(last updated May 2, 2023)
On Friday, March 10, 2023, Silicon Valley Bank was closed by the California Department of Financial Protection & Innovation and the FDIC was named Receiver. Following that, New York-based Signature Bank was also closed by state regulators on March 12, 2023. See the FDIC resource page for more information, including resources for bank customers and an updated list of impacted banks.
While Stanford University does not have direct exposure because the university’s primary operating bank is Wells Fargo, Stanford Financial Management Services (FMS) is taking steps to support employees and suppliers who may be impacted directly.
See the FDIC resource page for more information, including resources for bank customers and an updated list of impacted banks. The following is a summary of actions and resources to support the Stanford business activities that may be impacted by the closure.
Impacted Employees
Any employees who are banking with the impacted banks may choose to or be required to take action to update their direct deposit details. The Stanford Axess website can be used to securely enroll, update, or cancel direct deposit elections at any time. For complete instructions, refer to How to: Enroll/Update/Cancel Direct Deposit.
Impacted Employee Mortgages
Stanford community members who have active mortgages through First Republic should expect to receive communication directly from First Republic and/or JPMorgan Chase regarding any action that they may need to take about their loan. If you are already working with the university’s Faculty Staff Housing Office on a home purchase, please continue working with your designated contact there.
Impacted Suppliers/Vendors
Suppliers who are impacted by bank closures or transitions and would like to change their account on record with Stanford will need to update their record once they have established a new banking relationship. FMS will work closely with these payees to update their payment methods through the appropriate processes, including careful validation of any account changes to safeguard Stanford and its payees against fraud and to ensure that all payments are correctly routed to the intended recipients. To ensure the security and integrity of supplier account information and payments, FMS cannot accept new account information by phone or email. Any suppliers with banking change requests should submit a support request to the Financial Support Center.
