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

submitted 1 month 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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[+] TORFdot0@lemmy.world -13 points 1 month ago (2 children)

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

[–] qwioeue@lemmy.world 15 points 1 month ago (1 children)

What do you say to those who use Wells Fargo (brick and mortar institution) and and screw you over by opening accounts on your behalf?

I've been using Ally (an online bank) for decades. They told me that they are FDIC insured (and they are), but I would never thought to go to FDIC gov website to double check their words. I bet most Americans don't do that. It is not a reasonable expectation.

I don't think these folks were making bad decisions. These folks were lied to and were robbed.

[–] Dkarma@lemmy.world -3 points 1 month ago

This is not the same.

[–] zephorah@lemm.ee 2 points 1 month ago

Exactly. I’m making my initial dealings with brick and mortar since there’s no telling whose at the other end of a strictly online deal. Ok, you exist. Cool. Now business as usual, non-NigerianPrince.