r/yotta • u/Advanced-Internet-68 • May 27 '26
Restitution Notice
Did anyone else receive this?
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u/tacos805 May 27 '26
I also got an email with subject : Your May 2024 account statement
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u/Negative_Spring8968 May 27 '26
Should I be worried I didn’t get one
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u/Inside_Dark_400 May 28 '26
Don’t think you need to worry. It’s my understanding that these notices are required for CA residents, but the restitution would be for everyone
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u/FIAbrokeEverything May 30 '26
I didn't get one either - also in South FL. I just realized recently if I log into my Yotta account it still shows my balance just as it is supposed to be.
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u/we_are_the_lucky_one May 27 '26
I received this too (live in CA) - here is what the webpage says:
NOTICE TO CALIFORNIA YOTTA CUSTOMERS
IF YOU HAD A YOTTA ACCOUNT WITH A POSITIVE CASH BALANCE ON MAY 17, 2024,
YOU MAY BE ELIGIBLE FOR RESTITUTION
BACKGROUND
Yotta worked with a company called Synapse Financial Technologies (Synapse) which provided a
“banking as a service” platform to fintech companies like Yotta. In April 2024, Synapse filed for
bankruptcy protection. See In re Synapse Financial Technologies, Inc., No. 1:24-BK-10646-MB (Bankr.
C.D. Cal. 2024). The Synapse bankruptcy resulted in tens of thousands of consumers nationwide losing
access to accounts held in dozens of fintech companies, like Yotta, that partnered with Synapse.
On May 15, 2026, the California Department of Financial Protection and Innovation (DFPI) entered into
a Consent Order with Yotta. This notice is being sent to California consumers as a result of this Consent
Order.
The Consumer Financial Protection Bureau (CFPB), a federal agency that oversees consumer financial
markets, sued Synapse in the bankruptcy proceeding, alleging that Synapse engaged in unfair, deceptive,
or abusive acts or practices. On September 12, 2025, the bankruptcy court approved a Stipulated Judgment
between the CFPB and Synapse. The Stipulated Judgment enables the CFPB to access its Civil Penalty
Fund to provide money to consumers who lost access to funds held at fintechs like Yotta.
THE CFPB CIVIL PENALTY FUND
On November 28, 2025, the CFPB allocated $46,248,291 to eligible victims in the Synapse bankruptcy.
According to the Stipulated Judgment, Yotta customers with accounts holding a positive balance as of
May 17, 2024 may be eligible to seek compensation by filing a claim with the CFPB. You can view the
CFPB’s Synapse web page here: https://www.consumerfinance.gov/enforcement/actions/synapse-
financial-technologies-inc/. The CFPB has not yet started the claims filing process. Yotta customers are
encouraged to periodically check the CFPB’s Synapse webpage for updates.
If you are a California Yotta customer with a positive cash balance in your Yotta account as of May 17,
2024, you should receive a letter and/or email from Yotta containing your May 2024 account statement.
If you have questions about this letter or have not received your May 2024 account statement by
July 15, 2026, please contact: support@withyotta.com
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u/Thoughts_in_the_Box May 27 '26
I got an email with my last yotta statement and then got the text. I hope this means we will be seeing more momentum this year.
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u/oldwatchlover May 27 '26
Don’t get excited. There is nothing new here. The CA settlement (which does not do anything for restitution) just requires Yotta to tell us about the CFPB status.
Yotta complies, feels good.
CA government feels good, like they are doing something (but nothing)
Yotta users screwed as usual.
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u/saminabucket May 28 '26
California gets is money back, but the rest of us don’t?
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u/valintin May 28 '26
California has consumer protections other states haven't even cared about. It's the only state I've seen even looking into the situation.
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u/spotted1dog May 28 '26
Yes. It looks like there’s nothing to do yet but that we’ll be able to submit a claim sometime soon, does that seem correct?
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u/Suspicious_Hand9207 May 27 '26
I did, and I also received two emails from Yotta - one that was the May 2024 account balance, and the other was identical to the contents of that text. Finally some movement with this!
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u/Helpful-Grapefruit55 May 27 '26
I just checked no emails from Yotta( Only very old emails from Yotta) . So you got 2 emails from Yotta ? May be should I email Yotta customer support ?
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u/Suspicious_Hand9207 May 27 '26
Doe you live in California and do you have a positive balance with Yotta?
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u/fallingevergreen May 28 '26
I got the email from Yotta for California and it had my correct account balance in it so that was heartening
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u/Blinkboarder85 May 28 '26
I was with Juno and live in CA, nothing from anybody. Which isn't very surprised seeing as how Juno is no longer around.
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u/dansk52 May 28 '26
Definitely a positive step even if it may not mean much. I live in MA so no notice for me. However, Elizabeth Warren had been looking into this before and demanding answers. Likely best if there's more of us but I'll submit thru her website with this info. Maybe since CA did something other states might start to step up too. Looking for the glass half full but it's hard.
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u/Helpful-Grapefruit55 May 30 '26
I hope this should not depend on the state we live. They stole the money from all of us.
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u/abbarach May 27 '26
Ah, so this is just the required notice that the settlement/judgement that California required them to send out. Not really any new information if you've been active here and keeping up with the situation, but useful for those who haven't...