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Log in or sign up in seconds.| * English [ ][] [ ]limit my search to r/yotta use the following search parameters to narrow your results: subreddit:subreddit find submissions in "subreddit" author:username find submissions by "username" site:example.com find submissions from "example.com" url:text search for "text" in url selftext:text search for "text" in self post contents self:yes (or self:no) include (or exclude) self posts nsfw:yes (or nsfw:no) include (or exclude) results marked as NSFW e.g. subreddit:aww site:imgur.com dog see the search faq for details. advanced search: by author, subreddit... this post was submitted on 13 May 2024 8 points (90% upvoted) shortlink: [https://redd.it/1cr9] Submit a new link Submit a new text post Get an ad-free experience with special benefits, and directly support Reddit. get reddit premium yotta joinleave5,516 readers 168 users here now --------------------------------------------------------------------- A subreddit for Red Hyper Giants! Are you not an Red Hyper Giant? Then visit /r/yocto! --------------------------------------------------------------------- a community for 7 years MODERATORS * message the mods discussions in r/yotta <> X 152 * 44 comments [k85z1vLO] Coffeezilla video on Yotta 30 * 29 comments [SvKMZ62M] Screwed. Time for the law. 18 [k7FRvTkz] New Video about Yotta Graham Stephans most recent video's comment section is on fire...... * 4 comments Get Graham Stephan to talk, #ScammerStephan 19 * 9 comments [-q-1HUYU] Fdic updated their terms for fintech 21 * 24 comments Are we expected to see any updates from the synapse bankruptcy this week? 5 * 5 comments If the deposited money is not there, where could it be? was the money used to invest? * 3 comments [wpz2FJ5S] Evolve does NOT like negative BBB reviews. 7 * 2 comments So when this is all over, assuming we get our money, how will we get it? Welcome to Reddit, the front page of the internet. Become a Redditor and join one of thousands of communities. x 7 8 9 Does anyone have any luck getting money out? (self.yotta) submitted 21 days ago by Mimicowow I have been with Yotta since 2021 and have liked it overall until recently but I was going to stick through it. However since the whole withdrawal process has been stuck and I get paid tomorrow I was wondering if anything can be done to get the money out. Also my birthday the same day. My work wasn't able to get direct deposit changed in time unfortunately. I saw somewhere that the ATM still works. Is that true? Thanks! * 31 comments * share * save * hide * report all 31 comments sorted by: best topnewcontroversialoldrandomq&alive (beta) [ ] Want to add to the discussion? Post a comment! Create an account [-]eddyvanhayden 6 points7 points8 points 21 days ago (8 children) My last successful withdrawal was initiated on 5/1 and I received it 3 business days later on 5/6 (weekend in between these days) I have a withdrawal initiated on 5/7 labeled "settled" and has not hit yet. Yotta support said there's a delay that can last 7 business days or later on that withdrawal, plus my two other withdrawals on 5/ 10 and today 5/13 to close out my account. They stated it's caused by Synapse and our money is not at risk of being lost, just delayed... * permalink * embed * save * report * reply [-]hbo981 4 points5 points6 points 21 days ago (2 children) Same, large transaction from 7th or 8th shows settled, but it's not in my primary account. Then after the "announcement" I transferred the rest to my wife via small $200-500 Venmo payments. Waiting till I see the large transfer before closing. The delay actually caused me to overdraw my primary account. Luckily my parents have the same bank and were able to give me gap loan until it clears or payday. * permalink * embed * save * parent * report * reply [-]eddyvanhayden 1 point2 points3 points 21 days ago (1 child) Ahhh I should've used venmo... dang * permalink * embed * save * parent * report * reply [-]DidiEdd 0 points1 point2 points 20 days ago (0 children) after a certain point it would be useless because the card processing stopped working less than a day later * permalink * embed * save * parent * report * reply [-]CowvinC 0 points1 point2 points 21 days ago (4 children) I'm assuming we can't close our Yotta accounts until after we see the money fully transferred? * permalink * embed * save * parent * report * reply [-]eddyvanhayden 1 point2 points3 points 21 days ago (3 children) You can delete it beforehand but I'm leaving mine open until funds are in my external bank account Edit: it says make sure there are no pending transactions prior to closing account in the app * permalink * embed * save * parent * report * reply [-]CowvinC 1 point2 points3 points 21 days ago (2 children) Right, mine says settled but it still hasn't appeared in my external account so I'm not sure what to do. Just afraid of getting a $0 balance fee in my yotta account * permalink * embed * save * parent * report * reply [-]eddyvanhayden 1 point2 points3 points 21 days ago (1 child) I didn't think about that. Oh well * permalink * embed * save * parent * report * reply [-]Internal_Discount215 0 points1 point2 points 13 days ago (0 children) Has anyone been able to transfer