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'I have no money': Thousands of Americans see their savings vanish in Synapse fintech crisis (www.cnbc.com)

submitted 4 days ago by shoulderoforion@fedia.io to c/technology@lemmy.world

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CNBC spoke to a dozen customers caught in the Synapse fintech predicament, people who are owed sums ranging from $7,000 to well over $200,000.

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[–] jagged_circle@feddit.nl 3 points 3 days ago (1 children)

Why did you think they were FDIC insured?

[–] Iheardyoubutsowhat@lemmy.world 5 points 3 days ago (1 children)

Because they said they were, or implied it. I would not have opened a savings account had they not been.

In theory, these people's money isn't gone, it's just misplaced into other banks if I understand correctly...and none of these entities want to pay for a full audit because of cost and probably, liability.

The banks that actually hold the money are FDIC insured, but Yotta is not it seems. The way it's worded it makes it look like Yotta is.

[–] jagged_circle@feddit.nl 2 points 3 days ago* (last edited 3 days ago)

Yeah my understanding is they'll get their money back then

Update: oh, well not if the fintech org didn't actually put your money in those banks lol