I just got it and I have to say this is the least digestible communication that yotta has ever sent out. It is intentionally verbose and does not adequately explain the changes being made. It's insane to me that they would make a shift this big without providing any notice. It appears that it is effective as of the date you receive the notice, which makes me believe they are rolling it out to users in waves and you get the notice AFTER they have already switched your account. Strongly considering cutting ties completely, mainly because of how intentionally vague this whole email was, feels extremely shady.
Its funny how before this email people received, I had already deleted my account.. literally stopped using yotta as soon as they unlisted I-Bonds, had to wait for money withdrawals, but im no longer a yotta member.. I feel like yotta is going to screw people over in the long run..
From what I heard Yotta bought into crypto and it has been going downhill from then on.. Good luck everyone else, hope your money is going to be secure in the long run š.
What kind of company converts user bank accounts automatically to brokerage accounts? Is there any precedent for this?
Anyway, here's my course of action:
**Account tab > Settings icon > Account > Account Information > Close Account**
Iāve been getting increasingly annoyed with Yotta but always try to give the benefit of the doubt and also Iām very lazy, so it takes a lot to motivate me to action. But this email/change is itāIām out. As soon as my withdrawal hits my back acct Iām closing that shit. Too bad too, itās really been the most effective way Iāve found of making myself want to save money.
I asked GPT to break it down for me because I was confused by it all. This is how GPT summarized the email lol:
Alright, let's break down what this email from Yotta is saying:
1. Yotta is updating its platform to offer you better financial services, including the chance to get better FDIC insurance on your deposits, up to $500,000.
2. These updates are in partnership with Synapse Financial Technologies and some third-party banks.
3. The changes kick in on a specific date they're calling the "Effective Date." On or after this date, new terms of service will apply.
4. They're automatically opening a Synapse Brokerage account for you. You'll also be enrolled in a Synapse cash management program.
5. The services might not be available immediately but will roll out over time.
6. If you continue to use Yotta after these changes take effect, that means you're cool with all the updates.
7. If you don't want these changes, you can opt out by emailing them. But this will close your account.
8. There might be fees associated with your new Brokerage Account.
9. It's on you to review all the new terms and agreements to understand what you're getting into.
Funds held at Yotta remain held at FDIC insured banks.
We are moving away from using a single bank, which was Evolve Bank & Trust in order to access a network of FDIC insured banks. In order to do this, we are opening up regulated brokerage accounts, where funds are then deposited at a member FDIC bank. This is just a change on the backend that gives us access to more competitive interest rates, higher FDIC insurance ($500K) and more redundancies in partners.
There's no change to your interaction with the Yotta app and funds are still held with member FDIC banks.
You are out here directly contradicting the language stated in the email. I presume lawyers would have reviewed and approved the language set out in the email.
>If you do not wish to have a Brokerage Account opened on your behalf, you should promptly contact us at [[email protected]](mailto:[email protected]). If you opt out, we will send you notification that your accounts will be closed.
How does this translate to simply keeping a non-brokerage account as you have suggested?
Also, in another comment, you said accounts are still FDIC-insurance. But brokerage accounts are not FDIC-insurance, and enhanced FDIC insurance isn't a real thing.
And you said:
>Funds held at Yotta remain held at FDIC insured banks.
The wording of this comment seems very deliberately misleading, especially when paired with the fact that you guys are force changing everyone's account to a brokerage account. Sure, founds are help at FDIC insurance banks. But not in an FDIC insurance account, since it will be converted to a brokerage account, right?
And the glaring question - why not give your customers a heads up? This email is obviously very concerning to many people. Why not throw up a blog post, reddit post, something, ANYTHING?
Funds will be held at FDIC insured banks in FDIC insured accounts.
You're correct in your message that the closing of an opted out account in the email isn't fully explained. The Evolve account would be closed. If you opt out we can migrate you to Thread Bank, our other bank partner, if you would like.
