The Bank That Won't Let You Withdraw
A video on YouTube. In Business & Money, a Krater category.
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An investigation into the Synapse fintech bankruptcy and Evolve Bank & Trust, revealing how millions of dollars in customer savings went missing due to ledger discrepancies, middleman fees, and shifting blame between partner banks and fintech apps.
From the video
Answers: What happened to the missing customer funds in the Synapse and Evolve Bank bankruptcy?
- Synapse fintech bankruptcy
- Evolve Bank & Trust reserve funds
- Fintech middleman banking accounts
- Missing customer savings reconciliation
- FDIC insurance coverage limits
What it concludes
- Fintech apps like Yotta and Juno used Synapse as a middleman to connect with Evolve Bank & Trust, which was FDIC insured.
- Evolve Bank and Synapse disagreed on ledger numbers, resulting in up to $96 million in missing funds.
- Evolve Bank claimed it never had certain customer funds because they were sent to other banks like AMG and Lineage.
- Synapse charged customer accounts for unauthorized middleman fees from payment processors like TabaPay.
- Both Evolve and Synapse moved customer funds between banks, leaving end users struggling to get their money back.
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