How can one ascertain that funds are insured by FDIC up to 250K$ for each depositor? You’re not an FDIC-insured bank, and I assume that from Evolve’s perspective the only depositor is Yotta, so if Evolve fails, FDIC would only pay out Yotta 250K$ total, not upto 250K$ per Yotta customer?
Every account holder has up to $250k in coverage from the FDIC. This is individually, not in aggregate. We say this on our website, but anyone who wants further confirmation could email Evolve directly and they would confirm this.
Thanks for the response. I contacted Evolve directly as you advised. They responded "Yotta Savings is not a direct Evolve customer. They are linked to our bank through our financial partner, Synapse. You will have to contact Synapse so they can better assist you."
So I'm unable to get confirmation from the FDIC-insured bank that you're using that their FDIC insurance extends to your customers. Sure, I can contact Synapse, but I don't know why I should trust what they say any more than what Yotta says - Synapse isn't FDIC-insured either.
While looking for this, I also found a medium post by Beam (https://blog.meetbeam.com/a-primer-on-fdic-insurance-72fe688...) who explain how their savings accounts are FDIC-insured upto $250,000 for every customer - they would open an account in every user's name at Evolve bank. Perhaps it would help you gain more trust if you did a similar post.
Thanks for this. It seems some people have reached out to Evolve and Evolve has confirmed the partnership, so it's probably just a different agent you got that pointed you to Synapse. We do partner with Evolve through Synapse.
Good idea on the blog post. I think we will do a post like that.
