Evolve Bank & Trust said Wednesday (Oct. 23) that it expects to begin returning funds it holds to Synapse Brokerage end users impacted by the Synapse bankruptcy in November.
The company launched a website that offers these end users information about the reconciliation process and the process to disburse end user balances held by Evolve since the Synapse bankruptcy, according to a Wednesday (Oct. 23) press release.
Rust Consulting, an Exela Technologies brand, will serve as administrator to disburse the funds, according to the release.
On Nov. 4, Rust will send an email to end users who have a balance at Evolve, directing them to the website and providing them with login information, the release said. Once authenticated, end users will be provided with their Synapse ecosystem balance and the amount that Evolve holds and will be disbursing to them.
End users with balances at Evolve of $100 or more will be able to select a payment method, and payments will be sent about seven days after they do so, per the release. Those with balances of less than $100 will receive payments directly through an online payment service. Those who do not respond or claim their payment by Dec. 4 will receive a check.
Anyone who believes they are owed a balance by Evolve and has not received an email by Nov. 14 can visit the website for more information.
“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,” Scot Lenoir, founder of Evolve Bank and Trust, said in the release.
“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.”
Evolve said Saturday (Oct. 19) that it was preparing to return funds held at Evolve to Synapse Brokerage end users and that it would launch an online resource center on Wednesday.
Evolve held about $46.9 million in accounts that were created for payment processing activities on behalf of Synapse, PYMNTS reported in June.
