Update as of March 12 at 7:00p.m. ET:
This evening, the U.S. Treasury, Federal Reserve, and FDIC announced that depositors of Silicon Valley Bank and Signature Bank will be made whole on Monday, March 13. We are pleased this will help those who may have been impacted by the closing of these banks and look forward to continuing to serve the payroll needs of our customers.
Original message as of March 12 at 8:00a.m. ET:
Ceridian is not a customer of Silicon Valley Bank; and as such, does not have any deposits with or directly use any services of the bank. We do not believe that the closure of the bank will have any material impact to our overall business or operations.
We are actively supporting a few of our customers that used Silicon Valley Bank – including working with them to change their bank information on file to another banking platform to prevent any payroll disruptions to their employees. We also can reassure Dayforce Wallet customers that all funds loaded onto Dayforce Wallet cards are FDIC insured.
We remain focused on helping our customers during this situation and will continue to keep this post updated accordingly.