this post was submitted on 22 Nov 2024
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295
'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 3 points 1 month ago (1 children)

The FDIC coverage wouldn’t be what they would be worried about. They wouldn’t have their accounts much above FDIC limits.

My point is that the FDIC serves to prevent a banking crisis that would limit their ability to liquidate their assets and realize their wealth

[–] boatswain@infosec.pub 1 points 1 month ago

Ah gotcha, that makes sense. Thanks.