Blue Shield of California Bulletin on Bank Closures

Blue Shield of California is aware of the Silicon Valley Bank (SVB) and Signature Bank (SB) closures by the Federal Deposit Insurance Corporation (FDIC), and that the FDIC established the Deposit Insurance National Bank of Santa Clara (DINB) and Signature Bridge Bank, N.A. (SBB), respectively, to provide services to SVB and SB account holders, including acceptance of electronic payments, for a limited time period.

If you previously directed Blue Shield to make electronic funds transfers (EFT) for commissions to one of these banking institutions, and have not already changed your EFT information, you'll need to update your account.

To update your electronic funds transfer (EFT) information to another banking institution, please follow the instructions below. Email, paper mail, or FAX submissions are not supported to update EFT.

1. Log in to Producer Connection
2. Select Resources tab at the far right
3. Select Direct Deposit link at the bottom of the first column
4. Fill in the appropriate fields in the form
5. Electronically sign the form
6. Select Submit to complete the banking submission process

Blue Shield will continue making EFT payments (see commission schedule) to the SVB or SB account you currently use until you have updated your banking information. To have April commissions deposited to a new banking institution, the above steps must be completed by March 31, 2023. If you have additional questions, please email Blue Shield Producer Services at producer.services@blueshieldca.com or call (800) 559-5905.

Employer Groups

Blue Shield will send notification to any customers with automatic billing payments that are set up from SVB or SB with instructions on how to update their accounts.