When was this change made?
Merchant accounts were placed on funding hold on Friday, March 10, 2023, following the Federal Deposit Insurance Corporation (FDIC) seizure of Silicon Valley Bank and Signature Bank late last week.
How will the closing of Silicon Valley Bank and Signature Bank New York impact CSG Forte?
CSG Forte does not have any direct exposure to Silicon Valley Bank or Signature Bank New York, but we are taking measures to actively assist our merchants that have accounts at those financial institutions.
If I’m currently banking with Silicon Valley Bank or Signature Bank where my deposits are being funded, what should I do?
CSG Forte has currently suspended all funding to these financial institutions for merchant accounts where these banks are the funding financial institution. Merchants that have Silicon Valley Bank or Signature Bank as their funding bank will need to change their merchant bank account to another financial institution.
When will CSG Forte release my funds?
CSG Forte will release funds held upon successful submission of the Merchant Bank Account Change form and subsequent approval of the bank change. Please note, for merchants’ security purposes all bank change requests will require an automated or manual verification of the bank change prior to approval.
To update your bank account, simply access our “Merchant Bank Account Change” link found at Merchant Bank Account Change : Support Services (forte.net) and complete the Bank Account Change Request form. This will automatically be submitted to our Account Changes Team for review.
Can I still process payments?
Yes, you can continue to process ACH and Credit Card payments as usual. However, please note that CSG Forte has suspended all ACH funding to Silicon Valley Bank or Signature Bank New York. This includes any refunds processed to these accounts. We will release funds held upon successful submission of the Merchant Bank Account Change form and subsequent approval of the bank change.
Are my funds impacted if I have other funding accounts?
This change only impacts merchants with Silicon Valley Bank or Signature Bank New York funding accounts. No other changes have been made at this time, and funding to other financial institutions is expected to commence as usual.