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Politics : Politics for Pros- moderated
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To: Triffin who wrote (778819)3/11/2023 10:26:02 PM
From: Copeland1 Recommendation

Recommended By
Triffin

   of 793549
 
A lot of people aren't aware of how super-Internet friendly Silicon Valley Bank really was. From what I read, everything could be done on-line and it's system was really easy to integrate into various platforms like Etsy and various payment processors. For many depositors, it was just a matter of logging in, filling out the wire information, selecting all funds, and pushing return and suddenly the account would be empty. Even if that account had tens of millions of dollars. Imagine that multiplied by 1000s and its easy to see how the bank was able to completely fail in 12 hours.

On the other hand if I wanted to wire more than $10k from my podunk regional bank, I need to often show up at a branch to instigate it or wait hours for my on-line request to be approved by someone on their side, often with a call to me to verify my identity.
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