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Savings account + lottery


Nice Guy Eddie

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On 8/4/2023 at 11:09 PM, B00M said:

Fidelity or vanguard money market bro

i abandoned yotta a while ago 

For a while I found that yotta routinely returned a higher percentage even given the lottery variability.  Especially when they allowed pooling/sharing prizes. With that move, the variability dropped and I earned a higher percentage than with other HYSA. Then interest rates with other banks went up, Yottas games didn’t seem to match the increases. And while I don’t blame them for being unable to pay more than other banks, I prefer to keep my savings elsewhere. 

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  • 9 months later...

Anyone have money left in Yotta? I tried to pull what I had left in there (4K) out last week and it’s held up. I also noticed my weekly deposit didn’t go through. I saw this on Reddit 

 

 

image.thumb.jpeg.5de76757b75991f53973690d7a885be8.jpeg

 

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Sorry to hear Yotta is having problems. Thought it was a cool idea but removed my money a year ago. To me they appeared to underperform HYSAs and I would only check the app/balance once or twice per month. The game aspect started to bore me, so I left to pursue higher yields elsewhere.

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IMO Yotta suffered due to the prevalence of high yield savings accounts, increased interest rates, higher national lottery prizes, and normalized sports gambling. And I assume they ran out of investor money to bump prizes up as promotions.

i also became less interested in the daily/ weekly number announcements when they offered grouped accounts. If you joined large groups, then the weekly yield became flat. The gambling rush was effectively eliminated.

cool idea that was worth a try. I hope everyone gets their money back, even if via FDIC insurance.

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this looks like it's gonna take a while.  i put in a request to get my money out on may 15 and i've gotten a few emails saying they're having issues, etc.  this is the one i got yesterday.

 

image.png.68cb63bae30467f8724d88638bf31039.png

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4 hours ago, gsoda3 said:

this looks like it's gonna take a while.  i put in a request to get my money out on may 15 and i've gotten a few emails saying they're having issues, etc.  this is the one i got yesterday.

 

image.png.68cb63bae30467f8724d88638bf31039.png

I hate a vendor or service provider that blames their partners for issues. As a customer I contracted with you. Any hiccup is your problem to solve regardless of cost or complexity. Your problems shouldn’t be mine.

 

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36 minutes ago, Nice Guy Eddie said:

I hate a vendor or service provider that blames their partners for issues. As a customer I contracted with you. Any hiccup is your problem to solve regardless of cost or complexity. Your problems shouldn’t be mine.

 

it's shady. i think the situation is this:  yotta took the depositors' money.  they then sent it to synapse, who turned around and sent it (sold it??) on to evolve.  apparently synapse has been running this play elsewhere (taking money through an "kids' bank app" called Copper).  they disappeared everyone's accounts in Copper (no statements, no acounts showing in the app, nothing) around the same time yotta was having these issues also. i really hope these were actually FDIC insured.

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44 minutes ago, gsoda3 said:

it's shady. i think the situation is this:  yotta took the depositors' money.  they then sent it to synapse, who turned around and sent it (sold it??) on to evolve.  apparently synapse has been running this play elsewhere (taking money through an "kids' bank app" called Copper).  they disappeared everyone's accounts in Copper (no statements, no acounts showing in the app, nothing) around the same time yotta was having these issues also. i really hope these were actually FDIC insured.

Some of these fintech companies are seemingly run by people that have no business in banking. I recall (and it’s probably on this thread) but I never could reconcile how Yotta calculated annual return. I would calculate a 1.5% (or whatever) annual return and they posted it as much higher.

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  • 2 weeks later...
Posted (edited)

Youtube video from a guy who calls out scammers. He turns his latest video towards Yotta and the finance influencer who hyped them and in some cases invested in Yotta.

I didn't realize that the "banks" holding onto the money are arguing over $150m. That doesn't sound like an easy resolution. 

I also didn't realize that Yotta has transformed to a gambling site even though they use other names for gambling.

 

Edited by Nice Guy Eddie
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46 minutes ago, The Royal We said:

I've got a decent chunk of funds stuck in Yotta too. Total BS that they haven't been able to come up with a solution since 5/11.

i really hope the research i did about yotta being FDIC insured was accurate lol.  i have no idea what next steps look like other than waiting.

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6 hours ago, gsoda3 said:

i really hope the research i did about yotta being FDIC insured was accurate lol.  i have no idea what next steps look like other than waiting.

The way the coffeezilla video explained is that the money IS insured, but only against bank failure. Inaccessibility doesn't mean the money is gone, you just can't touch it right now. 

You have to hope that a for profit Fintech company puts your interests over their own

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I have become a Boomer, because I never heard about Yotta, can't understand what they were about, and have no clue why you'd wanna deposit your money with these idiots.

Yotta Bank was cofounded by Adam Moelis in 2019, following a different model from typical banking interest payment methods. According to Yotta's website,[1] users receive free entries into daily sweepstakes instead of predetermined interest rates, with each $25 in your account getting you an additional ticket.

A total of six numbers then get drawn every night at 9 p.m. EST, winning you anywhere from a few cents to $1 million depending on how many numbers match your tickets.

 

In May 2024, Yotta cited a dispute between two of their banking partners as the reason for several thousand accounts being locked, the total savings in which amount to over $112 million. Synapse, a bank partnered with Yotta, declared bankruptcy earlier in 2024.

 

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7 hours ago, Parliament said:

I have become a Boomer, because I never heard about Yotta, can't understand what they were about, and have no clue why you'd wanna deposit your money with these idiots.

The article you posted explains what they did pretty well if you’re still able to read. Do you recall that interest rates were near zero for a very long time? Remember that pandemic that required stimulus and resulted in a lot more dollars in circulation looking for returns? Yotta was about as fun as a savings account can be. It’s a good idea and it was reasonably well executed. It’s not particularly surprising that rapidly rising interest rates caused deposit flight from yotta, stressed the fuck out of their business model, and forced them to halt withdrawals. 

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1 hour ago, Johnny Chimpo said:

Once they started lagging behind the money market funds I pulled all my money out. Thankfully. I hate to hear people have money trapped in there. That’s the worst. 

Same here. I feel for everyone that has trapped funds but for former customers like Chimpo and I, I'm curious how it plays out. In my own self interest, I hope they don't look to claw back funds from former customers which has occurred in past fintech bankruptcies.

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11 hours ago, Captainant said:

The way the coffeezilla video explained is that the money IS insured, but only against bank failure. Inaccessibility doesn't mean the money is gone, you just can't touch it right now. 

You have to hope that a for profit Fintech company puts your interests over their own

thanks for the summary.

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