Money For the Rest of Us19 Jun 2024

Don't Lose Access to Your Cash: Comparing Banks, Neobanks, and Fintech Platforms for Cash Savings

Millions of fintech app users have lost access to their cash. In this episode, we explain why this happened and show you how to protect yourself when placing cash with traditional banks, neobanks, and fintech platforms.

Topics covered include:

The mass chaos in the fintech space spawned by the bankruptcy of Synapse Financial Technologies
What are FBO accounts, and why they are so troublesome
What is the difference between a traditional bank, a neo bank, and a non-bank
What to look for and protect yourself when investing your cash savings

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Show Notes

CHAPTER 11 TRUSTEE’S INITIAL STATUS REPORT BY UNITED STATES BANKRUPTCY COURT CENTRAL DISTRICT OF CALIFORNIA SAN FERNANDO VALLEY DIVISION—CourtListener

Fintech platform Synapse raises $33M to build ‘the AWS of banking’ by TechCrunch—Synapse

X Post by Jason Mikula—X

"Full Reconciliation... May Not Be Possible," Synapse Trustee Says by Jason Mikula—Fintech Business Weekly

Mercury Seeking $30M From Synapse, Emergency Court Filing Reveals by Jason Mikula—Fintech Business Weekly

Infighting among fintech players has caused TabaPay to ‘pull out’ from buying bankrupt Synapse by Mary Ann Azevedo—TechCrunch

Fintech startup Copper forced to discontinue banking services amid Synapse fiasco by Taylor Soper—GeekWire

a16z-backed Tellus wants to offer consumers a much better savings rate. Here’s how. by Mary Ann Azevedo—TechCrunch

FDIC Demands Three Companies Cease Making False or Misleading Representations about Deposit Insurance—FDIC

Related Episodes

440: Beware of Platform Risk

424: Are More Bank Runs Coming? The Collapse of Silicon Valley Bank

412: Where to Invest Your Cash Savings for Higher Yields

304: A 15% Guaranteed Return? Lending on the Fringes of Finance

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