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I have $700 in yotta that's frozen. I would still like all of it back.

@WifeOfELVIS

Ай бұрын

Same!!

Thank you Adam for covering this situation. It's a complicated story and I think you did a great job of explaining it! I am a Yotta user and have about $12K with them. I have been following the events through the bankruptcy court proceedings and the Reddit threads. Of course, I want my money back, but some of the stories I've heard give me perspective. I mean, there are some that have their life savings with Yotta. Some are unable to pay rent, mortgage, put food on the table, etc. I certainly hope they can unravel all this and in a way that doesn't drag on for years.

I used to use Yotta but I withdrew all of my money from my Yotta account before issues arose because: 1) With 3 companies involved (Yotta, Synapse, & Evolve) I was worried that if an issue arose, then all 3 companies might point the finger at each other instead of resolving the issue. 2) This alternative banking model has 3 possible failure points (Yotta, Synapse, or Evolve) vs just 1 failure point (the bank itself like most traditional banks). And the process of getting your money back if Synapse or Yotta failed was not as clear as getting your money back if a traditional FDIC insured bank failed. 3) Yotta went from encouraging their customers to save their money to encouraging their customers to gamble their money and they got involved with cryptocurrencies.

@Greg_D99

Ай бұрын

Your #3 pint was why I left. It just became pointless.

Yotta used to be great. When I heard rumors about the banking issues I took all my money out immediately

@sintay8002

Ай бұрын

Yeah, sadly I only took out half so we’ll see what happens.

All fintech companies have the same risk

I have $2500 in this bank. You can contact the federal reserve and file a complaint.

@Vfdsforlife

Ай бұрын

Yah but the federal reserve is also a scam they just can't be held accountable

@grilloariza9780

22 күн бұрын

@mickeyslaven Did you get your money?

Great content as always, thanks Adam!!!

Class action time

@mitchell.9632

Ай бұрын

Unless your in a state that has a law that overrides any class action wavers your out of luck. Sorry about the caps, just copying the agreement "THESE TERMS OF USE INCLUDE A MANDATORY ARBITRATION AND CLASS ACTION WAIVER AGREEMENT WHICH REQUIRES THAT ANY PAST, PENDING, OR FUTURE DISPUTES BETWEEN YOU AND US SHALL BE RESOLVED BY FINAL AND BINDING ARBITRATION ON AN INDIVIDUAL BASIS ONLY AND FOR YOUR LOSSES ONLY. YOU MAY NOT PROCEED AS A CLASS REPRESENTATIVE, MEMBER OR PART OF ANY PROPOSED CLASS, COLLECTIVE ACTION, MASS ARBITRATION, PRIVATE ATTORNEY GENERAL SUIT OR ANY REPRESENTATIVE PROCEEDING, OR OTHERWISE SEEK TO RECOVER ON BEHALF OF OTHERS OR FOR THE BENEFIT OF OTHERS IN ANY TYPE OF CLAIM OR ACTION. ARBITRATION MEANS YOU WILL NOT BE ABLE TO SEEK DAMAGES IN COURT OR PRESENT YOUR CASE TO A JURY."

It also does not help that many KZreadrs (including finance channels) endorsed this fintech. I will never trust a fintech with any financial service. Banks are the way to go for storing money.

Glad I took out all my money on March 18. Not sure why just didn’t want it there anymore

I'm a Yotta customer - but going forward I'll only bank with the institutions that are too big to fail. Is it good for competition and innovation? No - but clearly the government doesn't have our backs (unless, of course, you're a millionaire banking with SVB).

@clifford629

Ай бұрын

SVB is a bank. Yotta is a fintech. The moral is beware of Fintech's pretending to be banks or promising bank security, b/c they are not and you won't get your money quickly as if it were.

This is why you should avoid fintechs at all costs.

Nada yada is a cellphone commercial on Tubi.

Avoid middle man & third party at all costs. Deal with the bank services directly. No fintech for me

I’m done with them months ago.

Took most of my money out long time ago, only $11.03 left.

@TheMrSacred

Ай бұрын

Same. Only have like $4 I think in there. At my peak was around 3,700 which I’m happy I took out a long while ago .

what a nightmare!

I am so happy I withdrew 95% of my funds back when I almost got laid off to pay my car off and now I have about $250 in there locked so it’s no big deal but I would like my money back at some point

I put in $1 because I received $14 for making "any deposit." I checked right now and at one point I won $0.45. So I had $1.45 . Now my balance is $0 because there were 3 "low amount fees" of 50 cents, 50 cents, then 45 cents. Now it's a casino?! What a joke.

I wish I understood why the records from Yotta are not being acknowledged. The other banks not having the money is fraud

@sintay8002

Ай бұрын

It really is

@yorgostsitsikas4350

Ай бұрын

They are. It's just that yotta doesn't know which banks hold the money. Only synapse does

Back when Yotta was offering bonds and then lost that ability, I recovered my bonds from the government website and found that they were worth significantly less than what yotta said they were worth. The interest % was different. I knew then that something was fishy.

