Yes, since May 11, 2024, our banking and card services for the Cash Account provided by Synapse and Evolve Bank & Trust, including ACH transfers, wire transfers, and card transactions, have been disrupted. We are actively working with Evolve Bank & Trust and the new Chapter 11 trustee for Synapse, Jelena McWilliams, the former Chairman of the Federal Deposit Insurance Corporation (FDIC) to resolve these issues as quickly as possible. For the latest updates on banking, card services, and the Treasury Account please visit our blog.

The disruptions to the Cash Account services are due to issues with banking and card services providers, Evolve Bank & Trust. and Synapse. Juno is not responsible for these disruptions. We are closely collaborating with Evolve Bank & Trust and Synapse's Chapter 11 trustee, to resolve these issues and enable access to end-user funds in the Cash Account as soon as possible.
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Please note that Juno does not or has never held end-user funds and hence we have limited visibility into the ongoing issues between Synapse and Evolve Bank & Trust. We are sharing what we are made aware of or what is publicly available.
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The Consumer Financial Protection Bureau (CFPB) typically takes such disruptions without prior notice very seriously and ensures that the banking services provider addresses the issue swiftly.

Our compliance team has reached out to the Federal Reserve Board which regulates Evolve Bank & Trust and FINRA which regulates Synapse Brokerage LLC to make them aware of this situation.

Synapse's Chapter 11 trustee also shared that she has notified regulators that regulate Synapse’s partner banks which include Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board (FRB), and Office of the Comptroller of the Currency (OCC). She offered to work closely with these regulatory agencies while also requesting these agencies to provide regular updates on their website about the ongoing work they are doing with Synapse’s partner banks.

Jelena McWilliams, the former Chairman of the Federal Deposit Insurance Corporation (FDIC), was appointed as the Chapter 11 trustee for Synapse. The court instructed trustee McWilliams to prioritize ensuring end users have access to their funds.
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Currently, there is an ongoing reconciliation effort taking place between Synapse’s partner banks which the Chapter 11 trustee is co-ordinating. Once Synapse’s partner banks fully reconcile the balances and make them available for withdrawal, we will promptly notify you.

We understand the importance of this matter and Juno continues to work with the Chapter 11 trustee and we have offered all the resources at our disposal to ensure swift resolution and help end users get access to their funds.

Direct deposits to the Cash Account are also affected during this service outage. If you are expecting direct deposits from your employer, they will be returned to the source account.
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We appreciate your understanding during this time and are committed to restoring full service as quickly as possible. If you have any queries, feel free to contact our support team.