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IIRC yota used evolve bank which is fdic insured. The problem it appears is that yota co-mingled funds so evolve doesn’t know who is owed the money. I read that
by matwood 2y ago
IIRC yota used evolve bank which is fdic insured. The problem it appears is that yota co-mingled funds so evolve doesn’t know who is owed the money. I read that a new reg has been put in place because of this issue.
- TuringNYC 2y ago>> IIRC yota used evolve bank which is fdic insured. The problem it appears is that yota co-mingled funds so evolve doesn’t know who is owed the money. I read that a new reg has been put in place because of this issue. Thanks for the detail. Co-mingled funds lose FDIC insurance pretty quickly (via the cap) since the FDIC limits are per depositor per bank, so commingling is the best way to lose protection -- hard to see how anyone in leadership wouldnt see this issue.