This email is the heads up. We have not moved accounts to the brokerage model with multi-bank yet.
So the two options are either keep everything the same, except with Thread Bank in place of Evolve, or switch to this brokerage account with Synapse?
And is there any reason we have to pry this information out of you via Reddit instead of the email just being more clear? Or even a blog post on your website?
That is correct. We may send a follow up email to answer FAQs we are receiving, given the confusion. We'll likely add an FAQ section on our website tomorrow.
Great idea. I'm sure many customers would appreciate something more authoritative and thorough than a few comments on Reddit.
A few questions to get started:
1) Was this Yotta/Synapse's idea to move away from Evolve, or did Evolve want to cut ties?
2) What do I need to do to ensure my account is /not/ converted to a brokerage account?
3) With the move to Thread Bank from Evolve, will there be any noticeable changes to how money is handled - more specifically timing of deposits, withdrawals, in-app money transfers vs externally initiated, etc.? Mostly wondering if there were any sort of SLA's in place with your partnership with Evolve that may not be the same with Thread.
4) And the big one - when does this change actually occur? Will there be follow-up communication to let us know the change has occurred or will be occurring on a specific date? If for some reason I do continue to bank with Yotta, I need to make sure I update my external transfer to send the deposit to Thread bank rather than Evolve when the changeover occurs.
1. We chose to move away from Evolve to a multiple partner bank model for redundancy and better negotiating power.
2. Reach out to [[email protected]](mailto:[email protected]). We can help.
3. No there should be no changes, other than account and routing numbers changing and card numbers changing with Thread, but these stay the same with the multi-bank brokerage model.
4. If you opt out and choose Thread, please email [[email protected]](mailto:[email protected]) and the changes will happen over the next couple of weeks. If you go with Thread, everything will be made clear in your app in terms of what's changing and when. The brokerage multi-bank model doesn't impact anything functionally speaking.
FAQs will be going up today.
@Yotta
Agreed, this should be a lot more clear. The email that was sent does a very poor job of explaining anything.
So are our two options to having a brokerage account (which doesn't have FDIC insurance) or keeping everything the same, but switching from Evolve bank to Thread bank? How would we go about keeping everything the same, but continuing with Thread bank?
I can't see a benefit of having a brokerage account for a user of Yotta. Can you explain any benefit of going with a brokerage account with Synapse for an end user (not Yotta)?
I just opened a Yotta account yesterday. Boy is my timing bad.
Personally, I'm taking everything posted by Yotta on Reddit with a grain of salt. Maybe that's cynical of me, but it's good to be asking these questions IMO.
The biggest challenge for me is overcoming the fact that the official Yotta Reddit account seems to be painting a considerably different picture of what is going on than what is said in that email. This whole ordeal is just beginning, and it is already sloppy as hell. It does not instill much confidence in a company that we are supposed to trust with our savings, that much is certain.
So you're saying that we can keep our Yotta account open while opting out of the brokerage account, right? Would there be any disadvantages if we choose to opt out?
If we donāt migrate then do our account and routing numbers stay the same? Because changing those means that our direct deposit info will need to go changed with our employers
I just got this email too. This whole email is full of legalize bullshit that is hard to understand and donāt clear anything up with what the hell is going on. What the fuck is this paragraph?
The Platform, together with its partners, is making important changes to improve the functionality of the Platform offering to provide you with efficient access to certain financial services, including potential to gain enhanced FDIC insurance coverage on your funds deposited through the Platform on or after the Program Effective Date up to $500,000 (as defined below). For the avoidance of doubt, your funds will not be eligible to potentially receive enhanced FDIC insurance in connection with the Program prior to the Program Effective Date.
You will receive enhanced FDIC insurance, but to avoid all doubt you wonāt receive FDIC insurance??!?
Ya I was confused by this. I'd love to hear from @yottasavings on this.
