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Email this7:03 pm
November 5, 2022
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Very interesting doc on how some American's got robbed by some Fintech HISA's going bankrupt. Wonder if there are any Canadian fintech's which operate in a similar manner?
How Millions of Americans Got Tricked Into Using a Bank That Isn't a Bank (documentary)
Jun 23, 2026
$100 million went missing from an online bank.
"Neobanks" promise higher rates and lower fees, but they exist in a regulatory black box created by Andreessen, Thiel, Musk and more.
We investigated an online bank where thousands of Americans' FDIC-insured savings vanished.
8:07 pm
April 6, 2013
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That's the Synapse collapse we discussed earlier.
It's not true that the FDIC-insured savings vanished. The Synpase bankruptcy trustee did find $500 of one woman's savings perfectly safe in a FDIC-insured account. Unfortunately, that's only $500 of the $282,153.87 she transferred into her Synapse-based account that the fintech Synpase owed her.
10:29 pm
November 5, 2022
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Yes some others recovered funds as well, like $1.78 etc.
12:36 pm
April 6, 2013
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That's because their account was an account at a fintech and didn't actually have any FDIC insurance coverage.
Doesn't matter what the fintech claims they were going to do with the funds people sent to it instead of to a FDIC member.
9:40 am
April 15, 2024
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So like where Wealthsimple is going?
7:30 pm
April 6, 2013
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Wealthsimple is already there. That look into the Wealthsimple Cash account and mention of the Synapse collapse was in December 2024.
