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It's literally just interest rate disguised as prizes. A real bank is handling the money behind the scene and that's where the money is insured.
by kiba 2y ago
It's literally just interest rate disguised as prizes. A real bank is handling the money behind the scene and that's where the money is insured.
- dylan604 2y agoSeriously? If it was insured, we wouldn't be in this place of customers losing all of their money. So whoever claimed they were insured lied.
- bot403 2y agoThe money is insured by the FDIC against bank failure. The actual banks holding the money didn't fail. The money is still there. The problem is its in a big unlabeled pile so they don't know whose money is whose and how much each person has. Note that fail here has a very specific meaning - as in the banks doesn't have the funds to give you your deposit back. Not fail as is "something went horribly wrong".
- dylan604 2y agoYour fine parsing of the words does nothing at all about getting the customers access to their money.
- jowea 2y agoI only superficially paid attention to this news but didn't Yotta end up going from "bank with sweepstakes" to "bank with a casino" quite quickly?