The following information is for QuickBooks Payments, QuickBooks Online Payroll, and QuickBooks Desktop Payroll customers. We understand that bank closures are an unexpected occurrence, and our goal is to help you during this transition.
The situation with bank closures is changing rapidly, and QuickBooks is tracking the latest developments to support your business and keep you up to date on managing your business. For the latest information from QuickBooks regarding this situation, we will regularly post updates here to help keep you informed.
For First Republic Bank customers
On May 1, 2023, the California Department of Financial Protection and Innovation closed First Republic Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC subsequently announced that JPMorgan Chase Bank, National Association will assume all of the deposits of First Republic Bank. According to the FDIC, all depositors of First Republic Bank will have full access to all of their deposits.
We currently don’t anticipate this acquisition to have an impact on your QuickBooks account(s). QuickBooks is tracking the developments to support your business and keep you up to date on managing your QuickBooks account(s).
If you have any questions, please contact us at 844-333-2162. We have experts ready to assist you 6 am - 6 pm Pacific Time, Monday - Friday. You can also go to our QuickBooks Payroll Compliance blog for additional information.
For Silicon Valley Bank (SVB), Signature Bank (Signature), and other financial institutions
For our customers who use Silicon Valley Bank (SVB), Signature Bank (Signature), or any other financial institution that has closed down, here is the latest information.
Next steps for QuickBooks Payments customers
We want to support your business as you manage the transition to a new bank. We recommend changing your bank account as soon as possible.
For directions on how to update your bank account within our Payments products, please visit Change the deposit bank account for QuickBooks Payments.
Next steps for QuickBooks Payroll customers
If you have not taken any action with your QuickBooks Payroll account, no immediate action is required to process your payroll or payroll tax payments. We will keep you informed of any changes on this blog.
If you have already taken action, including updating your bank account or issuing paper checks, please continue to follow the instructions provided in the product to ensure your payroll and payroll tax payments are processed accordingly.
While the FDIC indicates you can still currently use and access your Silicon Valley Bank or Signature Bank bank account, this is expected to change in the near future, therefore, we still recommend you update your bank account in QuickBooks Payroll with another bank account from a different financial institution as soon as possible.
Silicon Valley Bank customers
Since we sent our March 11 email regarding the SVB closure, the Federal Deposit Insurance Corporation (FDIC) provided an update indicating SVB’s depositors should be able to access all their funds as of March 13.
Signature Bank customers: FDIC provided an update
The FDIC announced that Signature Bank was closed by the New York State Department of Financial Services, which appointed the FDIC as receiver. As a result, Signature’s deposits and virtually all the bank’s assets were transferred to Signature Bridge Bank, N.A. The FDIC provided an update indicating Signature’s depositors should be able to access all their funds as of March 13.
Silvergate Bank customers
The California Department of Financial Protection and Innovation (DFPI) announced Silvergate Bank, a California state-chartered bank under the DFPI's supervision, has voluntarily begun the process of liquidation.
FDIC Resources:
FDIC Press Releases about the recent bank closures
May 1, 2023:
March 13, 2023:
March 12, 2023:
- Joint statement by the Department of the Treasury, Federal Reserve, and FDIC
- Federal Reserve Board announces 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
- FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York, NY
March 10, 2023:
Additional Information and FDIC Frequently Asked Questions about the recent bank closures:
