Business Profile

Financial Technology

Yotta

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Initial Complaint
11/11/2024
Complaint Type:
Service or Repair Issues
Status:
Unresolved
The business responded to the dispute but failed to make a good faith effort to resolve it.
I have $184 dollars in my Yotta account and have not been able to access my funds for almost a year.
Business response
11/26/2024
****** has launched a website ************************** which includes resources for end users including FAQs about the reconciliation process, as well as information about the process to disburse end user balances at Evolve. Please visit their website for information on the reconciliation and distribution ********** facilitate the distribution, Rust Consulting, an Exela Technologies brand, will serve as the administrator to disburse funds to end users of Synapse Brokerage that the Bank has held since the Synapse bankruptcy. On November 4, 2024, Rust started sending an email to end users who have a balance at Evolve.
If you did NOT receive an email, you should follow the steps below to start the appeal process to dispute the balance ****************'s how you can file an appeal: ***************************************************************************** well as contact the Evolve customer support for reconciliation at ************.
In the appeals section on the website there is an option for not having received an email and asks for other information.Evolve's primary regulator is the *************. You can contact the St. ********************* at ************** to let them know the impact this is having on you and the urgency of the matter. You can follow the steps here to submit a complaint: ************************************************************************************ can also contact the ***** the phone number for their complaint line is
**************. To file an e-complaint follow the steps here:
**********************************************************************.

Customer response
11/26/2024
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

Please see the attachment. It shows my balance,however,Evolve is stating they are not responsible for it. There is stil no solution for me to withdraw my funds.

Thank you!

In order for the BBB to appropriately process your response, you MUST answer the question above.

Sincerely,

**** ******

Business response
12/16/2024
****** has launched a website ************************** which includes resources for end users including FAQs about the reconciliation process, as well as information about the process to disburse end user balances at Evolve. Please visit their website for information on the reconciliation and distribution process.
Customer response
12/17/2024
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

This is the same response given last time. Again it shows my balance but states they are not responsible for it. Please see prior attachment.

In order for the BBB to appropriately process your response, you MUST answer the question above.

Sincerely,

**** ******
Initial Complaint
10/24/2024
Complaint Type:
Sales and Advertising Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Transaction processing was disabled about 6 months ago due to a bankruptcy of their partner ***********. I have 496.78$ in a checking account with **********************, and have not had access for this last 6 *********
Business response
10/24/2024
We are experiencing difficulties with payment processing on ***s, *****, and our debit and credit cards due to an outage with Synapse Brokerages banking processors. We are actively working on a resolution.
On May 7th, we were notified that ************, member FDIC, halted *** processing for all Synapse Brokerage accounts and that *********** & Trust, member ****, would now process *** transactions on behalf of *****************. Yotta customers hold accounts with Synapse Brokerage. On the evening of May 11th, we were notified by ****** that they would be halting payment processing effective immediately. These events have left Synapse Brokerage without an *** processor, and Evolves decision to freeze cards is causing all card transactions to fail. At this time there are no alternative methods for money movement.
As stated in all brokerage account agreements, customer funds in the Synapse Brokerage Program are swept (deposited) into accounts at a network of member **** banks. Funds held in these accounts are eligible for *************** All programs that work with Synapse are impacted by this. *** transfers and card transactions will not go through until banks restore their services.
We understand the importance of this matter and are working around the clock to get *** and card processing restored, which will enable customers to transact. Ultimately, it is up to Evolve to restore card services, and Lineage or Evolve or another processing bank to restore *** services. We are in contact with regulators to expedite a resolution, since this is unacceptable.
Initial Complaint
10/21/2024
Complaint Type:
Product Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I deposited $18,000 to Yotta account but cannot withdraw money to re-invest in another saving account. ********************** saving account is not yielding any returns.
Business response
10/22/2024
We have reached out to *********** regarding the status of its reconciliation process, which they had informed the bankruptcy court was expected to be completed by October 18th. Evolve relayed to us that they will be providing additional information following the completion of the reconciliation, but we do not have details on when they will be providing that to us. The next hearing will take place on 10/23/2024.
Initial Complaint
10/21/2024
Complaint Type:
Product Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Yotta refuses to allow me to withdraw funds from my account. I am only requesting a withdrawal of $26.30. I have read countless reports of this entity refusing to allow withdrawals and I am starting to think that it is just a scam.
Business response
10/22/2024
We have reached out to *********** regarding the status of its reconciliation process, which they had informed the bankruptcy court was expected to be completed by October 18th. Evolve relayed to us that they will be providing additional information following the completion of the reconciliation, but we do not have details on when they will be providing that to us. The next hearing will take place on 10/23/2024.
Customer response
10/23/2024
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

I want to be able to withdraw the money that I invested in this company. I was never made aware by this company or any other entity that the company had intended to file for bankruptcy or take any other action that would jeopardize the funds that I had placed in their care.

In order for the BBB to appropriately process your response, you MUST answer the question above.

