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 Urgent Action Required

Dear Abound User,

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Over the past few days banking & remittance services at Abound have been impacted due to on-going legal issues between our service providers Evolve Bank & Trust and Synapse Brokerage LLC. As a result of this legal issue, we are experiencing difficulties with payment processing on ACHs and Wire transfers. However, we have observed that debit cards are still functioning.

 

As stated in all your account agreements, customer funds in the Synapse Brokerage Program are deposited into accounts at a network of member FDIC banks. 

 

While we do not believe that your funds are at risk, we do believe that you may lose access to the funds for an indeterminate amount of time while Synapse and their banking partners resolve their disputes.

 

At Abound, our first priority is towards our users and safeguarding their interests. While we are monitoring the situation and are hopeful that the banking partners will resolve the matter and restore the service soon, we want to proceed more cautiously and make sure that you have uninterrupted access to your funds. 

 

Out of an abundance of caution, we encourage you to take the steps mentioned below to withdraw your funds from Abound back to your Personal Bank Account at the earliest. 

 

Cash Account Users: You already have a virtual debit card issued on your Abound app and you can use it to withdraw funds from your account. Please use this virtual debit card to withdraw the funds to your Paypal, Revolut, Robinhood, or similar apps that allow funds withdrawal via debit card. See the link for instructions on how to withdraw funds using Paypal or Revolut. 

 

Remittance Users: Please login to the Abound app and sign-up for the cash deposit account to issue a new virtual debit card. The account balance will match the funds that you were remitting using Abound. Please use this virtual debit card to withdraw the funds to your Paypal, Revolut, Robinhood or similar apps that allow funds withdrawal via debit card. See link for instructions on how to withdraw Abound funds using Paypal or Revolut. 

 

Important Updates on Service Starting with May 15, 2024:

  1. Cash held in Abound accounts will no longer earn rewards on cash deposits.

  2. Purchases made with the Abound card will no longer receive any cashback.

  3. Any rewards earned from April 1st, 2024 to May 15th, 2024 will be paid out to you in the form of an Amazon gift card and sent to your registered email address before May 30th, 2024.

  4. If you initiated any of the following transactions on May 7th, 2024, or later, your transactions will be cancelled:

    1. Initiated a remittance to India, OR

    2. Attempted to deposit funds from your personal bank account, OR

    3. Attempted to withdraw funds to your personal bank account 

 

We recommend that you follow the guide provided earlier and withdraw your funds out to your personal bank account using PayPal, Revolut, Robinhood or any other similar application.

 

Thank you for your understanding and continued support.

 

Please reach out to our support team in case you need any further assistance via: 

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Abound has contracted with certain service providers in order to provide services to you. One service provider is Synapse Financial Technologies, Inc. (“Synapse”), a technology service provider that owns or otherwise has relationships with Synapse Brokerage LLC, a registered broker-dealer and member of FINRA and SIPC and certain banks and financial institutions and service providers (each of the foregoing being a “Partner Financial Institution”). Global Cash Management services are provided by Synapse Brokerage LLC, a registered broker dealer (member SIPC). Synapse Brokerage LLC is a wholly owned subsidiary of Synapse Financial Technologies, Inc., a technology service provider that allows access to the Global Cash, as applicable. Synapse Financial Technologies, Inc., and Synapse Brokerage LLC are not banks. The Synapse Brokerage Cash Management Card is a debit card issued by Synapse’s partner bank, Member FDIC, American State Bank, Member FDIC, or Evolve Bank & Trust, Member FDIC, pursuant to a license from Mastercard® 

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By creating an account with Abound and initiating financial transactions, you agree to Synapse’s Terms of Service and Privacy Policy. You also agree to the terms of service and privacy policy of Synapse’s Partner Financial Institution corresponding to the financial service and product(s) you select (collectively, “Synapse Terms”), each of which can be found here and which are incorporated herein by reference.

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Use of the cash management services is subject to Synapse Brokerage LLC’s Terms of Service and Privacy Policy and are incorporated herein by reference. You authorize Abound to share your identity and financial information with Synapse as detailed in Abound’s Privacy Policy and Synapse’s Privacy Policy. By creating an account with us, you acknowledge that Synapse may share your information as necessary with their affiliates, Partner Financial Institutions and other service providers in connection with providing their respective services. It is your responsibility to make sure that the information you provide to Abound is accurate and complete.

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