Our ability to process payroll is unaffected by the closure of Silicon Valley Bank or Signature Bank. We’re ready to assist businesses and employees who have been impacted.

Last updated March 13, 2023

On Friday, March 10, financial regulators shutdown Silicon Valley Bank (SVB). Similarly, regulators shutdown Signature Bank on Sunday, March 12.

This is a fluid situation, and we’re here to help.

If your company used an SVB or Signature account for payroll processing with Paychex, or one or more of your employees used SVB or Signature for their personal direct deposit, our service providers are ready to help and discuss options.

As we have for over 50 years, we’re always ready and willing to assist businesses navigate any unexpected challenges.

Update (3/13): The FDIC successfully transferred all insured and uninsured deposits and most assets of the former Silicon Valley Bank and the former Signature Bank to newly created “bridge banks.” These FDIC-operated, full-service banks are designed to protect all depositors of both banks.

Update (3/12): In a statement released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg, the FDIC will enable the resolution of Silicon Valley Bank that fully protects all depositors. Depositors have access to all their funds as of Monday, March 13.

FDIC (Federal Deposit Insurance Corporation) Resources

Paychex Resources

Frequently Asked Questions

  • What’s the quickest way to open a new bank account?

    What’s the quickest way to open a new bank account?

    Working with a bank partner that shares your values and is going to best support your business is important. There are several online bank options that may be able to open a new account very quickly. Stopping into a bank’s local branch may also introduce efficiency, especially if you have all the required documentation to open an account. Common requirements include but are not limited to:

    • Driver’s license or passport
    • Proof of incorporation
    • IRS documentation of your Employer Identification Number (EIN)
    • Government-issued business license
    • Partnership agreements
    • Certified articles of incorporation
    • Financial statements.
  • What’s the quickest way to initiate a business wire transfer?

    What’s the quickest way to initiate a business wire transfer?

    Paychex can help initiate a wire transfer from your bank to us to cover payroll. If you use Paychex Flex®, here are instructions for setting up a wire transfer. If you are not a Paychex Flex account holder or have questions, please call us at 877-838-7950 (option 2). Most domestic wire transfers will take 1-3 days.

  • How do I change my company bank account information with Paychex?

    How do I change my company bank account information with Paychex?

    Paychex customers should call their Service Representative to make any bank account information changes in our system.

  • I’m a customer with an employee who had an SVB account. How can they change their direct deposit information?

    I’m a customer with an employee who had an SVB account. How can they change their direct deposit information?

    If the employee has a Paychex Flex® account, they can update this information themselves. If your employee does not have a Paychex Flex account, their Paychex Flex admin can update the information for them. If you or your employees are not Paychex Flex users, employees should be providing any direct deposit changes to you. Note: All Paychex HR PEO clients must call their Service Professional to update this information for them.

  • How does Paychex choose which banks it works with?

    How does Paychex choose which banks it works with?

    Paychex partners with FDIC-insured, highly capitalized, global and national financial institutions. The banking system is highly regulated with multiple checks and balances across all entities to ensure the funds transmitted are received. Rooted in 50 years of industry experience, Paychex has controls built into all of our financial business practices, including banking systems and partners.