Evolve Bank & Trust said Wednesday (Oct. 23) that it expects to begin returning funds it holds to Synapse Brokerage end users impacted by the Synapse bankruptcy in November. The company launched a website that offers these end users information about the reconciliation process and...
Evolve Bank & Trust said Saturday (Oct. 19) that it is preparing to return funds held at Evolve to Synapse Brokerage end users impacted by the Synapse bankruptcy. To provide information on the reconciliation process and the anticipated timeline for returning funds, Evolve will launch...
The continued fallout from the collapse of Synapse Financial Technologies has heightened the discussion — and regulatory examination — of how end-user and various types of accounts are handled as FinTechs and banks join forces. As a new legal front to the saga opens in...
The latest court filing from the trustee overseeing the Chapter 11 bankruptcy of Synapse Financial Technologies illustrates the progress — months in the making, incremental and by no means complete — in restoring customers’ access to their own funds. The filing last Thursday (Sept. 12)...
September 18, 2024
The continued fallout from the collapse of Synapse Financial Technologies has heightened the discussion — and regulatory examination — of how end-user and various types of accounts are handled as FinTechs and banks join forces. As a new legal front to the saga opens in a courtroom, the chorus calling for change will only grow […]
June 24, 2024
It’s one step up and two steps back in the case of Synapse Financial’s bankruptcy, with the court-appointed trustee reporting progress Friday (June 21) in recovering and distributing customer funds....
October 27, 2024
The assets of bankrupt Banking-as-a-Service (BaaS) provider Synapse are going up for sale next month. B Riley Advisory Services, the group handling the sale, announced Friday (Oct. 25) a pair of deadlines for interest bidders: Nov. 4, 4 p.m. PT for initial indications of interest, and Nov. 11, 4 p.m. PT, for initial bids. Up […]
October 23, 2024
Evolve Bank & Trust said Wednesday (Oct. 23) that it expects to begin returning funds it holds to Synapse Brokerage end users impacted by the Synapse bankruptcy in November. The...
October 20, 2024
Evolve Bank & Trust said Saturday (Oct. 19) that it is preparing to return funds held at Evolve to Synapse Brokerage end users impacted by the Synapse bankruptcy. To provide...
July 11, 2024
Banks connected to the collapse of Synapse are reportedly close to recovering customers’ frozen funds. These banks have made progress in putting together account information for those customers, which could mean their...
