'I have no money': Thousands of Americans see their savings vanish in Synapse fintech crisis
'I have no money': Thousands of Americans see their savings vanish in Synapse fintech crisis
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.
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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when a bank is described as a "savings startup", you should run the other way screaming
Exactly. The combination of "bank" and "startup" is innately terrifying. Don't put more money than you can afford to lose in a place like that.
(Aren't there any laws in the US regarding who can call themselves a bank? Or is this another case of Americans being unwilling to do something sane and obvious because some politician has convinced them it will infringe on their "freedom"?)
Yes and no. Banks are strictly regulated. But that's why companies like Paypal continually remind people that they are not a bank, so they can escape that regulation.