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Keyword: tennesseebank

Savings app CEO says 85,000 accounts locked in fintech meltdown: ‘We never imagined a scenario like this’

06/14/2024 6:28:47 AM PDT · by george76 · 24 replies
CNBC ^ | JUN 1 2024 | Hugh Son

For three weeks, 85,000 Yotta customers with a combined $112 million in savings have been locked out of their accounts, CEO and co-founder Adam Moelis ... The disruption, caused by a dispute between fintech middleman Synapse and Tennessee-based Evolve Bank & Trust, has upended lives... “We never imagined a scenario like this could play out and that no regulator would step in and help,” . ... his company has been a source of deep pain for thousands of customers who relied on Yotta accounts to receive paychecks, pay bills and save for emergencies. The crisis began May 11, when a...

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