
The recent disruptions in ACH (Automated Clearing House) processing and card transactions have left many Yotta/Withyotta users wondering how to access their funds. ACH is a network used for electronically moving money between bank accounts in the U.S., and its disruption has made it difficult for users to complete transactions. Here’s a comprehensive guide on what has happened and what you can do to withdraw your money.
On May 7th, Lineage Bank stopped ACH processing for all Synapse Brokerage accounts, including Yotta. It was hoped that Evolve Bank & Trust, another Synapse Brokerage partner, would take over the process. However, they informed Yotta that no agreement had been made. This left Synapse Brokerage, and subsequently, Yotta, without an ACH processor, causing all card transactions to fail. As a result, Yotta users can’t withdraw their funds right now.
The halt in ACH and card transactions has undoubtedly caused inconvenience and concern among Yotta users. However, Yotta is diligently working with banks and regulators to resolve these issues. In the meantime, staying informed and prepared is crucial. For more detailed advice on the current situation, check out what to do if your Yotta/Withyotta account is closed. Follow the steps outlined above to ensure a smooth withdrawal process once services are restored.
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