All Forum Posts by: Robert Posta

I am( was ) also using Real Financial, many others use them i believe for Real estate banking accounts. I am pulling gout of them also. Another 3rd party bank app that is not a bank. No FDIC coverage at all if Relay screws up. I love Relays tech, but after this fiasco I am out.

Adding another link that explains things better. 

https://www.linkedin.com/pulse/fdic-insurance-yotta-patrick-...

Attention: Beware of Non-Bank Fintech Apps

I hope this message finds you well. I'm reaching out to share a cautionary tale based on my recent experience with a fintech bank issue involving Yotta and Synapse. Currently, I find myself in a situation where a significant sum of my cash is held up due to complications between these entities. This ordeal has shed light on the risks associated with relying solely on fintech apps, particularly those that operate without a banking license and depend on third-party banks for processing. I will only have accounts directly with large banks going forward.

Here's why this matters:

1. Limited Regulatory Oversight: Fintech companies that operate without a banking license may not be subject to the same regulatory scrutiny and consumer protection measures as traditional banks. This means your funds and sensitive financial information may not have the same level of safeguarding.

2. Deposit Insurance Concerns: In many countries, bank deposits are insured up to a certain limit by governmental agencies. However, if you're using a fintech app that isn't a bank itself, your deposits may not be covered by such insurance schemes, leaving you vulnerable in the event of insolvency or other financial crises.

3. Uncertainty in Case of Disputes: Without the backing of a banking license, resolving disputes or seeking recourse for unauthorized transactions or errors may be more complicated. Fintech companies may not have the same obligations or mechanisms in place to address customer grievances effectively.

4. Dependence on Third-Party Banks: Fintech apps that rely on a back-end bank for processing transactions introduce an additional layer of risk. Your financial activities are essentially outsourced to another institution, which may have its own policies and vulnerabilities.

What Can You Do?

1. Research Thoroughly: Before entrusting your finances to any fintech app, take the time to research its regulatory status, security measures, and any potential affiliations with licensed banks.
2. Read the Fine Print: Carefully review the terms and conditions, privacy policies, and any disclosures provided by the fintech company. Pay attention to how your funds are handled and what protections, if any, are offered.
3. Diversify Your Accounts: Consider spreading your funds across multiple accounts, including those held by established banks with robust regulatory oversight and deposit insurance.
4. Stay Informed: Keep yourself updated on the latest developments in the fintech industry, including regulatory changes and security best practices. Vigilance is key to protecting your financial well-being.

In conclusion, while fintech innovations can enhance our banking experiences, it's crucial to remain vigilant and discerning. By understanding the potential risks and taking proactive measures to mitigate them, we can navigate the digital financial landscape more safely.

Please share this message with your friends and family to raise awareness and empower others to make informed decisions about their financial security.

Stay safe and informed,

Links to my current situation .
This reddit post sums it up and has several news links and twitter links .
https://www.reddit.com/r/yotta/comments/1cv1mkc/simple_summary_and_your_recovery_steps/

Attention: Beware of Non-Bank Fintech Apps

I hope this message finds you well. I'm reaching out to share a cautionary tale based on my recent experience with a fintech bank issue involving Yotta and Synapse. Currently, I find myself in a situation where a significant sum of my cash is held up due to complications between these entities. This ordeal has shed light on the risks associated with relying solely on fintech apps, particularly those that operate without a banking license and depend on third-party banks for processing. I will only have accounts directly with large banks going forward.

Here's why this matters:

1. Limited Regulatory Oversight: Fintech companies that operate without a banking license may not be subject to the same regulatory scrutiny and consumer protection measures as traditional banks. This means your funds and sensitive financial information may not have the same level of safeguarding.

2. Deposit Insurance Concerns: In many countries, bank deposits are insured up to a certain limit by governmental agencies. However, if you're using a fintech app that isn't a bank itself, your deposits may not be covered by such insurance schemes, leaving you vulnerable in the event of insolvency or other financial crises.

3. Uncertainty in Case of Disputes: Without the backing of a banking license, resolving disputes or seeking recourse for unauthorized transactions or errors may be more complicated. Fintech companies may not have the same obligations or mechanisms in place to address customer grievances effectively.

4. Dependence on Third-Party Banks: Fintech apps that rely on a back-end bank for processing transactions introduce an additional layer of risk. Your financial activities are essentially outsourced to another institution, which may have its own policies and vulnerabilities.

What Can You Do?

1. Research Thoroughly: Before entrusting your finances to any fintech app, take the time to research its regulatory status, security measures, and any potential affiliations with licensed banks.
2. Read the Fine Print: Carefully review the terms and conditions, privacy policies, and any disclosures provided by the fintech company. Pay attention to how your funds are handled and what protections, if any, are offered.
3. Diversify Your Accounts: Consider spreading your funds across multiple accounts, including those held by established banks with robust regulatory oversight and deposit insurance.
4. Stay Informed: Keep yourself updated on the latest developments in the fintech industry, including regulatory changes and security best practices. Vigilance is key to protecting your financial well-being.

In conclusion, while fintech innovations can enhance our banking experiences, it's crucial to remain vigilant and discerning. By understanding the potential risks and taking proactive measures to mitigate them, we can navigate the digital financial landscape more safely.

Please share this message with your friends and family to raise awareness and empower others to make informed decisions about their financial security.

Stay safe and informed,

Links to my current situation .
This reddit post sums it up and has several news links and twitter links .
https://www.reddit.com/r/yotta/comments/1cv1mkc/simple_summary_and_your_recovery_steps/

 Nathan , i just came across these also.   No issues being in the freezer for long periods of time ? Wifi signal has no issues getting thru freezer doors ?   These look amazing . 

Thanks for the recomendations.   Even with GFI fixed I dont ever want to go thru that again. I am going to try out this device i found on Amazon . If it works its only  $69.00 for 2 devices and that will cover the two refrigerators i have.  Ill report back on how they work. 

I was not sure where to place this post.   I figured property management may be best . 

Does anyone use or know of a reliable device that would send notification when power went out to a certain outlet ? 
Mainly trying to monitor refrigerators.   Had an instance on a vacation home where the circuit breaker tripped and the fridge smelled really bad  when we finally had someone go look at the home.  The fridge was out for 2-3 weeks. I did some research on Amazon and found a few products that had "OK" reviews.  Would love to hear if anyone on BP has a device that works well for them.  THANKS. 

Hello . 

I am looking for a CPA/Accountant that knows long term and short term rental in the Chicago / Chicago suburbs area . I am in Dupage county, IL .  I am looking to connect as i get ready for my first long term rental. 

 Would love to know your vetting process sir.

Following, also interested.