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<blockquote data-quote="db-2" data-source="post: 365930" data-attributes="member: 4743"><p>A friend works in a large bank in Chicago. Had a customer applied for a 10 million loan which they approved to cover that balance they had in their operating account at SVB as it was frozen. Those funds were needed to cover their payroll and accounts payables due on Monday.</p><p></p><p>A lot of business normally have way more than $250,000 in their checking accounts to operate on.</p><p>For some the normal balance is in the millions as there day to day expenses are that high.</p><p>For many the 250 comes nowhere close. db</p></blockquote><p></p>
[QUOTE="db-2, post: 365930, member: 4743"] A friend works in a large bank in Chicago. Had a customer applied for a 10 million loan which they approved to cover that balance they had in their operating account at SVB as it was frozen. Those funds were needed to cover their payroll and accounts payables due on Monday. A lot of business normally have way more than $250,000 in their checking accounts to operate on. For some the normal balance is in the millions as there day to day expenses are that high. For many the 250 comes nowhere close. db [/QUOTE]
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