Reverb not releasing funds

Honestly, no one should be using Reverb for selling anything in 2023. Their fees are the highest out there and I constantly hear complaints about them. I’ve been using Craigslist, Facebook marketplace, Facebook groups and gear forums to sell my stuff the past several years. No issues. The most PayPal takes is 3% and I usually include that in the price.
 
Yup, Etsy was using SVB as their bank. When I saw that the other night, I actually hopped on Reverb to see if there was anything on their page about it. Obviously not, they didn't want to interrupt taking in them dollars even though they may not have been able to cash them out.
 
Matt300ZXT said:
Yup, Etsy was using SVB as their bank. When I saw that the other night, I actually hopped on Reverb to see if there was anything on their page about it. Obviously not, they didn't want to interrupt taking in them dollars even though they may not have been able to cash them out.
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Don't worry SVB will get bailed out, they are part of the club.
 
[mod edit] OT-political quote removed.

You don't know what you are talking about...just spouting what you heard on The View I think. lol SVB failed due to liquidity not because of rollback of regulation of smaller banks. It was more a matter of poor balance sheet management. A bank that size would still be required to do liquidity stress testing. Where were the regulators on that one. Seems like they missed the boat there.

I work in Finance for a large bank...so I do this for a living:sneaky:
 
Tonelover said:
Don't know why you always have to be so nasty.

Silicon Valley Bank collapse puts new spotlight on a 2018 bank deregulation law
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This is nothing to do with regulation, it’s pure stupidity followed by a run on the bank. You can’t regulate stupidity.

SVB Sky rocketed during the Tech Investment boom during Covid.
Their deposits went from $60B (2019) to $200B (2022). So what to do with all that money? They invested $100B in low yielding assets like treasuries to the tune of $130B total invested. When inflation hit, VentureCap slowed and interest spiked, they were fucked as those treasuries were worth dick.
Their deposits dropped $35B in Feb, meaning people withdrew $$
Problem was they only had $14B in cash and assets so they started selling to cover. Last Wednesday was the news of selling $21B in assets and came out $1.8B loss. They tried to raise (borrow) money and that scared people. So on Thursday companies started withdrawing, $42B in withdrawals. Yikes. Old school run on the bank. So the Feds seized.

These withdrawals are not individual people, they’re companies. They had over 50% of their deposits from tech and early startups, very risky customer base. And when they pulled their money out due to whatever reason they had, SVB’s stupid investment strategy couldn’t cover.

That’s more or less it in a nutshell.
 
Looks like it’s time to place an order with the guitar guru network. OH HOW THE TABLES HAVE TURNED.

Curious who will end up being the bag holder on this one. Really hope it isn’t the sellers.
 
Matt300ZXT said:
I dunno if this is true or not, but it made me laugh
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:ROFLMAO: Two wrongs don't make a right. Or is it two left turns aren't moving you forward? Either way if you think that building equity into literal money management is bad idea, have you seen what happens when they give us free roam on signature guitars?
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pipboy90 said:
Honestly, no one should be using Reverb for selling anything in 2023. Their fees are the highest out there and I constantly hear complaints about them. I’ve been using Craigslist, Facebook marketplace, Facebook groups and gear forums to sell my stuff the past several years. No issues. The most PayPal takes is 3% and I usually include that in the price.
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I agree reverb’s fees suck, but unless you live in a populated area, trying to sell locally sucks.
Pretty much anything I list on reverb sells within a week and that’s cool with me
 
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Has anyone been able to receive funds from Reverb? I’ve got a few things to list, but am going to hold off if they’re being sketchy.
 
apophis said:
Just a heads up, Reverb seems to be caught in the failing banks thing that is going on. I sold a pedal and shipped it but my funds have not been released to me. Seems like they already made an announcement on their page but just keep it in mind before you ship something expensive
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Yep, me too. Shipped a Fortin TS9, and haven't received a penny.
 
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