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'I have no money': Thousands of Americans see their savings vanish in Synapse fintech crisis (www.cnbc.com)

submitted 1 day ago by shoulderoforion@fedia.io to c/technology@lemmy.world

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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.

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[–] taladar@sh.itjust.works 99 points 1 day ago (6 children)

The government should mandate warning labels on companies like that, maybe "fintech" would be a good word to force them to use, similar to the way large companies have to use the "enterprise" warning label and games companies have to be labelled "triple A" to know their products and services are low quality and have a high risk of failure.

[–] jagged_circle@feddit.nl 7 points 17 hours ago (1 children)

Dont they have to write in the footer WE ARE NOT A BANK

Usually that's what I look for

[–] QuadratureSurfer@lemmy.world 2 points 14 hours ago

They do write that, but it also says that your money is deposited in an FDIC insured account.

And, according to the article, they even gave you a routing number and account from Evolve:

When I signed up, they gave me an Evolve routing and account number."

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