SVB rivals pitch startups on moving their money out of the bank

"Since my DMs + emails are going a little crazy and I can't give the same level of personal service as I normally do," he wrote."If you want to get a Mercury bank account quickly please use this link and we will try to prioritize. Though normal signups is also fast!"

Even the giant JPMorgan sought to convince some SVB customers to move their funds, according to The Information.completed a $21 billion bond firesale SVB lends money to startups and keeps their cash deposits, so they can pay staff and other expenses. If startups are worried the bank can't give them all their money back from their bank accounts, then they might pull their accounts. SVB's media relations and investor relations departments did not return an email seeking comment on Thursday.

The banker described their phone ringing off the hook Thursday with panicked startup founders and CEOs desperate to move their money away from SVB. However, opening up new accounts to move millions of dollars in a day is usually not possible because banks have to complete a slew of regulatory requirements that normally take a week.

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