> Yotta marketed itself as a "bank" where every time you deposited to savings you would get a free lotto ticket for the month based on how much you deposited.
The archive link shows something a little more nuanced than Yotta presenting as a bank.
The archive link in gp has a hero text that says “banking” and then a few lines down says:
Yotta is a financial technology company, not a bank. Banking services provided by Evolve Bank & Trust and Thread Bank; Members FDIC.”
If I’m reading this as a consumer I’m thinking my money is protected but this Yotta thing is a lottery incentive to put deposits into those banks, maybe some loyalty incentive or marketing scheme on top of it?
Lesson learned, don't trust “not a bank” to deposit your money into the bank for you.
The archive link shows something a little more nuanced than Yotta presenting as a bank.
The archive link in gp has a hero text that says “banking” and then a few lines down says: Yotta is a financial technology company, not a bank. Banking services provided by Evolve Bank & Trust and Thread Bank; Members FDIC.”
If I’m reading this as a consumer I’m thinking my money is protected but this Yotta thing is a lottery incentive to put deposits into those banks, maybe some loyalty incentive or marketing scheme on top of it?
Lesson learned, don't trust “not a bank” to deposit your money into the bank for you.