Money associated with insured banks can still become inaccessible when a nonbank fails.

In September 2024, the FDIC described customers losing access to funds following Synapse's failure and emphasized that deposit insurance addresses an insured bank's failure—not a nonbank's failure. Its accompanying proposed recordkeeping rule sought stronger records for certain custodial accounts involving third parties. The research lead is operational: even where money is intended for bank accounts, incomplete ownership and reconciliation records can obstruct access. An insurance logo is not a substitute for evidence of where each customer's money is and how the balance is reconciled.