Update 11/5/24: Email went out (“Return of Synapse Brokerage’s End User Funds”) about how to claim your funds. Some people are getting their money back, others it’s still mostly gone. Not clear exactly what determines this all.
Update 5/26/24: Looks like the problems are significantly worse. Juno sent this out:
On May 7, 2024, we were notified that Lineage Bank, Member FDIC, halted ACH processing for all Synapse Brokerage accounts, and that Evolve Bank & Trust, Member FDIC, would now process ACH transactions on behalf of Synapse Brokerage. Juno’s end users hold accounts with Synapse Brokerage.
On May 11, 2024 we were notified by Evolve Bank & Trust that they would be immediately halting card payments. They also stopped processing any incoming ACHs and Wires. Please note that both end user account and routing numbers as well as the debit card is issued by Evolve Bank & Trust. These events have left Synapse Brokerage without an ACH processor, and Evolve Bank & Trust’s decision to freeze cards and incoming ACHs and Wires is causing transactions to fail.
On May 13, 2024, we learned in court proceedings that Evolve Bank & Trust had taken this action because they were unable to access a key dashboard provided by Synapse which according to Evolve Bank & Trust was necessary to perform their duties as a regulated financial institution. Again, we have no control over these actions by Synapse or Evolve Bank & Trust and we learned about this only after Evolve Bank & Trust had already frozen accounts and restricted access to end user funds.
Original post: A lot of FinTechs rely on a third party financial institution to power their products. For example both Yotta Savings & Juno rely on Synapse. Unfortunately Synapse went bankrupt in October and last week TabaPay pulled out of purchasing Synapse. It’s not clear if this has caused further issues but Yotta has sent out this e-mail:
It’s also not possible to do any ACH transactions on Juno. Money held should be safe as it’s insured at partner banks.
Received a response regarding my appeal: Juno started moving funds from Evolve around oct 2023, which placed some funds from some users at other banks that partnered with Synapse, we returned what we had and not what those other banks are holding, plus a bunch of other stuff, but to keep it short i posted the most important part, appeal denied, luckily only lost 22$. @eric
Same for me, out $12.
Still better than the thousands some doc fellows lost, is a sad day for hard working ppl.
I just checked my letter and my appeal was also denied. I actually spoke to someone from Evolve earlier this week and found out that the appeal letters were sent by snail mail rather than email.
Anyway, he told me that it’s possible that we will eventually get the remainder of what we are owed once other partner banks provide their info.
I won’t hold my breath waiting for it but it’s good to know that it’s not completely over yet. I found out from the same rep that the 1st rep was incorrect when he told me that we can’t appeal if we requested payment.
The mistake by that 1st rep cost me another month (or more) of interest on my remaining money as I just requested payment 1 or 2 days ago, waiting for the results of my appeal.
How long did it take for you to receive payment after you gave Evolve your banking info?
I see, i’d be desperate if i was one of those with thousands pending and only getting about 30 cents, but i get it, they’re not the ones holding their money so why would they pay what they don’t have, it was about 5 days to get the payment
I called to follow up today as it’s been over 2 weeks since I requested the ACH payment. The man told me that a check was issued to me, even though I requested an ACH payment. He agreed that this probably happened because I made the request only 1 or 2 days before the deadline.
Anyway, I checked my mail and I did receive the check. Once I deposit this check and the funds clear, I will finally be done with this saga. 😀
Haha glad to hear that, some ppl aren’t so lucky tho, thousands of cash in limbo.
https://www.yahoo.com/finance/news/no-money-thousands-americans-see-223556135.html
Didn’t know it was this bad.
Fuk me I’m so mad. 🤬
I submitted my claim on 11/4/24 and everyone from Juno had been receiving their funds but me so I finally called. Muthafukin “wire” (huh?) transfer had FAILED per phone customer support (877-873-0008).
I think it was because I used Discover SAVINGS rather than a checking account. *doh face palm throw myself off a cliff and kill myself*
They told me a check will be mailed and/or I could reach out to [email protected] for more help since phone support is only 1st level assistance with little access and information. They couldn’t even tell me when I would *possibly* receive a check.