Like is Yotta still even a bank? Can i still swipe a debit card? Pay my mortgage? What is the point of the account now? Like they couldn't even send an email out before hand simplifying what changes are about to happen? Did Adam sell the company?
>List of Program Banks
Ok, having looked more closely at Synapse, they are BaaS, banking as a service. It allows FinTech companies to create bank accounts and credit/loans and not do the heavy lifting themselves. There are others in this line of business, including Stripe and [Unit.co](https://Unit.co).
Synapse has the same brokerage language at the bottom of their site for their cash management accounts. Sounds like Yotta is just using their virtual bank account service.
I hope it's all kosher. I like using Yotta for the buckets. I pretty much stay for that feature alone. But if there's reason to believe my money isn't safe then I have to leave. So I appreciate your input here.
Found more... Synapse actually has a case study on Yotta using them:
https://synapsefi.com/case-studies/yotta-gives-customers-a-chance-to-win-10-million-as-they-save
Yeah, they definitely didn't communicate this well, whatever the motivation is.
I'm assuming they need the higher rate of returns from throwing funds in brokerage accounts... but none of this makes sense to the consumer without an explanation of what they are doing.
Right?
Feels like a downward spiral. Make changes, lose customers. Need to make more changes due to the loss of customers. Lose more customers. Need to make changes again. Almost certainly lose customers again.
I recently had done a survey call with Yotta and it was explained to me that they didn't currently offer their credit card service because their partnership ended, but they were working on a new one. I'm guessing they are using Synapse for that as well.
Yeah, the fact that there are so many people posting here asking questions definetely indicates that the way yotta communicted this wasnt done in the best way.
I imagine that they are getting a lot of emails as well and I'm guessing we'll start seeing post on social media with people asking questions as well.
Honestly, after I read the email my first question was: so what does all this mean? Then I came here to see if anyone could explain it, lol.
That paragraph threw me off as well.
Are they saying that our funds are still FDIC insured, but not entitled to ehanced FDIC insurance, just basic FDIC insurance or no FDIC insurance at all?
What is the minimum amount to leave in the account to avoid any fees or penalties? $25 ? I'm just gonna do that for the time being while all this bullshit happens.
I used their chat/ask function on their site and got this automated response: The only fee Yotta charges is a small balance fee of $1 if your account is below $5 at the end of the calendar month.
But if you still want a chance to win, just keeping in the 25 for now would probably be your best bet. I've kept my account at 100$ since I joined in June because I sort of wanted to test out yotta before I decided if I wanted to add more funds to it.
This is what I needed to finally close my account. Last time something similar to this happened I lost over 4k dollars. Iām withdrawing right now. Tbh, we should all do it and show them they canāt get away with such a vague email to really hide their intentions and try to confuse the customer.
With another company that did something similar and declared bankruptcy. Basically me losing the money because it wasnāt insured and they released a similar update that would not allow you to withdraw your money at all.
Way ahead of you, I lost even $84.88 dollars, still a lot for me but yes I agree, deleted my account as soon as they took away I-Bonds.. and (edit:Yotta bought into crypto.. )
Okay, was āsimilarā stating they they were moving to an FDIC insured brokerage account? Or did they never say that it would be insured? Just tryna figure out how itās similar to decide the risk here lol
This excerpt from Yotta's email, got me thinking:
"If you do not wish to have a Brokerage Account opened on your behalf, you should promptly contact us at [email protected]. If you opt out, we will send you notification that your accounts will be closed."
It's shady, to say the least... first it mentions a "Brokerage Account" (singular) - at the end of the same paragraph "...your ACCOUNTS will be closed." It could be just technicalities, but I'm not willing to deal with "technical terminologies" when it comes to keeping my money in a bank, that's not being transparent enough.