Sincerely,

***** ******

Business response
10/25/2024
We can confirm that as of 10/25 this is the most up to date information available. Unfortunately we do not have any additional details to share at this time.
We are experiencing difficulties with payment processing on ***s, Wires, and our debit and credit cards due to an outage with Synapse Brokerages banking processors. We are actively working on a resolution.

We understand the importance of this matter and are working around the clock to get *** and card processing restored, which will enable customers to transact. Ultimately, it is up to Evolve to restore card services, and Lineage or Evolve or another processing bank to restore *** services. We are in contact with regulators to expedite a resolution, since this is unacceptable.
Initial Complaint
09/11/2024
Complaint Type:
Product Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I opened an account with Yotta in October 2022 in order to purchase a bond. I purchased a $1000 bond and also opened a savings account which has $126.51. I have been unable to access ANY of my money and keep getting an autogenerated explanation blaming SynapseFi with no resolution in sight . There is no ability to speak to a live customer service representative. At this point I believe that YOTTA is a SCAM and I will NEVER see my money again!!!!!
Business response
09/11/2024
We are experiencing difficulties with payment processing on ***s, Wires, and our debit and credit cards due to an outage with Synapse Brokerages banking processors. We are actively working on a resolution.
On May 7th, we were notified that ************* member FDIC, halted *** processing for all Synapse Brokerage accounts and that *********** & Trust, member FDIC, would now process *** transactions on behalf of Synapse Brokerage. Yotta customers hold accounts with Synapse Brokerage. On the evening of May 11th, we were notified by Evolve that they would be halting payment processing effective immediately. These events have left Synapse Brokerage without an *** processor, and Evolves decision to freeze cards is causing all card transactions to fail. At this time there are no alternative methods for money movement.
As stated in all brokerage account agreements, customer funds in the Synapse Brokerage Program are swept (deposited) into accounts at a network of member FDIC banks. Funds held in these accounts are eligible for *************** All programs that work with Synapse are impacted by this. *** transfers and card transactions will not go through until banks restore their services.
We understand the importance of this matter and are working around the clock to get *** and card processing restored, which will enable customers to transact. Ultimately, it is up to Evolve to restore card services, and Lineage or Evolve or another processing bank to restore *** services. We are in contact with regulators to expedite a resolution, since this is unacceptable.
Initial Complaint
09/11/2024
Complaint Type:
Product Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
The company Yotta has held on to my monies and will not let me withdraw. This has been for over 6 months now. How can we get our money back. They claim the bank is holding our monies. This seems illegal and theft activity or fraudulent.
Business response
09/11/2024
We are experiencing difficulties with payment processing on ***s, Wires, and our debit and credit cards due to an outage with Synapse Brokerages banking processors. We are actively working on a resolution.
On May 7th, we were notified that ************* member FDIC, halted *** processing for all Synapse Brokerage accounts and that *********** & Trust, member FDIC, would now process *** transactions on behalf of Synapse Brokerage. Yotta customers hold accounts with Synapse Brokerage. On the evening of May 11th, we were notified by Evolve that they would be halting payment processing effective immediately. These events have left Synapse Brokerage without an *** processor, and Evolves decision to freeze cards is causing all card transactions to fail. At this time there are no alternative methods for money movement.
As stated in all brokerage account agreements, customer funds in the Synapse Brokerage Program are swept (deposited) into accounts at a network of member FDIC banks. Funds held in these accounts are eligible for *************** All programs that work with Synapse are impacted by this. *** transfers and card transactions will not go through until banks restore their services.
We understand the importance of this matter and are working around the clock to get *** and card processing restored, which will enable customers to transact. Ultimately, it is up to Evolve to restore card services, and Lineage or Evolve or another processing bank to restore *** services. We are in contact with regulators to expedite a resolution, since this is unacceptable.
Initial Complaint
08/30/2024
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
YOTTA bank will not release funds
Business response
09/03/2024
We are experiencing difficulties with payment processing on ***s, Wires, and our debit and credit cards due to an outage with Synapse Brokerages banking processors. We are actively working on a resolution.
On May 7th, we were notified that ************* member FDIC, halted *** processing for all Synapse Brokerage accounts and that *********** & Trust, member FDIC, would now process *** transactions on behalf of Synapse Brokerage. Yotta customers hold accounts with Synapse Brokerage. On the evening of May 11th, we were notified by Evolve that they would be halting payment processing effective immediately. These events have left Synapse Brokerage without an *** processor, and Evolves decision to freeze cards is causing all card transactions to fail. At this time there are no alternative methods for money movement.
As stated in all brokerage account agreements, customer funds in the Synapse Brokerage Program are swept (deposited) into accounts at a network of member FDIC banks. Funds held in these accounts are eligible for *************** All programs that work with Synapse are impacted by this. *** transfers and card transactions will not go through until banks restore their services.
