Paying for rent, mortgage, groceries, gas, and fun - life is expensive! But what happens to a person's life if they lose access to their money? Right now, that's the reality many Americans are facing.
Synapse filed for Chapter 11 bankruptcy protection in April and shut down its services to some of its fintech partners, including Yotta. Yotta is an online application that gives users the chance to win prizes for saving money. Since Synapse shut down its services, Yotta has been unable to process transactions, according to its website.
In an email to consumers, Yotta states there is no access to funds or the ability to move money in any capacity due to Synapse's systems being shut off. According to Yotta's website, a Chapter 11 trustee has been appointed to the Synapse case but an update isn't expected until June 6.
Let ABC15 Know helps Valley man sleep better after mattress buying experience Christel Bell 5:26 PM, May 29, 2024 For years, traditional bankers and consumer advocates have criticized the fintech model of doing business. More often than not, fintech companies are not actual banks. Instead, these companies partner with banks - many of them smaller institutions - and use the bank as a place to store customer finds without having to be a bank themselves.