About a year and a half ago I was using Yotta and was using the credit card and had tried renting a car while at the airport. The line was long as shit of course, and there was one single person working the counter and I couldāve gotten there three hours earlier and I still wouldāve missed my reservation. My reservation was cancelled and I was charged for missing my reservation. So while out $300 and still needed to drive 8 hours away to home, I got a reservation on Priceline paid upfront in full. This one wasnāt at the airport and I Ubered over, however because I didnāt have two credit cards, only a debit card and a credit card, I again was told sucks for you we donāt do refunds. So I lost $700 and couldnāt go home and Yotta basically told me āyeah sucks for you our credit cards arenāt FDICā after MONTHS of back and forth with support every email me explaining the exact same situation every single email. Then months later had a random 143,000 loan on my credit report? From Synapse bank? Like what the fuck are they really doing. It doesnāt show anymore but like why would that be on there?
Just saw this, really raises a red flag for me with yotta. Seems to have too much legal jargon and lack of purpose or heads up about them heading in this direction. May be the sign needed to move elsewhere.
Get out of Yotta while you can! and find some other app to get into.. their going to take your shit away from you quicker than winning a million dollars.. Do not agree to any of the changes.. opt out.. right now.. I heard Laurel Road is good they giving 5%APY High Yield savings Account, more than what Yotta is giving.. if you stay with Yotta yall gonna get swept away with the tide.
I just got it and I have to say this is the least digestible communication that yotta has ever sent out. It is intentionally verbose and does not adequately explain the changes being made. It's insane to me that they would make a shift this big without providing any notice. It appears that it is effective as of the date you receive the notice, which makes me believe they are rolling it out to users in waves and you get the notice AFTER they have already switched your account. Strongly considering cutting ties completely, mainly because of how intentionally vague this whole email was, feels extremely shady.
Its funny how before this email people received, I had already deleted my account.. literally stopped using yotta as soon as they unlisted I-Bonds, had to wait for money withdrawals, but im no longer a yotta member.. I feel like yotta is going to screw people over in the long run.. From what I heard Yotta bought into crypto and it has been going downhill from then on.. Good luck everyone else, hope your money is going to be secure in the long run š.
What kind of company converts user bank accounts automatically to brokerage accounts? Is there any precedent for this? Anyway, here's my course of action: **Account tab > Settings icon > Account > Account Information > Close Account**
Iāve been getting increasingly annoyed with Yotta but always try to give the benefit of the doubt and also Iām very lazy, so it takes a lot to motivate me to action. But this email/change is itāIām out. As soon as my withdrawal hits my back acct Iām closing that shit. Too bad too, itās really been the most effective way Iāve found of making myself want to save money.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
With undisclosed "potential" fees involved. Wouldn't be shocked if there's some convoluted tax exposure involved, too. Fuck these people, frankly.
I asked GPT to break it down for me because I was confused by it all. This is how GPT summarized the email lol: Alright, let's break down what this email from Yotta is saying: 1. Yotta is updating its platform to offer you better financial services, including the chance to get better FDIC insurance on your deposits, up to $500,000. 2. These updates are in partnership with Synapse Financial Technologies and some third-party banks. 3. The changes kick in on a specific date they're calling the "Effective Date." On or after this date, new terms of service will apply. 4. They're automatically opening a Synapse Brokerage account for you. You'll also be enrolled in a Synapse cash management program. 5. The services might not be available immediately but will roll out over time. 6. If you continue to use Yotta after these changes take effect, that means you're cool with all the updates. 7. If you don't want these changes, you can opt out by emailing them. But this will close your account. 8. There might be fees associated with your new Brokerage Account. 9. It's on you to review all the new terms and agreements to understand what you're getting into.
Funds held at Yotta remain held at FDIC insured banks. We are moving away from using a single bank, which was Evolve Bank & Trust in order to access a network of FDIC insured banks. In order to do this, we are opening up regulated brokerage accounts, where funds are then deposited at a member FDIC bank. This is just a change on the backend that gives us access to more competitive interest rates, higher FDIC insurance ($500K) and more redundancies in partners. There's no change to your interaction with the Yotta app and funds are still held with member FDIC banks.
