Key Points
Lineage Bank halted ACH processing for all Synapse Brokerage accounts, including Yotta, on May 7th.
Evolve Bank & Trust also declined to process ACH transactions, leading to failed card transactions.
Yotta is working with banks and regulators to restore services and keep users updated.
Yotta/Withyotta Accounts Closed – What to Do?
The unexpected closure of Yotta/Withyotta accounts has left many customers uncertain about their next steps. Here’s what you need to know and do in response to this situation.
What Happened With Yotta?
On May 7th, Yotta was notified that Lineage Bank halted ACH processing for all Synapse Brokerage accounts. Subsequently, Evolve Bank & Trust, which was expected to take over the ACH transactions, told Yotta that no formal agreement had been made for this process. As a result, Synapse Brokerage, which holds Yotta accounts, is currently without an ACH processor, leading to all card transactions failing. This has significantly impacted the ability of Yotta users to access their funds.
What Should You Do Now?
- Do Not Attempt to Close Your Account Yet:
While the instinct might be to close your Yotta account immediately, it is crucial to wait. Currently, no one is able to withdraw their funds. Attempting to close your account now might complicate your ability to retrieve your money once the processing issues are resolved.
- Stay Informed and Updated:
Yotta is actively working with banks and regulators to restore ACH and card processing services. Regular updates are posted on the Yotta payment processing status page. Keeping an eye on this page will provide you with the latest information and any new developments.
- Prepare for Future Steps:
Once funds withdrawal is possible, ensure you have an alternative bank account ready. Update your direct deposit information and plan the transfer of your remaining funds. Follow the specific steps provided by Yotta for closing your account, but only after confirming all funds have been successfully withdrawn.
How to Close Your Yotta Account When Possible
If you decide to close your Yotta account once withdrawals are possible, here are the steps:
- Withdraw Funds:
Make sure all your funds are transferred to your connected bank account. There is a $10,000 daily withdrawal limit, so plan accordingly if you have a larger balance.
- Update Direct Deposit Information:
Ensure your direct deposits are rerouted to your new bank account. This may take a full pay cycle to update.
- Finalize All Transactions:
Wait for any pending transactions to complete and make sure there are no remaining transfers.
- Close the Account:
Within the Yotta app, go to the Account tab, click the gear icon, select “Account Information,” scroll down, and tap “Close Account.”
Exploring Yotta Alternatives
In light of the current issues, some users might consider Yotta alternatives. Although there are no direct like-for-like replacements, platforms like Skillz and Stake.us offer competitive and rewarding experiences. Skillz, for instance, allows players to compete in skill-based games for cash prizes, providing a similar experience to Yotta users.
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Furthermore, Stake.us is not a direct equivalent either, but is a popular platform that may appeal those who are particularly by the gaming element of Yotta.
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Navigating the Yotta/Withyotta Account Closures
The situation with Yotta/Withyotta account closures is understandably frustrating and concerning for users. With Lineage Bank and Evolve Bank & Trust halting ACH and card transactions, the immediate impact is significant. However, it is important not to rush into closing your account until you can safely withdraw your funds.
Stay informed by regularly checking updates on Yotta’s payment processing status page, and prepare for future steps to ensure a smooth transition once
Yotta withdrawals
are possible. In the meantime, exploring
Yotta alternatives
such as Skillz and Stake.us can provide you with other financial opportunities. Patience and vigilance are key during this period as Yotta works to resolve these issues and restore access to your funds.
