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.
Might be a good time to review that all your accounts are actually first-party FDIC insured
Wow.. just saw the Coffeezilla video about this story. What a crazy fucked up situation.
Did anyone here get their money back? I don’t think any of my accounts were affected, but knowing I used Yotta in the past, as well as many other fintechs.. this is messed up stuff
Just downloaded the 2024 1099-INT form from Juno web site. Although I lost $102.44 due to the Juno-Synapse-Evolve fiasco, in the 1099-INT form, Juno reported $3.44 as the interest earned in 2024. Has anyone else received or downloaded the 2024 1099-INT form from Juno?
I tried to days ago but there was an error. I let them know about the error and they finally let me know today that the issue was fixed. I downloaded my 1099. Why do you ask?
Banks usually do not report interest earned under $10 to the IRS. Since the interest earned is only $3.44, I am not sure if Juno will provide that info to the IRS. Just sent an e-mail to Juno to confirm that. I will wait for their response. I have already filled out my 2024 income taxes and would like to amend it only if it is really needed. I was performing the calculations for the amended return and the difference is only $2. I feel sad for those persons that lost thousands and must also declare an interest they have never received. In my case, the loss is not meaningful compared to the interest they had paid me since I opened the account. My question was mainly a warning for those heavily impacted.
Received a response regarding my appeal: Juno started moving funds from Evolve around oct 2023, which placed some funds from some users at other banks that partnered with Synapse, we returned what we had and not what those other banks are holding, plus a bunch of other stuff, but to keep it short i posted the most important part, appeal denied, luckily only lost 22$. @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