(CNBC) For customers, fintech promised the best of both worlds: The innovation, ease of use and fun of the newest apps combined with the safety of government-backed accounts held at real banks. The startups prominently displayed protections afforded by the Federal Deposit Insurance Corp., lending credibility to their novel offerings. After all, since its 1934 inception, no depositor “has ever lost a penny of FDIC-insured deposits,” according to the agency’s website.
How thousands of Americans got caught in fintech’s false promise and lost access to bank accounts
This entry was posted in Syndicated. Bookmark the permalink.
