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The recent and unexpected closure of Yotta/Withyotta accounts has left many customers confused about the best way to proceed, with many customers even unsure of what exactly has happened at Yotta.
On May 7th, Yotta was alerted that Lineage Bank had halted all ACH processing for Synapse Brokerage accounts. As Synapse Brokerage acted as the middle-man between Yotta and their customer’s accounts, this update sent alarm bells ringing. It was hoped that Evolve Bank - another banking partner - could take over the ACH processing in the interim.
However, by May 11th, Yotta was then informed that Evolve had never agreed to this arrangement. As such, all ACH processing was immediately halted and account payments could not be completed. Ultimately, the accumulation of these events lead to Synapse Brokerage being without an ACH processor, and Evolve’s decision to freeze cards has led to all card transactions failing.
As such, anyone with an account at Yotta is unable to process transactions until the banks restore their services. Although, all funds will be eligible for FDIC insurance.
No, there is no real benefit to closing your Yotta account now, but you could potentially complicate the withdrawal process further if you have existing funds in your Yotta account. Hopefully when the processing issues are resolved you will be able to seamlessly retrieve the money from your account with a Yotta withdrawal, closing your account would make this process more challenging. The best thing you can do right now is to keep a watchful eye on the Yotta payment processing status page, here you’ll be able to keep up to date with everything that is going on at Yotta.
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