Getty Images
- FarmboxRx CEO Ashley Tyrner told the New York Post she got locked out of Silicon Valley Bank’s systems.
- She’d been trying to make a wire transfer when its systems crashed and she couldn’t get back in.
- Tyrner said it was the “worst 18 hours” of her life and that she has millions stuck with the bank.
The CEO of a tech company with at least $10 million stuck in the failed Silicon Valley Bank says she has “no idea what’s going on” as her banker wouldn’t “get back to anyone.”
FarmboxRx’s Ashley Tyrner told The New York Post Friday that “all panic broke loose” when she went to login to the company’s SVB account to get a transaction approved when the system crashed and locked her out.
“When I went to log in to approve the wire, the system was completely crashed,” Tyrner told the newspaper. “It would not let anybody in.”
Tyrner called customer service and her SVB personal banker who “wouldn’t answer” the phone. She said he later texted her to apologize and said the bank was attempting to fix the issue.
The Boston-based founder contacted him again after it wasn’t resolved, but told the Post that the banker did not respond.
It was the “worst 18 hours” of her life, Tyrner said, after she found out that SVB’s stock price plunged before regulators shut down the bank on Friday.
The mealbox delivery company has banked with SVB for two years and has “eight figures” tied up with it, per the report. However, Tyrner said FarmboxRx also held cash with other banks and was “in a good place.”
The Federal Deposit Insurance Corporation (FDIC) shut down the bank Friday and was moving all insured deposits to its Deposit Insurance National Bank of Santa Clara (DINB). It said in a statement that all insured depositers will get full access to their cash by Monday. However, a large chunk of funds held by SVB will not be covered by FDIC insurance.
Tyrner told Insider that her company only learned about the problems at SVB “when the media found out.” She was still trying to pull her money from the bank as of Friday morning when the FDIC announced its intervention.
“I’ve spent the last 24 hours on the phone with other friends and founders who are in a much more difficult position,” Tyrner said Saturday. “My whole heart goes out to all of those impacted by this tremendous blow to the technology and startup world. We are continuing to root for everyone and are hopeful for a quick turn around.”
She added: “Of all of the wild things I’ve encountered as a minority female entrepreneur, a bank collapse was not on my radar. FarmboxRx is fortunate to have made the decision to diversify our banking and capital strategy prior to what happened with SVB, enabling us to continue business operations without impact.”
SVB didn’t immediately respond to a request for comment from Insider, made outside of typical working hours.
This content was originally published here.
