{"id":88678,"date":"2024-07-03T01:15:08","date_gmt":"2024-07-03T05:15:08","guid":{"rendered":"https:\/\/www.hedgeco.net\/news\/?p=88678"},"modified":"2024-07-03T01:01:56","modified_gmt":"2024-07-03T05:01:56","slug":"how-thousands-of-americans-got-caught-in-fintechs-false-promise-and-lost-access-to-bank-accounts","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/07\/2024\/how-thousands-of-americans-got-caught-in-fintechs-false-promise-and-lost-access-to-bank-accounts.html","title":{"rendered":"How thousands of Americans got caught in fintech\u2019s false promise and lost access to bank accounts"},"content":{"rendered":"\n<p>(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\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.reddit.com\/r\/yotta\/comments\/1dtk7z6\/lol\/#lightbox\" target=\"_blank\">displayed<\/a>\u00a0protections afforded by the Federal Deposit Insurance Corp., lending credibility to their novel offerings. After all, since its 1934 inception, no depositor \u201chas ever lost a penny of FDIC-insured deposits,\u201d according to the agency\u2019s\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.fdic.gov\/resources\/deposit-insurance\/brochures\/insured-deposits\/index.html#:~:text=Since%20the%20FDIC%20began%20operations,penny%20of%20FDIC%2Dinsured%20deposits.&amp;text=FDIC%20insurance%20covers%20depositor%20accounts,up%20to%20the%20insurance%20limit.\" target=\"_blank\">website<\/a>.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.cnbc.com\/2024\/07\/02\/synapse-fintech-fdic-false-promise.html\">To read this article:<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(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\u00a0displayed\u00a0protections afforded by the Federal Deposit [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-88678","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/88678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=88678"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/88678\/revisions"}],"predecessor-version":[{"id":88679,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/88678\/revisions\/88679"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=88678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=88678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=88678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}