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

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 TechnologiesWhat are FBO accounts, and why they are so troublesomeWhat is the difference between a traditional bank, a neo bank, and a non-bankWhat 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.