Could What Happened at Yotta Happen at Vanguard or Fidelity?
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- čas přidán 26. 06. 2024
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Resources Mentioned in this Video:
List of Accounts w/ Extended FDIC Coverage: www.allcards.com/bank-account...
Yotta: www.withyotta.com/
Yotta in February: web.archive.org/web/202402071...
Yotta history of problems:
www.withyotta.com/payment-pro...
Yotta Bankruptcy Status Report: www.cravath.com/a/web/gKmGbBU...
Vanguard Cash Plus Account: investor.vanguard.com/account...
Fidelity Cash Management Account: www.fidelity.com/spend-save/f...
Timestamps
0:00 - Yotta
3:02 - What happened with Yotta
4:26 - Synapse
6:16 - $85 million missing
6:49 - Fidelity and Vanguard
8:14 - Could what happened at Yotta happen with Fidelity and Vanguard?
9:34 - Fidelity FDIC insurance
10:27 - Vanguard terms of use
11:09 - Are these arrangements without risk?
11:57 - Asking for your money
14:00 - Financial Freedom
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While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.
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A viewer sent me an updated Trustee report on Yotta which not estimates the shortfall at between $65 and $96 million! www.cravath.com/a/web/35oE6X3To78RBSqhCBM2t5/9bU16A/9890-268-06_13_2024-pacer268-main-document-012731-00001-central-district-of-california.pdf
If Graham Stephan promotes Fidelity, I’ll know it’s time to move all my accounts elsewhere lol.
😂😂😂😂😂 so true
lol yep
Lmfao
Hasn't he promoted or reviewed Fidelity in the past?
@johnniequinn3215 yeah he's definitely promoted Fidelity. I guess we should all run? 🤣
A non-bank acting as a retail bank and relying upon intermediaries is just too many layers.
Coffeezilla (another CZcams channel) did a video about 2 weeks ago on Yotta (CZcamsr bank won't let you withdraw money), giving more of its history and diagramming how Synapse sits in the middle.
Sounds illegal.
I didn't know exactly why, but the size of Vanguard is why I chose them for a HYSA over a company with a higher rate but a name I wasn't familiar with.
I had an account with MF Global (futures) when it suddenly filed for bankruptcy in 2011. My money wasn't frozen, it disappeared. Jon Corzine the CEO testified before a House committee that he simply did not know where the money was. It took a few years to be made whole by the bankruptcy court. What a mess it was.
Heard about that. It was gold bricks made from paper Mache.
Had a few friends that had money at MF. Extremely stressful situation for them. I am sure that was stressful time for you too.
Thnks Rob for keeping everyone informed.
I was at Yotta for a while and, initially, it offered a way to make some yield in a very low rate environment. Over time, the advantage over the market faded and I pulled my money out. Very happy I did so now.
In the wise words of Robert Reich, money should be boring. When companies like these modern FinTech companies come to the market with "prizes" and trendy websites, you can almost guarantee they're on loose footing and your money could tumble along with them.
Yotta isn't actually the one that failed here, it was the "boring" custodian called Synapse.
Of course, Yotta actually did produce their own likely future demise by delving into gambling instead of their PLS roots, but that's a different topic (and one that has yet to play out).
I am dusting off my Dad's old cigar box😀
100% sure way to lose money
Great information that everybody should know. Thank you.
thank you. appreciate your advice.
"Banking for Winners" already has my scam radar ringing.
Exactly, looks shady AF.
No joke - they paid people via lottery. There were drawings and the amount of money you deposited earned you tickets. Yotta would draw winners and then pay into them like big bursts of interest but for only a few lucky winners
Reminds me of years ago, the transit company in my city had an ad campaign "winners ride the bus."
Wow whoa scary!
😢❤❤
Thanks for your research. Always informative and helpful !!! Great Job!
Interesting, thanks for bringing this to my attention.
On my end, I had some direct dealings with Enron and Arthur Andersen during my business career. I was fortunate and sensed something was wrong before their collapse. However, as a result, I do not trust any institution, audit firm, or regulatory body to look out for my interests.
My approach to avoid an Enron (or in this case Yotta) like disaster is to take diversification also to the institutional level.
My assets are spread between 5 different major Financial Institutions (you mentioned two of them in this video). My hope is that if one of them is either badly mismanaged or guilty of gross fraud I will still have assets available for my use that are held in other reputable and solvent organizations.
Do not put all of your assets in one asset class or financial institution, is my operating principal.
Agree .. good plan.
