Technology

59641 readers

2685 users here now

This is a most excellent place for technology news and articles.

Our Rules

Follow the lemmy.world rules.
Only tech related content.
Be excellent to each another!
Mod approved content bots can post up to 10 articles per day.
Threads asking for personal tech support may be deleted.
Politics threads may be removed.
No memes allowed as posts, OK to post as comments.
Only approved bots from the list below, to ask if your bot can be added please contact us.
Check for duplicates before posting, duplicates may be removed

Approved Bots

founded 1 year ago

MODERATORS

292

'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

81 comments fedilink hide all child comments

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.

you are viewing a single comment's thread
view the rest of the comments

[–] 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