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Hypervisible @hypervisible.bsky.social · 18 days
“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.” But the “safety” part is proving to be a myth.
How thousands of Americans got caught in fintech’s false promise and lost access to bank accountswww.cnbc.com The Synapse collapse has revealed fintech's promise of safety as a mirage. More than 100,000 Americans with $265 million in deposits were locked from accounts.