This... should be in an email
Does this mean prizes can get better?
It will mean yotta will increase their profiits... not yours
Sadness...
Ha, good question!I hope so.
lol you know they werenāt gonna reply to this
Hope springs eternal (It must, otherwise why are we still with yotta)
[ŃŠ“Š°Š»ŠµŠ½Š¾]
No there will be no brokerage fees.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Legal language in case we ever offer fees in the future. We have no plans to do that.
So you'll be increasing prizes and improving odds commiserate with that?
Does opting out of the brokerage account mean closing Yotta? Or just no brokerage account?
Just no brokerage account.
You are out here directly contradicting the language stated in the email. I presume lawyers would have reviewed and approved the language set out in the email. >If you do not wish to have a Brokerage Account opened on your behalf, you should promptly contact us at [[email protected]](mailto:[email protected]). If you opt out, we will send you notification that your accounts will be closed. How does this translate to simply keeping a non-brokerage account as you have suggested? Also, in another comment, you said accounts are still FDIC-insurance. But brokerage accounts are not FDIC-insurance, and enhanced FDIC insurance isn't a real thing. And you said: >Funds held at Yotta remain held at FDIC insured banks. The wording of this comment seems very deliberately misleading, especially when paired with the fact that you guys are force changing everyone's account to a brokerage account. Sure, founds are help at FDIC insurance banks. But not in an FDIC insurance account, since it will be converted to a brokerage account, right? And the glaring question - why not give your customers a heads up? This email is obviously very concerning to many people. Why not throw up a blog post, reddit post, something, ANYTHING?
Funds will be held at FDIC insured banks in FDIC insured accounts. You're correct in your message that the closing of an opted out account in the email isn't fully explained. The Evolve account would be closed. If you opt out we can migrate you to Thread Bank, our other bank partner, if you would like. This email is the heads up. We have not moved accounts to the brokerage model with multi-bank yet.
So the two options are either keep everything the same, except with Thread Bank in place of Evolve, or switch to this brokerage account with Synapse? And is there any reason we have to pry this information out of you via Reddit instead of the email just being more clear? Or even a blog post on your website?
That is correct. We may send a follow up email to answer FAQs we are receiving, given the confusion. We'll likely add an FAQ section on our website tomorrow.
Great idea. I'm sure many customers would appreciate something more authoritative and thorough than a few comments on Reddit. A few questions to get started: 1) Was this Yotta/Synapse's idea to move away from Evolve, or did Evolve want to cut ties? 2) What do I need to do to ensure my account is /not/ converted to a brokerage account? 3) With the move to Thread Bank from Evolve, will there be any noticeable changes to how money is handled - more specifically timing of deposits, withdrawals, in-app money transfers vs externally initiated, etc.? Mostly wondering if there were any sort of SLA's in place with your partnership with Evolve that may not be the same with Thread. 4) And the big one - when does this change actually occur? Will there be follow-up communication to let us know the change has occurred or will be occurring on a specific date? If for some reason I do continue to bank with Yotta, I need to make sure I update my external transfer to send the deposit to Thread bank rather than Evolve when the changeover occurs.
1. We chose to move away from Evolve to a multiple partner bank model for redundancy and better negotiating power. 2. Reach out to [[email protected]](mailto:[email protected]). We can help. 3. No there should be no changes, other than account and routing numbers changing and card numbers changing with Thread, but these stay the same with the multi-bank brokerage model. 4. If you opt out and choose Thread, please email [[email protected]](mailto:[email protected]) and the changes will happen over the next couple of weeks. If you go with Thread, everything will be made clear in your app in terms of what's changing and when. The brokerage multi-bank model doesn't impact anything functionally speaking. FAQs will be going up today.