Have my regular bank, with multiple types of accounts and paid loans/mortgages, customer since I was 5 years old. 50+ years now.
Also have about a 15 year relationship with a local decent sized credit union, with small checking, savings, credit card and multiple CDs (good rates)
Also have Fidelity, Schwab, Janus Henderson.
Diversification is so important. In every way. Keep assets in multiple categories and multiple institutions, it’s more work to keep track of it all, but it spreads risk.
Interesting 'detective work', Rob!
Great info, didn't know this, thanks Rob!
Excellent presentation.
Thank you for this excellent video and information.
*YT Quick Survey #13:* For your shared investing ideas, what do you think will be the next Apple/Microsoft in terms of growth?
None for now. It's getting harder to predict market trends post covid, the market can go down anytime and eat your whole deposit. Sadly, 0% rates pushing everyone back into the market.
Hi Anthony, your profit margin is quite impressive for a beginner. Good for you!!!! inadvertently, i sold a boatload of my portfolio recently. pls, can you share your spreadsheet or journal??
Nvidia. Just split so shares are more affordable. Now the largest market cap.
Thanks Rob.
That's why I use an old-fashioned brick/morter bank for checking and emergency savings. In a pinch, you'll need the in-person services they offer. Plus, it's FDIC insured.
Credit unions help circulate the money closer in your community, and have equivalent insurance protection.
@georue98 True. I belong to a credit union through my job, and it is an alternative to brick/morter banks. But CU's are really bare bones. You have to be cool with that.
Small banks are getting riskier by the day. Too many failures and consolidations. Soon it will be Chase or nothing. Chase is already twice as large as the second largest bank and continues to swallow up other banks.
Soon if you live in a small town there will be no bank with a physical location. My relatives in the Midwest are already seeing this. They had to drive 40 miles to get to their closest bank branch and Chase does not service their city of 8,000. They wanted to be able to go in, so we moved them to another Midwest regional bank with a physical location in their town. But seeing how dead it was I suspect that will branch will close soon.
Hummmm...I guess you have never heard the expression, "A run on the bank." "In person service" stops, the day they shut and lock their doors.
What stupid response. If you read my initial comment, I use a brick/morter bank for checking and emergency savings that's it. If you're worried about the sky falling, there's plenty of companies out there pushing gold. But I suspect you keep your money buried behind the drywall next to furnace.
Is it safer to split assets between Vanguard and Fidelity in case one or the other has assets temporarily unavailable while cases wind their way through the legal system?
Flourish is a similar fintech. Their terms of service don’t mention a third (fourth?) party used during sweep.
Thanks Rob.
Somewhat unrelated question for you: When using a software package like New Retirement (NR) it has the option to link your financial retirement accounts so that the amounts in NR are updated automatically. Is this a safe practice?
I use Fidelity for my checking, brokerage and IRA accounts... so yes, that would be a big problem.
Fidelity, Vangard are Mutual Fund (1940 Act "Investment Company Act") firms, and very large ones. They will likely run their treasury operations (the bank facing part) through numerous correspondent arrangements with banks. Often this will be major banks (the video shows Citibank, Wells, UBS, American Express along with a number of regional banks). Brokerage and IRA fall squarely in an area where it is common to use mutual funds, which means that there is market risk, but also potential for gain in rising markets. Banking and Securities are under separate regulators, get examined by entirely separate examiners (my background is in securities regulation and examinations), and have insurance based entirely differently. Yotta looks like something trying to attract bank money, but which also is not technically a bank at all, because it works off of "prizes" or some kind of game for outsize rewards. So this really is Apples and Oranges.
It's probably best to have some day-to-day actual bank (I use Credit Unions, which also employ correspondent banks), at least for when disbursements truly must clear (e.g. down payment on a car, or home) and you must get credit for deposits with the most rigorous processes (e.g. This is a small business).
It can make sense for less critical transactions, but even on regular activity to use enhanced banking attached to securities accounts (I'd work to see they use regular literal banks), I'd just not recommend customers put all the eggs in only that basket. It's trendy to somehow put suspicious eyes upon Vanguard, or Fidelity (especially Blackrock these days), but actually these are gigantic, highly technically run entities with many decades of infrastructure and enormous ongoing revenue (they literally earn a tiny fraction of all the Assets Under Management, or AUM regularly). I have worked for such a firm, and if anything, I believe the biggest risks of this type of outfit are over spending, or excesses of luxury within the group. Vanguard, in particular, was founded on the principle of avoiding excesses of luxury within the operation (they were known for not having fancy offices, or office furniture; probably it's somewhat different today), and offering very low expense ratio (the costs each year of having the fund; expressed in basis points or hundredths of a percent; many Vanguard funds are showing as lowest cost by type).
