Failing Bank hurting Resellers. Silicon Valley Bank & Etsy

Failing Bank hurting Resellers. Silicon Valley Bank & Etsy

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[RockstarFlipper]

Do you think more banks are going to fail?

[CLASSYCHICK]

I 💯 agree I just hope it’s not worse that 2008-09… your absolute right we never really fully recovered from that time. 😢

[Zughoeren]

I put my Etsy shop on vacation mode until the dust settles.

[sharonhughey]

I’ve been watching & studying all of this for the past 3 yrs & agree with you 100% on all that you just said. The part that amazes me is the fact that so many people are really clueless & in the dark on not just this but EVERYTHING that is & has been happening.

[midwestmsc]

This is exactly why I do not keep money in banks. I learned the hard way in 2008.
I keep enough to pay bills, and ONLY deposit the funds when they are scheduled to be paid.
Direct deposits are immediatly withdrawn until needed

[deva]

An old fashioned cash and carry farmers' market business is starting to seem like a good idea right about now.

[wednesdayaddams]

I’m on Etsy too but hardly anything has been selling, nothing in the past few days so I don’t know if the site is just slow or people are afraid to shop on there because of this

[jeddmohlenkamp]

Forbes named it the #1 bank in the US 30 days ago

[Rapunzel-sw]

I just read an article on this bank and that more banks will follow. You are not an alarmist but giving a heads up to what is happening and will happen. Thanks for sharing such important information with all of us.

[RSmith-wmvl]

As a reseller, the profit margins are low, maybe 10%, compared to all the expenses required to supply a product. So if etsy doesn't pay, it doesn't take long to wipe out a business like this.

[sellsformoola]

Poshmark COO sent letter out to resellers on their blog that this bank does not affect them at all they do not do business with them.

[PlumCrazyShaker]

I sell on Etsy but going to put my shop on vacation till they get this straightened out.

[PeddlingProfits]

We were notified Friday about our deposits being delayed. We did not put our store on vacation, we extended shipping time. Reason 1= Items shipped on time and been delivered but showing up as Pre Transit meaning it goes against the seller metrics. Tracking was provided and show each item was delivered a day early. Etsy took care of it but had to send screenshot on 1 item inside orders and shipping and give last 4 digits on business debit card. They corrected metrics and status of our acct. This was done on Friday10th 2023. Still having issues on new orders we sent out Friday. 3 new orders on Sunday will have to call and have them correct again, showing Pre transit again. 2nd reason extra handling days were set to see how things work out with the payment delay. It won't effect us if we don't recover funds owed to us. Business 101 have at least 6 months or more put back for unseen events, no mater who is at blame.

[adamandrade]

My mom used to work for SVB a few years ago in payroll, just thought it was weird seeing them in your video. With that being said yeah there is going to be some more downward spiral here. CA is on the brink of something bad. They pushing for minimum wage to be $18 in the state which we all know does nothing good for the future. we have seen it happen when they raised it to $15 an hr. When i started working it was 7.25 an hour and everything was affordable. rent food gas and entertainment. now not so much

[lovemytreasure]

Wow, I was considering starting an Etsy shop this week, guess I will hold off!!

[mediasmoker]

I woke up to what's been going on in 1998 (I'm old-er), and again in 2007 until the present. Some of us already knew this was coming, and yes; there will be more. BTW...rhona was not an accident, nor was the response and solutions...It was a necessary component & a precursor. If you are still utilizing mainstream media sources, I don't know what to tell you at this point. These events & storms (literal) will continue to gain momentum. I'm well stocked and I own my water source & I hope you are also.

[discofriend]

Hi RSF, wondering what you thought of international selling on Ebay. Ebay charges us its fee based on selling price + shipping. Shipping is higher to overseas locations. And I found that Ebay charges and additional 1.26 % to Europe or 2.4% to other places. This on top of the normal 12.8 % (15% on media) and then again, it all being calculated on higher shipping. At the very least I would think never think about shipping heavier/bigger items as those would have much higher shipping.

[lnlself]

Millions of Americans are living off credit cards. What is going to happen when these people can't afford to pay these card balances. Many banks are going to go under

[terrorhouse]

Wells Fargo Bank has been having deposit issues. They state it is a programming problem. US Bank takes up to a week to transfer money when you schedule it. I remember the Saving and Loan Failures.

[whoiwasmadetobe]

This is so interesting! I had an ugly Christmas sweater for Silicon Valley Bank that had been sitting for a couple months. Within just a short time, it sold to 3 different buyers (both in the US and the Uk) and I couldn’t figure out what was up with it. It makes so much sense now.