How thousands of Americans got caught in fintech’s false promise and lost access to bank accounts

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(CNBC, 7/2/2024) How thousands of Americans got caught in fintech’s false promise and lost access to bank accounts.

This is horrifying. The fintech didn’t open individual accounts for their customers with the banks, but bought “blocks” of deposit space and tried to keep track of the customer entitlements internally… but then they went out of business. A total nightmare.

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Synapse bankruptcy: Thousands of Americans see their savings vanish

“We were informed last Monday that Evolve was only going to pay us $500 out of that $280,000,” Morris said during a court hearing last week, her voice wavering. “It’s just devastating.”