We understand the importance of this matter and are working around the clock to get *** and card processing restored, which will enable customers to transact. Ultimately, it is up to Evolve to restore card services, and Lineage or Evolve or another processing bank to restore *** services. We are in contact with regulators to expedite a resolution, since this is unacceptable.
Initial Complaint
08/27/2024
Complaint Type:
Product Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Yotta has been holding my money since around May 2024. Not able to transfer or withdraw. Talking with them is impossible
Business response
08/27/2024
We are experiencing difficulties with payment processing on ***s, Wires, and our debit and credit cards due to an outage with Synapse Brokerages banking processors. We are actively working on a resolution.
On May 7th, we were notified that ************* member FDIC, halted *** processing for all Synapse Brokerage accounts and that *********** & Trust, member FDIC, would now process *** transactions on behalf of Synapse Brokerage. Yotta customers hold accounts with Synapse Brokerage. On the evening of May 11th, we were notified by Evolve that they would be halting payment processing effective immediately. These events have left Synapse Brokerage without an *** processor, and Evolves decision to freeze cards is causing all card transactions to fail. At this time there are no alternative methods for money movement.
As stated in all brokerage account agreements, customer funds in the Synapse Brokerage Program are swept (deposited) into accounts at a network of member FDIC banks. Funds held in these accounts are eligible for *************** All programs that work with Synapse are impacted by this. *** transfers and card transactions will not go through until banks restore their services.
We understand the importance of this matter and are working around the clock to get *** and card processing restored, which will enable customers to transact. Ultimately, it is up to Evolve to restore card services, and Lineage or Evolve or another processing bank to restore *** services. We are in contact with regulators to expedite a resolution, since this is unacceptable.
Monday, July 1st
Initial Complaint
08/22/2024
Complaint Type:
Product Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
My fiance and my mother have had there funds stuck in yotta since May of 2024. This issue with evolve and synapse has cause a lot of issues as what we had saved in yotta was for a down payment on our first home and our wedding.
Business response
08/22/2024
We are experiencing difficulties with payment processing on ***s, Wires, and our debit and credit cards due to an outage with Synapse Brokerages banking processors. We are actively working on a resolution.
On May 7th, we were notified that ************* member FDIC, halted *** processing for all Synapse Brokerage accounts and that *********** & Trust, member FDIC, would now process *** transactions on behalf of Synapse Brokerage. Yotta customers hold accounts with Synapse Brokerage. On the evening of May 11th, we were notified by Evolve that they would be halting payment processing effective immediately. These events have left Synapse Brokerage without an *** processor, and Evolves decision to freeze cards is causing all card transactions to fail. At this time there are no alternative methods for money movement.
As stated in all brokerage account agreements, customer funds in the Synapse Brokerage Program are swept (deposited) into accounts at a network of member FDIC banks. Funds held in these accounts are eligible for *************** All programs that work with Synapse are impacted by this. *** transfers and card transactions will not go through until banks restore their services.
We understand the importance of this matter and are working around the clock to get *** and card processing restored, which will enable customers to transact. Ultimately, it is up to Evolve to restore card services, and Lineage or Evolve or another processing bank to restore *** services. We are in contact with regulators to expedite a resolution, since this is unacceptable.
Initial Complaint
08/22/2024
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Yotta has withheld my funds for over 3 months. I have received no information from them regarding my account and only know what's going on because of a Reddit thread. If Yotta does not have access to Evolve funds, we should be updated on a consistent basis regarding the status of our fund and ongoing court hearings. Their handling of this situation has negatively impacted so many users. We need our money released and transferred to alternate trusted bank accounts ASAP. ********************** also continues to advertise and try to attract unknowing users who will lose money to this untrustworthy "bank".
Business response
08/22/2024
We are experiencing difficulties with payment processing on ***s, Wires, and our debit and credit cards due to an outage with Synapse Brokerages banking processors. We are actively working on a resolution.
On May 7th, we were notified that ************* member FDIC, halted *** processing for all Synapse Brokerage accounts and that *********** & Trust, member FDIC, would now process *** transactions on behalf of Synapse Brokerage. Yotta customers hold accounts with Synapse Brokerage. On the evening of May 11th, we were notified by Evolve that they would be halting payment processing effective immediately. These events have left Synapse Brokerage without an *** processor, and Evolves decision to freeze cards is causing all card transactions to fail. At this time there are no alternative methods for money movement.
As stated in all brokerage account agreements, customer funds in the Synapse Brokerage Program are swept (deposited) into accounts at a network of member FDIC banks. Funds held in these accounts are eligible for *************** All programs that work with Synapse are impacted by this. *** transfers and card transactions will not go through until banks restore their services.
We understand the importance of this matter and are working around the clock to get *** and card processing restored, which will enable customers to transact. Ultimately, it is up to Evolve to restore card services, and Lineage or Evolve or another processing bank to restore *** services. We are in contact with regulators to expedite a resolution, since this is unacceptable.

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