I have my money spread by use-case. Fidelity holds my HSA. I have a personal brokerage account and checking account not currently used for flexibility. I do day-to-day banking with Chase, that also has a brokerage account t I park cash until I decide what to do with it. Then I have IRA separate from the others. If one goes down, my exposure is limited and I have enough at the other two to cover until assets are recovered.
me too
Is Raisin similar to this procedure of money transfer?
Is Raisin one of these Fin Techs that uses/used Snaps?
If it happens to Vanguard I am Effed!
Great Video!
Thanks for doing this. I have seen the ads you showed in my Fidelity accounts. I was unsure how they worked, so I appreciate your explanation. In general, I have been parking cash in T-Bills. I figure, that if the Fed rolls over and dies, things will be so bad that the money won't be worth much. Plus, since I live in a state with an income tax so I like the state tax exemption of T-Bills.
Understand that the same intermediary ledger problem exists if you buy t-bills through a brokerage like Fidelity. You don't actually own registered shares or treasuries when you purchase through a brokerage like Fidelity. Fidelity owns them and you are the beneficiary. You can directly register stock shares for some things at Fidelity, but not for treasuries.
@@hanwagu9967 good to know. I use Treasury Direct. No use in having a middleman.
Are T- bills liquid?
@@blew3749 not by design. Bills are timed based at 4, 8, 13, 26, and 52 week maturity. If you want to go longer you buy T-Bonds instead and these pay interest every 6-12 months and got to 20-30 years. All these can be purchased from the Government's Treasury Direct web site. There are secondary markets in these that buy and sell these, but I have no experience with them or their fees.
@@blew3749 yes, they are liquid so long as there is a buyer on the secondary market.
You’re asleep if you don’t realize that companies have outsourced all aspects of their business. Bill pay, banking services, loans, etc. Corporate America believes in cloud and clouds foundation is outsourced services.
I have used Wealthfront for my HYSA for some time now with no issues but this has me alarmed.
does this affect brokerage accounts and IRA or only the cash managements portion of the accounts?
What about Raison's arrangement with partner banks, does that share a similar risk?
Hello. Thanks for the videos. Question: If you are already past the age when you can take distributions without penalty but you are still working, is it better to keep contributing to a 401K or just switch to building up a regular taxable brokerage account. Also does it make sense always to keep something in a regular FDIC protected bank, or is a brokerage cash account considered about as safe. Thank you.
Old school here. No fancy apps on my phone. And I work on phones.
No way I put anything on my phone or pay by phone. I pay bills from my computer in my home office area. The two local regional banks I deal with, the branch relationship managers know me by name, even the tellers.
@@betz6507 your desktop has more security liabilities than your phone
Me neither. Putting banking apps on your phone offers another avenue for scams. Like the " "How are you doing...." from an unknown caller.
Yeah I've been pulling most all of my funds out of FinTech Wealthfront and putting them in money markets
Rob, thank you for educating me about these intermediaries like synapse. Your caution is well warranted. We need to apply the same cautious attitude not only when we deal with these fintech apps but also with many other financial institutions and intermediaries. There could be individual bad players who can get around these checks and balances put in by the financial institutions.
We need to consider the following choices:
1. should you place all of your equity investments in one brokerage such as Vanguard OR divvy up into one account at Vanguard and one account at Fidelity for example.
2. Should you invest all of your equity into Avantis Family of Funds OR divvy up between ishares, Vanguard and Avantis family of funds
3. Should you place all of your assets into one joint account between yourself and spouse OR open multiple accounts under various capacities such as Individual, Joint, Trust etc.
Rob, you link to a lot of Rasin offerings. How do they compare to Yotta?
That's a good question. I don't know if Raisin uses an intermediary for transfers to banks. Let me see what I can find out.
Hi Rob, I saw mention of Raisin in comments below, but I missed any reply by you. Is raisin a different set up?
Rob trying to talk to vanguard is like talking with the lord. You need to die if you want to see them. Vanguard has gone down with service. I loved the good old days when jack was alive.
Good news is Vanguard actually exists.
“Fidelity” is spelled wrong in the title.
What about Raisin, neé SaveBetter? They are a FinTech that distributes funds to Member FDIC banks.
