this is a misleading tweet but no surprise its...twitter. most of these companies do offer fdic coverage for their account holders. also zelle is a bank to bank transfer system, so thats all in fdic insured banks to begin with.

the tweet misses the larger picture, which is that consumers arent actually protected at all by fdic insurance. am i better off putting my money in a bank that is insured by a govt program which has the capacity to reimburse perhaps 1% of depositor funds in the banking system, that takes my money and puts it in a money market acct, or do i just cut them out and buy money market acct shares using a retail brokerage? how much more exposed am i in the fiat ponzi scheme in that example?

Does the FDIC go bust before vanguard? 🤔