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 savingsSponsorsNetSuite Delete Me – Use code David20 to get 20% offOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesCHAPTER 11 TRUSTEE’S INITIAL STATUS REPORT BY UNITED STATES BANKRUPTCY COURT CENTRAL DISTRICT OF CALIFORNIA SAN FERNANDO VALLEY DIVISION—CourtListenerFintech platform Synapse raises $33M to build ‘the AWS of banking’ by TechCrunch—SynapseX Post by Jason Mikula—X"Full Reconciliation... May Not Be Possible," Synapse Trustee Says by Jason Mikula—Fintech Business WeeklyMercury Seeking $30M From Synapse, Emergency Court Filing Reveals by Jason Mikula—Fintech Business WeeklyInfighting among fintech players has caused TabaPay to ‘pull out’ from buying bankrupt Synapse by Mary Ann Azevedo—TechCrunchFintech startup Copper forced to discontinue banking services amid Synapse fiasco by Taylor Soper—GeekWirea16z-backed Tellus wants to offer consumers a much better savings rate. Here’s how. by Mary Ann Azevedo—TechCrunchFDIC Demands Three Companies Cease Making False or Misleading Representations about Deposit Insurance—FDICRelated Episodes440: Beware of Platform Risk424: Are More Bank Runs Coming? The Collapse of Silicon Valley Bank412: Where to Invest Your Cash Savings for Higher Yields304: A 15% Guaranteed Return? Lending on the Fringes of FinanceSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.