How Millions of Americans Got Tricked Into Using a Bank That Isn't a Bank
Video Overview & Insights
$100 million went missing from an online bank.
I'm physically nauseated after watching this
"Neobanks" promise higher rates and lower fees, but they exist in a regulatory black box created by Andreessen, Thiel, Musk and more.
We investigated an online bank where thousands of Americans' FDIC-insured savings vanished.
Capitalism is Brutal
Host & Producer: Sanya Dosani
Video Editor: Anthony Mascorro
Never deposit money to a fin tech.
Motion Designer: Tom Van Deusen
Videographers: Jack Belisle, Ryan Goble, Timothy Wolfer
May 2024, doesnt that have something to do with Trumps campaign?
Video Production Manager: Isabel Atalaya
Video Production Coordinator: Jodi Clemens
The grand maga con, "you'll yield a hundred times more".
Video Production Fellow: Astrid Dong
Video Editing Fellow: Daria Nastasia
Peter Thiel is a Scourge.
Supervising Producer: Brady Welch
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Incredible how corrupt is Murica right now. Incredible! And people are doing (can’t do) nothing about it. Shameful!
Vote right!
Disgusted from EU.
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That’s why you shouldn’t worship these techno thieves guys. Ever.
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We had $25,000 disappear overnight, and there was no trace of it. Luckily, we had the deposit slip and the bank manager remembered us from the day before because it was a Saturday and we were depositing a check in our business account and it had to be approved by The manager. It took us about a month of fighting to the nail with Wells Fargo before they finally admitted that they were the ones that took the money, but they were treating us like we were criminals.
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Thiel is THE devil and now he’s hiding in Argentina.
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PLEASE CLARIFY:
I don't see why FDIC failed to restore each individual customer's funds that were actually held by its chartered member bank, Evolve.
Was the aggretization that commingled millions of end users' money the main issue that made it impossible to document each person's loss from an FBO account?
Or did the financial "matchmaker" somehow become legal custodian of all fintech users funds?
Just don't see how the failure of a middle man had any impact on liquid assets on deposit at a wholly separate institution.
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Idiots putting that much money in apps.
- Website: https://www.perfectunion.us
But hold on a second, the 'Real Bank' was receiving funds on a Routing Number. That is like someone receiving funds without 'In Consideration of'. also there is KYC This Baml sould be held liable. Taking individual transactions on automatic biasis, what if it was drug money. Then knowing someone to use your 'license' and claim protection from such charter. The customers should own part of the real Bank evole.
More User Perspectives
Honestly the who thing is kinda scary, think about all the other companies that are basically operating just like this. Heck I remember when I had chime back in the day and there "service" went down for 2 weeks, luckily I was able to get my money and run but had to hire a lawyer to get the accurate statement balance as they claimed a incorrect balance.
@rx2powersportsWhen I worked at a gas station, I was amazed at how many people used "pseudo banks" to pay for things... I inherently didn't trust these payment apps, though I didn't have a clear reason why.
It's validating, but also tragic, how right I was...
They sldnt be allowed to call themselves banks.....
@acrylicnailtrend72185 million doesn't just go missing. Someone took it. Someone needs to own up and this type of banking needs to be fully disclosed. Why can't laws stay up with tech?
@acrylicnailtrend721미국이,이런나라일줄몰랐네,미국에가려고,안달나있는,사람들이,봐야할것같구먼......
@Jkt9201Screw the banks
@CosmicCutie-g6iMake me feel better a lot of rich people lost their moneyb
@unvcht5046In law, there is no such thing as a "loophole."
What people refer to as loopholes are actually EXCEPTIONS. Exceptions are completely legitimate.
Switch to credit unions!
@hayden2021Hate it
@o0xstDeregulation is ground zero.
@StarwoodTechreally?
@Postmortem-0In May 2026, the California Department of Financial Protection and Innovation (DFPI) fined Yotta $1 million. Did any of that money go to make depositors whole??? Or did California keep the money?
@catoyzYet another reason to use your local credit union.
@RogerGuy-d6tThank god i came across this video. I have most of my savings in a HYSA. I will be devastated if my savings suddenly disappeared
@Tomakri15Crooks
@donbush9091So is Marcus FDIC insured under GSachs?? Im so confused on who to trust! 😮
@malikidrisI can’t believe that fraud is isn’t involved in the contract.
@leslieprigmore2854Thanks for the heads up!
@CastBeetle8:55 Holy Fuck! How could one company be so god damn stupid to think this was a genius idea?
@MikeAbili"It's difficult". The tragic resignation in their voices...
@caracaracaraFDIC insured doesn’t mean what people want it to mean and I get it.
@MikeAbiliSound like the donald owned this bank..... now he is using milking Americans for everything he can legally steal, so sad
@robsharber2004Omg Jason's voice is asmr
@the_switchboardWasn’t Glass stegal repealed in 99?
@fs3346-j8cThanks for the info. I shared the video with a friend of mine who has a lot of his own savings in Redneck Bank, which I personally don't trust.
@billjones5915It's because we have a criminal syndicate running the Gov. It's only legal for them (the wealthy grifters) to rip people off.
@mac7977PPPPOOOONNNNZZZZIIIIIIIII
You know the saying, if it sounds too good to be TRUE it probably isn't!!
Trust company
@capsgrams2742Oh my goodness! This is so infuriating! ...... and I'm broke but still so infuriating.
@isaacrurengo4690Silicon Valley and their ideas are garbage, as the all CEO's in Silicon Valley.
@leighcounry9956If you're a veteran or active duty (of any service/branch), I recommend Navy Federal Credit Union.
@JesseGilbrideCLASS ACTION LAWSUIT
@firecloud77Im sorry any "bank" talking about having daily raffle should have been the first sign. Just be smart and not trendy if you can't go into brick building for your bank accounts then you shouldn't trust them with thousands of your dollars period.
@kingofkingsboxing1753just to clarify, it’s not up to $250,000. It’s that you’re insured at least $250,000. Something to understand is that in the entire history of the FDIC, all accounts that needed to be repaid have always been repaid in full to their actual balance.
@lordgingerbread18:13 even simpler, death penalty for officers, directors, and managing agents of any financial institutions that loses customers money
@rpavlichHow about your company disclose its financial records?
@daytonasayswhat9333