out their money? I initiated a transfer on May 13th and still not showing. Also had a direct deposit that I didn't receive. * permalink * embed * save * parent * report * reply [-][deleted] 21 days ago (1 child) [removed] [-]DidiEdd 1 point2 points3 points 20 days ago (0 children) in the same position my friend this is tough, let's do our best to survive it * permalink * embed * save * parent * report * reply [-]lilbitlotbit 3 points4 points5 points 21 days ago (0 children) ATM withdrawal did not work for me * permalink * embed * save * report * reply [-]Shnuggles9122 3 points4 points5 points 21 days ago (1 child) So do we just lose this money permanently? Or what's the deal? How do we get OUR money? * permalink * embed * save * report * reply [-]DidiEdd 0 points1 point2 points 20 days ago (0 children) we have to wait a long time... * permalink * embed * save * parent * report * reply [-]superbott 1 point2 points3 points 20 days ago (5 children) I'd also be curious if the difficulties are the same whether the transaction was initiated via Yotta or via the target bank. * permalink * embed * save * report * reply [-]DidiEdd 0 points1 point2 points 20 days ago (4 children) i'm not sure that we were ever supposed to be able to initiate transfers from the target bank to "prevent fraud" * permalink * embed * save * parent * report * reply [-]superbott 0 points1 point2 points 20 days ago (3 children) ACH has always been able to go either direction. A push or a pull. A push is usually faster since the receiving bank doesn't have to verify the funds at that point, but a pull does work, it just adds a step. There's a good article about it on investopedia. * permalink * embed * save * parent * report * reply [-]DidiEdd 0 points1 point2 points 20 days ago (2 children) i mean with yotta specifically, i thought they deemed it against the terms of use or whatever, or maybe it was wire transfers but who knows for sure, i just know i saw something that said we're not allowed to do a certain *something* that takes out the money by external means, to prevent fraud * permalink * embed * save * parent * report * reply [-]sg77 1 point2 points3 points 20 days ago (1 child) see my reply here: https://old.reddit.com/r/yotta/comments/1crdop4/ it_looks_like_after_the_announcement_people_are/l41o9r1/ * permalink * embed * save * parent * report * reply [-]DidiEdd 0 points1 point2 points 19 days ago (0 children) I see, so it's been possible/allowed for a while... if only I had known * permalink * embed * save * parent * report * reply [-]Ohwhatsinaname16 1 point2 points3 points 20 days ago (3 children) Sharing my experience: I initiated a withdrawal on Saturday from my credit union for $10,000. This morning, the transfer appeared in my outside account. However, only $445 had hit the account. My checking account is showing a theoretical amount of $12,800 and an actual amount of $3400. I'm not sure if this is progress. No numbers have changed from the Yotta app. * permalink * embed * save * report * reply [-]Ohwhatsinaname16 0 points1 point2 points 20 days ago (2 children) EDIT: I did math wrong. $500 was deposited. According to my Credit Union, $500 is deposited immediately and there's an additional 2-3 day hold on the rest, so outside initiated withdrawals could still work. We'll wait and see. * permalink * embed * save * parent * report * reply [-]Weirdojustlivinlife0 0 points1 point2 points 14 days ago (1 child) Did you ever get it all? * permalink * embed * save * parent * report * reply [-]Ohwhatsinaname16 0 points1 point2 points 14 days ago (0 children) Yes, but it's not the workaround I thought it was. All ACH transfers stopped Saturday May 11th. I simply got that withdrawal started earlier in the day Saturday before the cutoff. * permalink * embed * save * parent * report * reply [-]Ashton_rage 0 points1 point2 points 20 days ago (3 children) This might not help in the now, but you can send yourself a check from Yotta. From your main page ->Account->gear symbol->Transfers->Bill Pay/Mail a Check->Payee->put in your info and the amount you want to send. It will take 8-10 business days to reach you though. * permalink * embed * save * report * reply [-]lilbitlotbit 2 points3 points4 points 20 days ago (2 children) Several folks on here have reported checks requested this month never ended up being processed or going through so I wouldnt bank on this method either unfortunately. * permalink * embed * save * parent * report * reply [-]Ashton_rage 0 points1 point2 points 20 days ago (1 child) God I hate this fucking company >.