Evolve Bank's Commitment to Synapse Brokerage End Users
Evolve Bank & Trust is taking significant steps to ensure the return of funds to end users impacted by the recent bankruptcy of Synapse Brokerage. The processes set in motion aim to provide necessary assistance to individuals who have been waiting for resolution during these challenging times.
Distribution Process Explained
To ensure the smooth distribution of funds, Evolve has appointed Rust Consulting, a subsidiary of Exela Technologies, to oversee the disbursement activities. This decision is rooted in Evolve's commitment to transparency and efficiency as they navigate the complexities of returning capital to their clients.
Addressing Client Concerns
“We understand that this has been a frustrating experience for Synapse’s end users and share that frustration,” expressed Scot Lenoir, Founder of Evolve Bank. His team has been diligently working to unpack over 100 million transaction records, aim to rectify the discrepancies in ledgers from Synapse and ensure accuracy in determining user balances.
Resource Accessibility
In an effort to assist end users, Evolve has launched an informative website that provides resources, including detailed FAQs about the reconciliation process. This initiative is part of their broader effort to support clients as they move forward from this situation.
Dedicated Support for End Users
Evolve has also undertaken the establishment of a dedicated call center, where end users can reach out for clarification regarding the distribution of funds. This service is available Monday through Friday, from 8 a.m. to 5 p.m. CT, ensuring that clients have access to the information and support they need.
How Funds Will Be Disbursed
The distribution of funds will be executed in a systematic manner. Beginning on a specified date, Rust Consulting will notify end users through email about the availability of their balances within the Evolve system. This email will contain key instructions on how to identify their funds and secure their rightful amounts.
Specific Payment Methods
For users with account balances exceeding a certain threshold, payment options will be provided depending on their preferences. Choices might include electronic transfers or traditional checks based on user selection. For clients holding smaller balances, a simplified process will allow for quick access to their funds through an online payment service.
Ensuring All Users Are Served
Evolve is mindful of all end users wishing to access their funds and will accommodate requests from individuals wanting to receive their payments via checks. Those who anticipate recall but don’t receive notification are encouraged to proactively reach out using the contact details provided on the Evolve website.
About Evolve Bank & Trust
As a technology-driven financial institution, Evolve Bank & Trust is recognized for its innovative approach in various banking sectors. The bank continues to expand its service offerings, providing robust solutions in personal and business banking, mortgage lending, and trust services. Their accolades, including recognition as a Top Workplace USA and inclusion in Inc. Magazine's list of fastest-growing private businesses, highlight their commitment to excellence and growth.
Frequently Asked Questions
What is Evolve Bank's role in the Synapse Brokerage situation?
Evolve Bank is overseeing the process of refunding end user funds that were held during the Synapse Brokerage bankruptcy.
How can end users inquire about their funds?
End users can reach out to the dedicated call center set up by Evolve Bank during business hours or refer to the informative website for assistance.
What steps are being taken to ensure accurate disbursement of funds?
Evolve Bank, with the help of Rust Consulting, is meticulously reconciling transaction records to ensure that all end users receive their correct balances.
Are there options for receiving payments?
Yes, users can choose from a variety of payment methods, including ACH transfer, wire, or check, depending on their situation.
Where can I find more information regarding the fund distribution?
Additional details about the reconciliation and payment distribution process can be found on the Evolve Bank website, which has been tailored for this purpose.
