The problem here is knowing customer balances. A lot of the money is still out there, but it is not properly associated with any individuals so it's infeasible (at present) to get them back their money. Which is different than what FDIC is there for, which is to insure against a bank being unable to cover deposits, but balances have been properly tracked.

If Synapse (and apparently their partner Evolve) had been moderately competent at the job they set out to do, this could have been resolved a while ago. Instead the founder of Synapse is already off to a new venture and doesn't care about the people he screwed over, though I'm sure he feels bad when asked about it. Keep failing up.

The other banks involved all agree that the remaining balances are with Evolve, and that there isn't money that's been moved somewhere else. If there was, Evolve might be willing to say where, which they've been unwilling to do so far–it's very "dog ate my homework."

Given that the depositors still have active DDA agreements with Evolve, even if they sent the money elsewhere, they still have a responsibility to provide it.

He openly laughs. Scumbag.