: How do I deposit funds between my Brex business account and SVB account?
You have these options available to transfer funds:
You can initiate transfers from SVB to Brex via:
ACHs arranged from SVB’s platform
Wires arranged from SVB’s platform
Check deposits from an SVB account to a Brex business account
You can initiate transfers from Brex to SVB via:
ACHs arranged from Brex’s platform
Wires arranged from Brex’s platform
Checks from a Brex account
Q: How do I deposit funds between my Brex business account and a Signature or SIlvergate account?
You have the option of transferring funds between Signature or Silvergate by initiating a wire transfer, but we currently do not support checks or ACH.
Q: When will funds transferred from SVB to my Brex business account be available?
For estimates of arrival times for various funding methods, refer to our help article What are the standard processing times for transfers?.
Q: Is there a limit to the amount of funds I can transfer from SVB to my Brex business account?
Deposit limits vary by customer, please see our standard policy on Brex deposit limits. We’re currently not accepting SVB check deposits.
Q: I’m having trouble connecting my SVB account to Plaid.
Given the recent events with SVB, we understand some customers are having connectivity issues with SVB Online Banking. If you’re unable to connect your SVB bank account to Brex to deposit funds to your Brex business account, you can deposit funds into your Brex account via wire. Please read this help article for instructions.
Q: Can I still use my SVB/Signature Bank account to make auto payments toward my Brex card statement?
Currently, you can still use an operating SVB/Signature Bank account to make automatic payments toward your Brex card balance. To make sure you don’t experience payment disruptions, please make sure that your payment is on time and the balance in your account is enough to cover your amount due. If you run into any problems making a payment, consider updating your autopay account to that of a non-SVB/Signature option. To ensure your credit limit is not impacted, please follow these steps as soon as possible to connect an external account or open up a Brex business account.
Q: Can I get an extension on my card payment due date?
As of March 20, we require all card statements be settled by their due date.
Q: Why is my card declining?
To help maintain credit limits for customers impacted by the events at SVB/Signature/Silvergate while you work to remediate autopay/connected bank accounts, we’ve restricted certain transactions. This includes restricting certain transaction types (such as cash-like withdrawals) and blocking unusual spending behavior.
These limitations are a temporary measure to maintain your credit limit, in response to the current situation. They’ll be removed from your account after we process a successful payment that has been made to cover your card balance in full. Payments generally take 3-5 business days to clear after they’re initiated.
To help expedite this process, please make sure that you have sufficient funds in your autopay account to cover your card statement or, if necessary, update your autopay account information.
If you have any questions, feel free to reach out to your account representative through your Brex dashboard.
Q: Why am I now being impacted?
These measures are in place to ensure we can continue to serve the vast majority of our customers while helping to prevent any impact to their credit limits.
Q: Will my limit be affected?
Brex uses the cash balance from your connected banks and/or bank statements in order to determine your credit limit. To avoid a significant disruption to your credit limit and the availability of your Brex cards for use, we ask that you connect additional accounts and/or bank statements for the purposes of underwriting.
Q: I don't have another bank account. What are my options?
Consider moving your funds into a Brex business account, with up to $6M in total FDIC coverage. 100% of funds in Brex business accounts are always available for withdrawal, and deposits are never used for lending purposes. Brex is not a bank, and a Brex business account is not a bank account.
Q: I don't have another bank account. What are my options?
Consider moving your funds into a Brex business account, with up to $6M in total FDIC coverage. 100% of funds in Brex business accounts are always available for withdrawal, and deposits are never used for lending purposes.
Q: Can I use my Brex card for payroll?
No. Legally, we cannot support payroll spend on Brex cards.
More information about Brex business accounts
Q: How do I sign up for a Brex business account to transfer my deposits?
If you are new to Brex:
Visit brex.com/fasttrack to open an account
If you are an existing Brex customer.
Sign in to your Brex dashboard
Click Cash in the top-left corner of your screen
Fill out the relevant information (i.e., we may request a copy of your ID as an example)
Q: How do Brex business accounts protect my funds?
Brex business accounts are structured differently to offer more financial security to our customers. Read more about how Brex protects customer funds.
Q: What is Brex's FDIC insurance limit?
Brex’s FDIC insurance limit is $6M. Once you’ve opened your account, follow these steps to select your allocation.