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

submitted 3 days 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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[–] bitjunkie@lemmy.world 7 points 2 days 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.

[–] TORFdot0@lemmy.world 3 points 2 days ago

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