‘I have no money': Thousands of Americans see their savings vanish in Synapse fintech crisis [CNBC]
AMER BANK INC (PA) (AMBK)
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Source: CNBC
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. For 15 years, former Texas schoolteacher Kayla Morris put every dollar she could save into a home for her growing family. When she and her husband sold the house last year, they stowed away the proceeds, $282,153.87, in what they thought of as a safe place — an account at the savings startup Yotta held at a real bank. Morris, like thousands of other customers, was snared in the collapse of a behind-the-scenes fintech firm called Synapse and has been locked out of her account for six months as of November. She held out hope that her money was still secure.
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