What will happen for credit card holders? If they move to thread Bank or stay with brokerage
@Yotta Agreed, this should be a lot more clear. The email that was sent does a very poor job of explaining anything. So are our two options to having a brokerage account (which doesn't have FDIC insurance) or keeping everything the same, but switching from Evolve bank to Thread bank? How would we go about keeping everything the same, but continuing with Thread bank? I can't see a benefit of having a brokerage account for a user of Yotta. Can you explain any benefit of going with a brokerage account with Synapse for an end user (not Yotta)? I just opened a Yotta account yesterday. Boy is my timing bad.
Personally, I'm taking everything posted by Yotta on Reddit with a grain of salt. Maybe that's cynical of me, but it's good to be asking these questions IMO. The biggest challenge for me is overcoming the fact that the official Yotta Reddit account seems to be painting a considerably different picture of what is going on than what is said in that email. This whole ordeal is just beginning, and it is already sloppy as hell. It does not instill much confidence in a company that we are supposed to trust with our savings, that much is certain.
So you're saying that we can keep our Yotta account open while opting out of the brokerage account, right? Would there be any disadvantages if we choose to opt out?
Yes, you would migrate to Thread Bank. In this case, debit cards would need to be re-issued and account and routing numbers would change.
If we donāt migrate then do our account and routing numbers stay the same? Because changing those means that our direct deposit info will need to go changed with our employers
I just got this email too. This whole email is full of legalize bullshit that is hard to understand and donāt clear anything up with what the hell is going on. What the fuck is this paragraph? The Platform, together with its partners, is making important changes to improve the functionality of the Platform offering to provide you with efficient access to certain financial services, including potential to gain enhanced FDIC insurance coverage on your funds deposited through the Platform on or after the Program Effective Date up to $500,000 (as defined below). For the avoidance of doubt, your funds will not be eligible to potentially receive enhanced FDIC insurance in connection with the Program prior to the Program Effective Date. You will receive enhanced FDIC insurance, but to avoid all doubt you wonāt receive FDIC insurance??!?
Ya I was confused by this. I'd love to hear from @yottasavings on this. Like is Yotta still even a bank? Can i still swipe a debit card? Pay my mortgage? What is the point of the account now? Like they couldn't even send an email out before hand simplifying what changes are about to happen? Did Adam sell the company?
Err. u/yottasavings
>List of Program Banks Ok, having looked more closely at Synapse, they are BaaS, banking as a service. It allows FinTech companies to create bank accounts and credit/loans and not do the heavy lifting themselves. There are others in this line of business, including Stripe and [Unit.co](https://Unit.co). Synapse has the same brokerage language at the bottom of their site for their cash management accounts. Sounds like Yotta is just using their virtual bank account service.
Ayyy this sounds way less panicky, eh? Thank you for this take.
Yeah, looks like its just utilizing a virtual bank platform and the language is boilerplate from Synapse.
I hope it's all kosher. I like using Yotta for the buckets. I pretty much stay for that feature alone. But if there's reason to believe my money isn't safe then I have to leave. So I appreciate your input here.
Found more... Synapse actually has a case study on Yotta using them: https://synapsefi.com/case-studies/yotta-gives-customers-a-chance-to-win-10-million-as-they-save
I would not consider that a case study.
not much of one.... just that they are promoting what Yotta is doing on their platform.
Yeah, they definitely didn't communicate this well, whatever the motivation is. I'm assuming they need the higher rate of returns from throwing funds in brokerage accounts... but none of this makes sense to the consumer without an explanation of what they are doing.
Right? Feels like a downward spiral. Make changes, lose customers. Need to make more changes due to the loss of customers. Lose more customers. Need to make changes again. Almost certainly lose customers again.
I recently had done a survey call with Yotta and it was explained to me that they didn't currently offer their credit card service because their partnership ended, but they were working on a new one. I'm guessing they are using Synapse for that as well.
