The Bank That Won't Let You Withdraw

A video on YouTube. In Business & Money, a Krater category.

Summary by Krater

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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