How thousands of Americans got caught in fintech’s false promise and lost access to bank accounts

ronjor · Jul 2, 2024

Hugh Son @hugh_son Jul 2 2024

For customers, fintech promised the best of both worlds: The innovation, ease of use and fun of the newest apps combined with the safety of government-backed accounts held at real banks
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The collapse of middleman Synapse has revealed fintech’s promise of safety as a mirage. More than 100,000 Americans with $265 million in deposits have been locked out of their accounts.
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The implications of this disaster may be far-reaching. The most popular banking apps in the country, including Block’s Cash App, PayPal and Chime, partner with banks instead of owning them.
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How thousands of Americans got caught in fintech’s false promise and lost access to bank accounts

ronjor Global Moderator

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How thousands of Americans got caught in fintech’s false promise and lost access to bank accounts

ronjor Global Moderator

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