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.
Thousands of Americans will receive little or nothing from savings accounts that were locked during the collapse of fintech middleman Synapse.CNBC spoke to a dozen customers caught in the predicament, people who have lost sums ranging from $7,000 to well over $200,000.
3 job interview red flags, according to a recruiter who's interviewed ‘thousands': Showing up very early looks ‘too eager' From FedEx drivers to small business owners, teachers to dentists, they described the loss of years of savings after turning to fintechs like Yotta for the higher interest rates on offer, for innovative features or because they were turned away from traditional banks.
Andrew Meloan, a chemical engineer from Chicago, said he had hoped to see the return of $200,000 he'd deposited with Yotta. Early this month, he received an unexpected PayPal remittance from Evolve for $5. Abandoned by U.S. regulators who have so far declined to act, they are left with few clear options to recoup their money.that its insurance fund doesn't cover the failure of nonbanks like Synapse, and that in the event of such a firm's failure, recovering funds through the courts wasn't guaranteed.
As of Nov. 12, the four banks released $193 million to customers, or more than 85% of what they held earlier in the year.
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