this post was submitted on 22 Nov 2024
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286
'I have no money': Thousands of Americans see their savings vanish in Synapse fintech crisis (www.cnbc.com)
submitted 2 days ago by [email protected] to c/[email protected]
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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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[–] [email protected] 7 points 1 day ago (1 children)

They changed to a cash sweep / brokerage model (not FDIC-insured at the individual account holder level) like 6 months before the bankruptcy. End users had to click a consent checkbox or the like and probably thought nothing of it.

[–] [email protected] 2 points 1 day ago

That changes everything. That’s dirty pool, shouldn’t have been allowed by SEC/Fed or who ever their regulator was