> * permalink * embed * save * parent * report * reply [-]DidiEdd 0 points1 point2 points 19 days ago (0 children) Don't blame Yotta, blame Synapse and Evolve Bank... * permalink * embed * save * parent * report * reply [-]iBotYou3000 0 points1 point2 points 17 days ago (0 children) It's been over 5 business days for me!! (Usually it's 2-3 business days). This is very unsettling!! * permalink * embed * save * report * reply [-]iBotYou3000 0 points1 point2 points 17 days ago (0 children) The good news is that your money is not lost (however long it takes to transfer) because its FDIC insured. Now if u have over $500k then yeah ur screwed. * permalink * embed * save * report * reply [-]RN_Trader_ 0 points1 point2 points 11 days ago (0 children) Abrupt shutdown of financial middleman Synapse has frozen thousands of Americans' deposits Ken Sweet - Associated Press - 20 minutes ago NEW YORK (AP) -- The bank accounts of tens of thousands of U.S. businesses and consumers have been frozen in the aftermath of the abrupt shutdown and bankruptcy of financial technology company Synapse, which acts as a middleman between financial technology companies and banks. Synapse filed for Chapter 11 bankruptcy protection in April and has shut down its services to some of its fintech or bank partners, including Evolve Bank & Trust. That has caused disruptions for customers of Synapse's partners, leading to accounts being frozen or showing funds not existing at all. Synapse's shutdown has "needlessly jeopardized end users by hindering our ability to verify transactions, confirm end user balances, and comply with applicable law," said Memphis-based Evolve in a statement last week. Because Evolve is a bank and is required to comply with banking laws, it has to make sure all customer deposits are accounted for to the penny, which may take time. Evolve also stressed that, despite customers' deposits being frozen, it is well capitalized. A source who is familiar with the size and scope of the number of accounts impacted at Evolve estimated the number of frozen accounts to be under 200,000. The person was not authorized to speak on the record. Other banks or fintech companies that San Francisco-based Synapse partnered with included Tennessee-based Lineage Bank, as well as savings rewards company Yotta, a company that gives prizes to customers who save money. Reddit message boards for Evolve, Synapse and Yotta were full of customers complaining about being unable to access their funds. The scale of Synapse's disruptions could widen. Synapse, in court documents, estimates that before it filed for bankruptcy it had roughly 100 customer relationships that exposed roughly 10 million Americans to their services. However, banking regulators believe that figure is extremely high and the number of impacted Americans will be thousands or tens of thousands. Synapse's creditors have been pushing in court to convert the bankruptcy to Chapter 7, which would liquidate the company. In court, representatives for Synapse's customers argued that liquidation could make the disruptions to customers' funds even worse. Fintech companies, more often than not, are not banks themselves due to the high cost and paperwork necessary to create a new bank. Instead these companies partner with banks -- many of them smaller institutions with a minimal national profile -- and use that bank as a place to store customer funds without having to be a bank themselves. In order to operate this way, fintech companies often need a middleman between the fintech company and the bank that can do the bookkeeping necessary to make sure customer accounts are credited and debited correctly. That's the job Silicon Valley-backed Synapse had. It's not clear what role U.S. banking regulators can play in the chaos resulting from Synapse's collapse. Synapse isn't a bank, so its regulation is not handled by the Federal Reserve or the Federal Deposit Insurance Corporation. Because none of the banks that Synapse has worked with have failed, there is no eligibility for FDIC deposit insurance to be paid out. It is possible the Consumer Financial Protection Bureau, which has law enforcement authority, could open an investigation into Synapse's behavior and its impact on customers. Traditional bankers as well as consumer advocates have long criticized the fintech business model, where these companies appear to be banks but have none of the protections of banks due to customer funds being stored elsewhere. "The disorderly failure of Synapse and the impact on end users is likely to confirm policymakers' and regulators' worst fears about the operating model and fintech in general," wrote Jason Mikula, a former Goldman Sachs banker who has been writing about the problems at Synapse. This is not the first time a problem with a financial middleman has caused pain to average Americans. In 2015, hundreds of thousands of customers of the prepaid debit card company RushCard were frozen out of their funds after a botched software update cause RushCard's systems to be completely frozen. Customers of RushCard, often low-income people, were unable to buy groceries or other basic necessities. The company was fined $13 million buy the Consumer Financial Protection Bureau for the dayslong disruption.Abrupt shutdown of financial middleman Synapse has frozen thousands of Americans' deposits * permalink * embed * save * report * reply * about * blog * about * advertising * careers * help * site rules * Reddit help center * reddiquette * mod guidelines * contact us * apps & tools * Reddit for iPhone * Reddit for Android * mobile website * <3 * reddit premium Use of this site constitutes acceptance of our User Agreement and Privacy Policy. (c) 2024 reddit inc. All rights reserved. REDDIT and the ALIEN Logo are registered trademarks of reddit inc. [pixel] p Rendered by PID 74003 on reddit-service-r2-loggedout-84d76966f8-x5brv at 2024-06-03 23:02:23.445983+00:00 running 2dc0584 country code: US.