- Former Brooklyn Nets co-owner sues Citibank over shuttered credit card, 29 million in lost rewards points by NY Post.
- Flurry of new taxes hurting Maldives tourism
- ‘I have no money’: Thousands of Americans see their savings vanish in Synapse fintech crisis by Yahoo news.
- Fintech Giant Finastra Investigating Data Breach by Krebs On Security.
Deals starting/expiring at the end of today or starting today (view the full deal calendar here):
- None
Deals starting/expiring at end of tomorrow:
- U.S. Bank Double Cashback On Cashback Credit Card Deals (November 27th through 29th)
- [New & Existing, CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT, VA, D.C., MD, FL] Citizens Bank $250-$500 Savings Bonus ($10,000-$20,000 Deposit Required)
- Giftcards.com: Purchase $100 Visa eGiftcard, Get $10 Giftcards.com With Code GOBBLE
- BeFrugal: Spend $15, Receive $3 Bonus
- Topcashback: Get $2.50 Bonus With $15 Spend (11/25-11/27)
Popular posts from yesterday:
The best thing about the citi article is it shows they don’t discriminate. Treat all customers the same.
#justShitiBankThings
I guess I’m an idiot, but I thought if a fintech like Yotta stated the funds were FDIC insured in their contract – it should be enforceable? There are many other accounts that work similarly that sweep money into other banks in the same way so I imagine these are not trust worthy either (ie Wealthfront etc)
Apparently Yotta’s administrator did not create or keep records of individual accounts in the FDIC insured bank that kept the cash. So technically the cash if still there is insured but no one knows what cash is whose.
the funds are insured, but the recordkeeping is where this all falls down.
fintechs are still largely unregulated and risky (in the worst case). wealthfront is slightly better as they do all their recordkeeping in house (yotta outsourced it), but if WF had problems with their own internal records, it would be similarly bad
This is definately scary. I have bunch pf money parked at pibank and I am wondering if the higher interest rates are worth the risk.
Not worth it. I’d rather just have a money market at a brokerage account. Vusxx fdlxx spaxx are close to treasury bill rates.
Back when I was churning, I had near the fdic limit in yotta. Thankfully took it out long ago. Wondering what else we should be concerned about? William Charles a write up about what we should be wary about could be valuable.
+1 to this request of a write up from
Chuck and 
William Charles
I’d just be wary of any account that has pass through FDIC insurance rather than directly insured.
You should be wary about using any account that is not with a real chartered bank. all of these fintechs liked to tell people that their deposits were FDIC insured, but because these fintechs just had several operating accounts and pooled everyone’s money together, no individual was FDIC insured just their operating accounts up to 250,000. My advice to you is to immediately pull your money out of any service that is partnering with a real bank instead of being a real bank themselves.
there are several real banks offering very high interest rates or better yet, just use Treasury bonds / Treasury ETFs which are also state tax exempt. There is no reason to trust your money with a Fintech when they have repeatedly blown up.
oh no, maldives travelers will pay an extra $3-$6 day. this will be the end of the middle class.
I read somewhere Maldives will disappear under water in less than 50 years
It appears that the tax on flights into the county is increasing by $50-60 each.
that $200 to $220 for a family of 4. Also sales tax increasing.
If you’re going to the Maldives anyway, it’s not much as a percentage, but if it keeps going, it could add up over the years.
i was there for the anti-Citi riot, but paused at the last line that they were billing him for $151,000 (!) that he had flagged for fraud. No way that is just random fraud we all see, he has to be at least partially responsible for that (negligence or otherwise).
Article states that he spent $200-300k a month for 10 years to accumulate the points. Other than the fact that he should known it was unwise to bank so many points for so long, $151k in fraud based on his spending is not that high of a percentage.
true as a percentage of spend not that high, but very high as a percentage of what they are making on his spend. take a 1.5% interchange fee, they are making $3,750 monthly on $250K avg monthly spend, that would be 40 months of interchange fees. throw in his rewards (which was something but now zero), other benefits and they’ve lost a ton on this dude.
All I could think of what how inefficient his spend was, putting it all on a Premiere with a whole lot of 1x!
At least get the Double Cash, bro! 🙂