Advice for AP in the Event of a Bank Failure

March 16, 2023


Q&A with Debra Richardson - The recent failure of two major banks within a week caused a dilemma among accounts payable professionals. How were they to pay their vendors who had accounts with those banks? Record-Setting Bank Failures On March 13th, 2023, U.S. regulators closed and seized the assets of Silicon Valley Bank (SVB) based in Santa Clara, California. It was declared the biggest bank failure in more than a decade and the second biggest in U.S. history.  Three days later, Signature…

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