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

submitted 1 day 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] 54 points 1 day ago (1 children)

when a bank is described as a "savings startup", you should run the other way screaming

[–] [email protected] 7 points 1 day ago (1 children)

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"?)

[–] [email protected] 3 points 16 hours ago

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.