Evolve Bank Announces Process to Return Synapse Brokerage’s End User Funds
MEMPHIS, Tenn.--(BUSINESS WIRE)--Oct 23, 2024--
Evolve Bank & Trust (“Evolve”) today announced the distribution and payment processes to return funds held by Evolve to Synapse Brokerage end users impacted by the Synapse bankruptcy.
To facilitate the distribution, Rust Consulting, an Exela Technologies brand, will serve as the administrator to disburse funds to end users of Synapse Brokerage that the Bank has held since the Synapse bankruptcy.
“We understand that this has been a frustrating experience for Synapse’s end users and share that frustration,” said Scot Lenoir, Founder, Evolve Bank and Trust. “Evolve has been working diligently to sort through over 100 million transaction records to evaluate the flawed ledgers from Synapse to reconstruct end users’ positions at Evolve. We know this has taken time, but we believed it was in everyone’s best interest and the responsible thing to do to complete the reconciliation and, with an accurate understanding of end user balances, begin to return funds back to those end users. We are proud of the work we have completed and hope that it will serve as an example to others.”
End user Call Center & Website
Evolve has launched a website — reconciliationbyevolve.com — which includes resources for end users including FAQs about the reconciliation process, as well as information about the process to disburse end user balances at Evolve.
Additionally, Evolve has launched a dedicated call center to answer end user questions about the distribution process. End users may call 877-873-0008 from 8 a.m. to 5 p.m. CT, Monday through Friday (excluding major holidays).
Distribution Process and Payment of End user Balances
On November 4, 2024, Rust will send an email to end users who have a balance at Evolve, directing them to reconciliationbyevolve.com. End users will login with information provided in that email. Once logged in and authenticated, end users will be provided with their Synapse ecosystem balance as well as the amount of any of their funds that Evolve holds and will be disbursing to them.
Funds will be disbursed in two ways:
- Those with balances at Evolve of $100 or more will receive an email with instructions on selecting a payment method to receive their balance. The email will contain an important claim and access code to create an account to register for payment. They will also be given a set of payment methods from which to choose, which may include ACH transfer, wire, or check, among others. Payments will be sent within approximately 7 days of end users setting up their account and choosing their payment method. End users that do not respond by December 4, 2024, will receive a check.
- Those with balances at Evolve of less than $100 will receive payments directly through an online payment service. End users that do not claim their payment by December 4, 2024, will receive a check.
- Any end user with a balance at Evolve who wishes to receive their balance via check will be able to request one.
If you do not receive an email by November 14, 2024, and believe you are owed a balance by Evolve, please visit reconciliationbyevolve.com for more information.
About Evolve Bank & Trust:
Evolve Bank & Trust, a technology focused financial services organization, offers specialized solutions in Open Banking, Personal and Business Banking, Mortgage, SBA Lending, Physicians Capital, and Trust. Evolve has been voted a Top Workplace USA and has been named in Inc. Magazine’s 5000 List of the fastest growing private companies.
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Email:media@getevolved.com
KEYWORD: TENNESSEE UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PERSONAL FINANCE FINANCE ASSET MANAGEMENT BANKING PROFESSIONAL SERVICES TECHNOLOGY FINTECH OTHER TECHNOLOGY
SOURCE: Evolve Bank & Trust
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