Raisin uses two FDIC insured banks: one as a service bank, the other as custodial bank. This is different than Yotta, which used Evolve as the service bank and Synapse Brokerage to manage the cash management accounts. Synapse bankruptcy means no FDIC coverage, because it isn't a bank; whereas, if either Raisin's service or custodial bank went bankrupt they would be FDIC insured, so FDIC could step in.
So I take it this risk does not apply to holding stocks or bonds through these companies, just the banking/cash functions? Any parallel weakness for online brokerages?
Ya I don’t care about my cash- that is all fdic insured. It’s the other crap. The majority of my portfolio.
Holy cow. This is an eye opener. I use one fintech for its hysa offerings. I am closing that one today.
What are the similar risks at Raisin? I recall Rob had a video discussing that if Raisin goes belly up, it is no big deal because the money are kept at banks and one can always unscramble where the money went.
I have the same question, however, the difference with Raisin is that the customer specified which bank or CU to put their money into. I suspect the FBO accounts are in customers' names. I've received regulatory privacy notices from banks/CU I have used in the past. When Raisin goes T.U., I suspect it will not be too difficult for partner banks/CUs to send us checks. But I don't know if Raisin maintains the ledger, or an intermediary.
the risk is the intermediary; however, Raisin uses two FDIC insured banks as intermediaries (one for service and the other for custodial). Unlike Yotta which used a non-bank Synapse which went bankrupt, if either of the two banks Raisin uses as intermediaries failed, then FDIC could step in. FDIC doesn't apply to non-banks, which is the snag with Yotta-Synapse. I said could step in, but since your money isn't sitting in either of the service or custodial bank. If either the service or custodial or both went bankrupt, I can only presume FDIC would step in to untangle the program ledger of the failed service or custodial bank to repatriate deposits held in program banks.
Raisin does use an intermediary similar to this case, so it would have a similar vulnerability.
But yeah, as hanwagu mentioned, at least Raisin's intermediaries are actually banks, so there is FDIC protection if they do go belly up.
Rob recommended Raisin, so I thought. Rob is Raisin in the same situation?
What about Betterment or Wealthfront HYCA? Those are FinTechs that use a third party for cash savings and allegedly insurance.
Both use their inhouse brokerage arms to manage the programs with partner banks, so there is no intermediary problem that affected Yotta.
@@hanwagu9967 Have u confirmed that? Everything I have read says Wealthfront has not fully answered this question. And the fine Print at WF concerning their cash savings, notes that in the case of a failure the customer will get all or most of their funds back. "Most" is not reassuring.
@@OffGridandOutdoors it's listed on their home page in fine print. "Clients of Betterment LLC participate in Cash Reserve through their brokerage account held at Betterment Securities." "Cash Account is offered by Wealthfront Brokerage LLC ('Wealthfront Brokerage')...We convey funds to partner banks". They say most because it's possible you may have more than the FDIC limit at any given bank.
What about Raisin (Savebetter), Rob? Do you still recommend them?
I removed my money from Raisin & Upgrade for this exact same reason. They are Fintechs that use Custodian Banks as well. I’m not taking that risk with my hard earned money.
I have my cash savings at Wealthfront. The money is FDIC insured, but the bank doesnt track your money so it may be stuck if the chain breaks down.
Gives me pause.
Same
Christ, I can’t think of an any more of a participation trophy way of banking than this. People thought this was a valid business model?
I just use VMFXX (Vanguard Federal Money Market) which is invested in ultra-short duration treasuries. It's currently yielding around 5.6%, principal value is always $1/share, with a .07% expense ratio. I figure, if things TOTALLY go to hell, FDIC will be useless, as well; since it is also a Government "guarantee", just like individual treasuries are, so we will all be equally SCREWED, anyway.
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
Vivian Carol Gioia is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I find this informative, curiously explored Vivian on the web, spotted her consulting page, and was able to schedule a call session with her, she shows quite a great deal of expertise from her resume.. very much appreciated
The FDIC fund covers only a small fraction of deposits in banks. If there were a massive run on member banks the FDIC would have to go to the federal government and the fed for a stop gap measure. Are deposits insured, sure but each and everyone of us. The taxpayer.
This is why I have not accepted SOFI's offer to increase FDIC coverage to over $250k. I'm actually close to $250k I'm just going to go open another high yield savings account at another bank.
That's what I did with my parents trust, had 2 accounts (american express & marcus).
Is Yotta the same as Raisin?
