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.

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.

  • TORFdot0@lemmy.worldEnglish
    1710·
    4 hours ago

    Isn’t that what they signed up for when they put their money in a nonFDIC insured account?

    • Fisherswamp@programming.devEnglish
      192·
      3 hours ago

      Read the article, and maybe don’t be such a heartless bastard?

      Several people CNBC interviewed said signing up seemed like a good bet since Yotta and other fintechs advertised that deposits were FDIC-insured through Evolve.

      “We were assured that this was just a savings account,” Morris said during last week’s hearing. “We are not risk-takers, we’re not gamblers.”

      • TORFdot0@lemmy.worldEnglish
        48·
        2 hours ago

        I realize that my comment does sound really harsh. And there definitely should be criminal penalties for falsely advertising that they were an FDIC covered institution and a best effort to return the funds

        But (again I am being harsh again) there is risk in putting your money in a faceless app instead of a brick and mortar institution and there needs to be some personal accountability for making bad decisions