KEY POINTS
- Thousands of Americans will receive little or nothing from savings accounts that were locked during the collapse of fintech middleman Synapse.
- Customers believed the accounts were backed by the full faith and credit of the U.S. government.
- CNBC spoke to a dozen customers caught in the predicament, people who have lost sums ranging from $7,000 to well over $200,000.
- While there’s not yet a full tally of those left shortchanged, at fintech Yotta alone, 13,725 customers say they are being offered a combined $11.8 million despite putting in $64.9 million in deposits.
not a huge sum, but I had $10k in it, because it was a fun bullshit app that scratched the lottery itch despite it earning less than regular interest over my time with it
What was the lottery aspect? Damn $10k to just play with. That’s a different kind of life.
Isn’t $10k like one months mortgage on a house in the bay area? And just swing by vegas… plenty of people spending that kind of money. It may seem like a different kind of life, but often it is just a different location. They often live a lot like the rest of us… thier emergency fund might last 2 months instead of one, but they are still pretty close to broke if they lose thier job. When someone starts dropping $100k… that is a different life.
Damn I guess I’m broke then. Thought I was doing alright.
Yeah, the number of people who area few missed paychecks or less away from being broke according to articles I have read is alarmingly high. Even tons of people earning 6 figures. Housing and food are such a high percentage of peoples expenses these days.
6 figures is getting by these days
Yeah, like in new york city you can’t afford a house on a low six figure income. But in mississippi you can buy a masion. The discrepancy is insane. I guess I am lucky because I don’t like big cities and can work remote.