What about Robinhood? I'm thinking about joining them and get their credit card.
I keep my money in the Vanguard money market account getting 5%+. On the first of the month I transfer out my expenses to a local bank. I think I'm safe.
What about M1 Finance? My dealings with them leave me with concerns. I think they use an intermediary. Is this so?
Yes they do. They aren't a true broker/dealer like Schwab. I opened a small account with them, then they started charging fees (which Schwab doesn't), so I closed the account.
Does the FDIC have a special program to cover these sweep accounts? Looking at Vanguard's terms, it looks like they commingle customer funds into single accounts at partner banks. The partner banks don't have records of how much each person has put into the omnibus accounts.
So, if a partner bank fails, how do you know you're covered? These accounts certainly have WAY more than $250k in them.
No, FDIC doesn't have a special program to cover these sweep accounts. The funds at program bank is held in an omnibus or similar accounts. If the partner bank fails, FDIC would go to whoever is administering the program to identify all the beneficiaries and the beneficiary amounts. The problem is when the administrator goes bankrupt or doesn't manage the ledgers correctly.
@@hanwagu9967 I guess my question is whether FDIC insurance is per beneficiary or per account. If it's per-account, I don't see how that provides any real protection.
@@supersat FDIC insurance is per depositor per insured bank. If you had say $250k with BofA directly, then you put another $250k in the Vanguard Cash Plus account thinking you'd increase your FDIC limit but if BofA was a Vanguard program bank and the $250k with Vanguard Cash Plus account went to BofA program bank, you'd have $500k total with BofA but only $250k would be FDIC insured. This is why the fine print says you are responsible to ensure your combined deposits at any insured bank is below the FDIC threshold per depositor.
Whatever you do, don't use Vanguard. Their tech is ancient and their tech staff are 5th tier. They've had MANY tech failures and data loss over the last 15 years and none of it has been publicized.
Rob, are these Fintechs not regulated? This looks like a problem that must have been forseeable if there had been good oversight.
fintech platforms are not, but the brokerages and banks behind the platform storefront are.
To be clear, related to Vanguard, is what you’re talking about related to their Federal money market fund?
no, he's talking about Vanguard Cash Plus bank sweep account.
You just keep a small amount in the cash management account, the rest (brokerage, IRA, etc.) doesn’t have the risk of using intermediary banks
It's all good until it isn't.
Maybe 85 million will "turn up" ROFL
Does Schwab work like Fidelity and Vanguard?
No. Schwab bank is an actual bank for the checking account. Vanguard and Fidelity don’t have a bank so they do cash sweeps to partner banks. Schwab the brokerage does cash sweeps to Schwab bank and TD bank but you get almost no yield so you need to use an mmf.
@@RespectfullyCurious Thank you!
Usually, Vanguard and Fidelity are mentioned along with Schwab. This time, Schwab was not mentioned. Is Schwab not doing this Yotta thing, even in-house rather than through a 3rd party?
Schwab actually has a bank line, Schwab bank. They don't have cash managed accounts that act like banks the way fidelity and vanguard do
@@RubyPC2 Thank you. I've been thinking of opening an account there or at Fidelity, and this makes the decision much clearer for me.
I buy government money funds from brokerages for my cash
Is Ally doing the same thing? Not sure they are partnering with other institutions in the same way.
Ally does not have partner accounts. They were formally GMAC Bank
Thanks
The FDIC Insurance amount needs to be raised again.
Research and good grounding in the tech aspects really matters. FDIC is only around actual banks. There is SIPC insurance over securities accounts, but that operates differently than the cash and bank coverage. There are entirely different regulators and rules for banking, and for the securities world. Ultimately any coverage by national insurance is a government guarantee at best, and can go very wrong when nationwide or worldwide problems arise.
@@crtunethe only national problems that could effect the FDIC guarantee are things like nuclear war, economic collapse, etc. It’s not that these events are impossible, it’s just that if they occurred your $250K would probably be worthless anyway
@@TonyCox1351FDIC is useful for individuals, but for even a medium sized business they need a good bit more just to cover one pay cycle. That was one of the concerns with SVB, that so many startups had company accounts way over $250k for their payroll.
Note the Yotta customers don't have their money because no bank failed so this is not an instance where FDIC coverage gets triggered.
there are a couple ways you can increase your overall FDIC limit at any given insured bank directly.
I don’t think Coffeezilla mentioned the missing money so that’s interesting.
coffeezilla suffers from the same criticisms he doles out against other YTers. Just because you have a YT channel and a mic doesn't mean you know anything about the topic beyond the headlines.