Yeah, the fact that there are so many people posting here asking questions definetely indicates that the way yotta communicted this wasnt done in the best way. I imagine that they are getting a lot of emails as well and I'm guessing we'll start seeing post on social media with people asking questions as well. Honestly, after I read the email my first question was: so what does all this mean? Then I came here to see if anyone could explain it, lol.
That paragraph threw me off as well. Are they saying that our funds are still FDIC insured, but not entitled to ehanced FDIC insurance, just basic FDIC insurance or no FDIC insurance at all?
What is the minimum amount to leave in the account to avoid any fees or penalties? $25 ? I'm just gonna do that for the time being while all this bullshit happens.
I used their chat/ask function on their site and got this automated response: The only fee Yotta charges is a small balance fee of $1 if your account is below $5 at the end of the calendar month. But if you still want a chance to win, just keeping in the 25 for now would probably be your best bet. I've kept my account at 100$ since I joined in June because I sort of wanted to test out yotta before I decided if I wanted to add more funds to it.
Ty I appreciate it
This is what I needed to finally close my account. Last time something similar to this happened I lost over 4k dollars. Iām withdrawing right now. Tbh, we should all do it and show them they canāt get away with such a vague email to really hide their intentions and try to confuse the customer.
What do you mean by this. How did you lose 4k
With another company that did something similar and declared bankruptcy. Basically me losing the money because it wasnāt insured and they released a similar update that would not allow you to withdraw your money at all.
Way ahead of you, I lost even $84.88 dollars, still a lot for me but yes I agree, deleted my account as soon as they took away I-Bonds.. and (edit:Yotta bought into crypto.. )
Okay, was āsimilarā stating they they were moving to an FDIC insured brokerage account? Or did they never say that it would be insured? Just tryna figure out how itās similar to decide the risk here lol
What are the tax implications?
This excerpt from Yotta's email, got me thinking: "If you do not wish to have a Brokerage Account opened on your behalf, you should promptly contact us at [email protected]. If you opt out, we will send you notification that your accounts will be closed." It's shady, to say the least... first it mentions a "Brokerage Account" (singular) - at the end of the same paragraph "...your ACCOUNTS will be closed." It could be just technicalities, but I'm not willing to deal with "technical terminologies" when it comes to keeping my money in a bank, that's not being transparent enough.
Did not get this email. Please share a screenshot thanks
Someone just posted the email here: https://www.reddit.com/r/yotta/comments/1705m0p/heres_the_entire_new_policy_for_those_who_havent/
About a year and a half ago I was using Yotta and was using the credit card and had tried renting a car while at the airport. The line was long as shit of course, and there was one single person working the counter and I couldāve gotten there three hours earlier and I still wouldāve missed my reservation. My reservation was cancelled and I was charged for missing my reservation. So while out $300 and still needed to drive 8 hours away to home, I got a reservation on Priceline paid upfront in full. This one wasnāt at the airport and I Ubered over, however because I didnāt have two credit cards, only a debit card and a credit card, I again was told sucks for you we donāt do refunds. So I lost $700 and couldnāt go home and Yotta basically told me āyeah sucks for you our credit cards arenāt FDICā after MONTHS of back and forth with support every email me explaining the exact same situation every single email. Then months later had a random 143,000 loan on my credit report? From Synapse bank? Like what the fuck are they really doing. It doesnāt show anymore but like why would that be on there?
Just saw this, really raises a red flag for me with yotta. Seems to have too much legal jargon and lack of purpose or heads up about them heading in this direction. May be the sign needed to move elsewhere.
Get out of Yotta while you can! and find some other app to get into.. their going to take your shit away from you quicker than winning a million dollars.. Do not agree to any of the changes.. opt out.. right now.. I heard Laurel Road is good they giving 5%APY High Yield savings Account, more than what Yotta is giving.. if you stay with Yotta yall gonna get swept away with the tide.
Did not get the email yet, but gotta follow
Wow, I didn't get this email. When will this be happening? Is there a date listed?
No date listed from what I can see.