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How to Handle Yotta/Withyotta Account Closures 2024

Publish Date: 23/05/2024
Fact checked by: Mike McKean
Key Points
  • Since May 7th, Lineage Bank has halted ACH processing for Synapse Brokerage accounts

  • Yotta users are unable to complete card transactions

  • Updates on the citation can be found on the Yotta payment processing status page

Yotta / With Yotta brand logo

What's happened at Yotta?

Yotta customers are facing uncertain times following Lineage Bank’s decision to stop all ACH processing for Synapse Brokerage accounts on May 7th. This was swiftly followed by Evolve Bank and Trust confirming that they would not be taking over ACH processing and they would be halting payment processing from May 11th. Since that date, users have experienced significant problems in accessing their accounts. As such it has been impossible to complete a Yotta withdrawal and complete any other transactions. This situation is expected to continue until banks restore their services.

What action can you take?

Check for updates

This is a fast moving situation, so it is important to stay on top of the latest developments. The Yotta payment processing status page provides daily updates on the issue, so make sure you regularly check this page.

Don’t try to close your account

You may think that the sensible course of action is to take all of your funds out of Yotta and immediately close your account. Unfortunately, the current processing issues mean this is not a viable option. In fact, any attempts to close your account could result in problems arising once the issue is resolved.

Have a contingency plan

Once the issue is resolved, it is vital that you have a backup plan in place. In other words, you need to have a suitable Yotta alternative bank account open. When possible, transfer your funds from Yotta to this new account. Before doing this, make sure that any pending transactions have completed and all your direct debit payments are rerouted to your new account.

After doing this, you can then close your Yotta account by completing the following steps:

  1. On the Yotta app, find the Account Tab at the bottom of the screen.
  2. Click the gear icon in the top right corner of your Account page.
  3. Click Account.
  4. Click Account Information.
  5. Scroll down the options and find the Close Account option.
  6. After clicking this, you will be asked to confirm your decision. Do this, and your account will immediately close.

Summing up

Patience is key for Yotta customers, as whilst these are worrying times, the situation will be resolved. Just make sure you are in the ideal position to take the necessary action once your Yotta account is accessible. Stay up to date with the latest developments and familiarise yourself with the process for closing your account. In the meantime, take a look at one of our recommended Yotta alternatives:

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