You can't entirely eliminate risk, but in my mind it's always better to go with the big companies rather than startups and boutique firms.
What about Raisin?
Raisin uses two FDIC banks: one as a service bank and the other as custodial. If either were to go bankrupt like Synapse, FDIC would kick in since there would be a bank failure. Synapse is not a bank so there is no bank failure so FDIC does not step in.
grape minus water
I'll bet George Santos owned snaps 😆
Use a normal small town bank for cash and use a brokerage company to invest with. Skip the new online bank crap. Do research before using random online banks. 👍
RESEARCH, is your friend. Get to know what is meant by 1940 Act (Investment Company Act) and how they work basically. Get to know what is meant by actual "bank", as opposed to quasi-bank. Higher rates mean that the firm is trying to gather in cash. It's worth it to not always pursue high rates, or at least not put all the eggs in one basket. Diversify. Learn the finance world lore.
normal small town bank pays essentially no interest. I only have no-interest checking accounts at local banks. Their interest-bearing checking account pays like 0.01%. It's not worth the hassle at tax time.
Agreed. Local banks for liquid cash like checking accounts
.... But investments should be in a brokerage type account
Yotta news happened about one week after I had decided to use Goldman-Marcus for my HYSA. It confirmed why I was willing to take a little less then the Glamour Rates at other lesser known internet banks/amalgamaters
Kind of like crypto and NFTs, online Fintech is bullshit
ITS INEVITABLE ❗
stop
@@crohmer 😊 You know its coming... BUT will it be FIDELITY, SCHWAB or my Vanguard ⁉
Fun fact Rob... I see your comic book (graphic novel) volume ROM on your bookshelf. Well, ''ROM," is also software/program used internally at brokerage firms for orders... "Retail Order Management" if I remember right. Lol.
I can pretty much guarantee you that the guy who owns the printing press can always pay his bills.
What is a yotta??? Let's at least start there. Fidelity has local branches where is yotta baby? Exactly. Fidelity also has brokerage accts not just savings or 401k not saying anything is perfect but apples oranges. Love your page ❤
The steps from Yotta to Synapse to Evolve Bank leave a lot of room for money to disappear without anyone noticing. This can go on for a long time - as individual customers ask for money, there are funds to pay them, but if everyone asked for all their money, there wouldn't actually be enough at Evolve Bank. It looks to me like Evolve Bank started investigating, and Synapse cut them off, and then declared bankruptcy. You can draw your own conclusions about what probably happened.
Is Yotta the same size as Fidelity or Vanguard?
Yotta isn't the same kind of entity as Findelity and Vanguard.
Yotta: ~$120 million
Fidelity: ~$5.3 trillion (440,000 times Yotta)
Vanguard: ~$7.2 trillion (600,000 times Yotta)
So, yes, they are "just a little bit" bigger than Yotta 😉
So should we be worry?
yotta yotta 🙄
If they don't have a building that I can walk into and talk to someone in person, I stay away.
Even if they have a building, doesn't mean anything. SVB had a building.
if they don't have a place, they are nowhere and everywhere, so "no matter where you go, there you are" - buckaroo bonzai 😉
Yes that's why cash at home is so important. Make enough to have a comfortable life then the excess, keep in the form of cash. Keep enough in the bank to pay your bills electronically but that's it.
yotta = yadda?
Click bait waste of time. Compare Vanguard to Yotta is risable.
Robinhood is another one.
There went 14 minutes of wasted time. Rob coukd have just said, "I don't know," 0:09
Rob i can tell
your wearing an FSU shirt under your untuckit - let it out buddy, prove your intelligence !!!!
It’s a special The Ohio State University football t-shirt. Rob knows.
@rob_berger With the recent changes to M1 Finance, are you still a proponent of using them?
There went 14 minutes of wasted time. Rob coukd have just said, "I don't know," 0:09
There went 14 minutes of wasted time. Rob coukd have just said, "I don't know," 0:09
There went 14 minutes of wasted time. Rob coukd have just said, "I don't know," 0:09
There went 14 minutes of wasted time. Rob coukd have just said, "I don't know," 0:09
There went 14 minutes of wasted time. Rob coukd have just said, "I don't know," 0:09
There went 14 minutes of wasted time. Rob coukd have just said, "I don't know," 0:09
There went 14 minutes of wasted time. Rob coukd have just said, "I don't know," 0:09