You Yotta stay away from this overnight banks and flaky institutions !!!! 😉🤔

Thank God I didn’t pull the trigger on this card when everyone was going bananas 🍌

It was a computer glitch. Just like in Money Monster.

imma go bankrupt too 😂

I don’t understand. If the money is insured by the FDIC then the FDIC should take over the bank as the would with any bank insolvency and then collect the monies later, if possible from the other parties involved.

@ProudMoney

Ай бұрын

Well, the bank has money, they just aren't in agreement with the other company on the amounts they should have to cover the accounts. It's an accounting disagreement that I guess the FDIC does not really get in the middle of.

@clifford629

Ай бұрын

The bank is solvent. The bank has the money. The fintech is insolvent. The fintech has different numbers. The bank could return what is on it's ledger and let the customers dispute the difference with the fintech.

@beth_bailey

Ай бұрын

I contacted Yotta this week and they confirmed that our money is being held at an FDIC insured bank. Some people have already had luck accessing their funds. Hopefully the rest of us will too soon🤞

In most areas / states in American good luck with a lawsuit and suing them. Unless your in an area that has a law that overrides any arbitration and class action wavers your out of luck. Sorry about the caps, just copying the agreement "THESE TERMS OF USE INCLUDE A MANDATORY ARBITRATION AND CLASS ACTION WAIVER AGREEMENT WHICH REQUIRES THAT ANY PAST, PENDING, OR FUTURE DISPUTES BETWEEN YOU AND US SHALL BE RESOLVED BY FINAL AND BINDING ARBITRATION ON AN INDIVIDUAL BASIS ONLY AND FOR YOUR LOSSES ONLY. YOU MAY NOT PROCEED AS A CLASS REPRESENTATIVE, MEMBER OR PART OF ANY PROPOSED CLASS, COLLECTIVE ACTION, MASS ARBITRATION, PRIVATE ATTORNEY GENERAL SUIT OR ANY REPRESENTATIVE PROCEEDING, OR OTHERWISE SEEK TO RECOVER ON BEHALF OF OTHERS OR FOR THE BENEFIT OF OTHERS IN ANY TYPE OF CLAIM OR ACTION. ARBITRATION MEANS YOU WILL NOT BE ABLE TO SEEK DAMAGES IN COURT OR PRESENT YOUR CASE TO A JURY."

Is sofi similiar to yotta?

@RandyMichigan

Ай бұрын

Sofi is its own bank.

@ezbull75

22 күн бұрын

@@RandyMichigan It looks like SoFi is a broker and not a bank

@RandyMichigan

22 күн бұрын

@@ezbull75 Actually, Sofi is a bank now.

thank God i pulled a few thousand out 6 months ago for a down payment on a car. unfortunately i still have $835 remaining but it could have been a lot worse. 😬😬😬

@pete89spotsin

18 күн бұрын

Try 50k and no job

@tnerb6709

18 күн бұрын

@@pete89spotsin I can’t even imagine having that much money and also not being able to access it. Do you make any money off KZread with your channel, if you do, I will gladly watch everyone of your videos to help.

Kinda ironic that things would have been better that if yotta actually gone bankrupt.

@elizabeths.3634

24 күн бұрын

I could be wrong about this, but I think it is Evolve Bank and Trust that would have to go bankrupted for us to get all of our money back.

👍🏻

They got scammed and wont see anywhere near their full deposit back. Never trust high yield new startup or online banks

I got most my money out a couple of weeks before. I still have about $50. I just hope that worm Graham Stephan’s recommendation is so tarnished someone won’t even ask for a Taco Bell order recommendation

@dh2266

Ай бұрын

Graham sold out and I stopped following him a LONG time ago. Did he really recommend this? That's insane.

@LiamRichie825

Ай бұрын

@@dh2266 he made a video saying “I bought a bank” which was about him investing in Yotta and a lot of people signed up because he made a video about it

First

@ProudMoney

Ай бұрын

🤩🤩🤩

"The money still exists somewhere .." sure it does, it's somewhere in real estate and jewelry in Florida ... And why? Because some people want so badly to squeeze an extra 0.1 % or 0.2 % out of their savings accounts that they take any kind of risk. I am crying dry tears for them.

@yorgostsitsikas4350

Ай бұрын

Do you have any proof for that? Or you just make things up to justify your preconceptions?

@rjcard2690

Ай бұрын

It was actually 5 percent more than the average not decimals. Which is a lot more than any brick and mortar will ever give you. Was it a gamble sure, but it wasn’t as dumb as actually gambling

Glad I never opened an account with this pathetic excuse of an institution

People who put money in Yotta are fools

@lordtreesapp7380

18 күн бұрын

You’re kind of right about that I am irresponsible, so this does kind of make sense 🤨🧐🧐😂😂 DAMN YOU YOTTA!!!!!

Anyone who is effected by this kind of asked for it

@Vfdsforlife

Ай бұрын

What does that mean

Dodged a bullet left a year ago 😢

@sintay8002

Ай бұрын

That’s good.