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

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Manage episode 424449531 series 2137790
Content provided by Money For the Rest of Us and J. David Stein. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Money For the Rest of Us and J. David Stein or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

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

Sponsors

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Delete Me – Use code David20 to get 20% off

Our Premium Products

Asset Camp

Money for the Rest of Us Plus

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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

  continue reading

504 episodes

Artwork
iconShare
 
Manage episode 424449531 series 2137790
Content provided by Money For the Rest of Us and J. David Stein. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Money For the Rest of Us and J. David Stein or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

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

Sponsors

NetSuite

Delete Me – Use code David20 to get 20% off

Our Premium Products

Asset Camp

Money for the Rest of Us Plus

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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

  continue reading

504 episodes

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