Oh and what I found out further is that Evolve filed an APPEAL since their payment was higher than what Synapse showed. GET YO MONEY AND RUN DA FUQ AWAY! 🏃♂️💨💨
This month was supposed to be a glorious month. But no, I cashed out crypto too early and money is tied up all over the place. Poor forever, eating dog food not by choice anymore.
Cross posted on Juno thread.
My Juno Balance: $98.34
Evolve Payment: $0.00
Synapse Ecosystem Balance: $98.34
It seems that I will lose $98.34 due to the battle between Juno and Evolve.. What shall I do in this case? Any information and suggestions are appreciated.
File an appeal but based on the experiences of
Evilex and myself, don’t expect a reply.
Got a reply, read the top comment on today(tried tagging you, but no idea why i cannot longer tag others as i used to, was a sad, yet expected reply.
The easiest way to tag people is to find any comment from them in any post and write it in this format: @ guest _ 1957247 (without the spaces).
The key is to manually type it out and not use copy/paste. If you do it correctly, it will look like this:
Eric 🔗.
Testing
Eric 🔗
You passed the test. 😀
Had 4K in Juno. Just received $700. Called the help line. They said another payment coming. Anyone else experiencing this?
Juat got 562$ posted today out of my 584$ juno balance, better than waiting and keep devaluating my cash.
Was that the initial amount that they sent in the email? Did you ever hear back about the appeal?
I might just relent like you did and request the payment and take the 7% loss on my money. Like I told
007 when this 1st happened, the total amount in my Juno account is/was less than I made in CB over the years from Juno so how upset can I really be, right?
Yep it was, heard nothing back from appeal, haha you’re doing the same as me by looking at the glass half full, still sucks specially they having our money for quite some months interest free, that triggers me because i’m currently suing my “stepdad” <no longer, for quite some thousands, i’ve learned my lesson, don’t ever borrow money to NOBODY except banks,C.U etc
Just received my full ~$4k outstanding account balance I had with Juno. In the form my balance was listed until Evolve Payout.
Was that the amount that the email from Evolve told you that you would receive? What does “In the form my balance was listed” mean?
The email where Evolve asked for us to fill out the distribution form, the amount listed under “Evolve Balance” is what was paid out to me. That amount was actually a bit higher than my ending balance in Juno so I assume they paid out interest too
What does “In the form my balance was listed” mean?
I received an email from Evolve with a link to reconciliationbyevolve.com which was a form asking me for how I wanted to receive my payout. On that form they listed my balance with Evolve. That is the amount they paid out to me
That makes sense. For some reason, when I read your comment I thought of this definition of “form”: “the visible shape or configuration of something”.
😂 I see that now
Had a balance of roughly $15 according to my own records as well as the Synapse website, but only received an automated Paypal transfer for a bit over $5.
Decided I’m not gonna try to chase the missing $10 down, so just went through the prompts on Juno’s website to request an account closure (to end this whole topic).
Received a reply via email that “because of current problems I’m not able to close my account”. Smh…
If anyone is ever successful in getting this completely closed and done with, I would appreciate a ‘tag’ here, so I can try again.
Gadget - Bank Bonus Geek 🔗
P2 and I haven’t tried to close, so I cannot help ya. Figured since there is no fee, just leave it and see if any opportunities arise. Back in the day, they had nice cashback rewards for those of who are heavy (money order) shoppers.
Thanks for the response.
Yeah, all the bonus rewards I received from them was the main factor for me to ‘forgive’ and not try to get the last small amount that I’m missing back.
Not sure I would ever trust them again though, even if they somehow survive this whole ordeal.
So rather just have it closed and be done with it…
Called Evolve Call Center at (877) 873-0008 because the web site always crashes with the 403 Forbidden Microsoft-Azure-Application-Gateway/v2 error message and cannot submit an appeal.
I was told that as an alternative option, you can send the appeal to the [email protected] e-mail address. Just include the Claimant ID and the last four numbers of your SSN as it you were using their web site. Then, provide the explanation and the attachments for your appeal.
Hope this helps other people!
Someone said the website gives errors if you include some special characters like parentheses. So it might work if you remove special characters.
Thank you very much for your info. You could be right. I did use parentheses inside the appeal explanation text box. Anyway, sent the appeal already to the provided e-mail address. Got back a response confirming they received it and will review it.
Evolve Payment
~$100
Synapse Ecosystem Balance
$0.02