Earlier quoted context omitted.
fyi Fidelity is also not a bank. They might be older, but they're just as much not a bank as Betterment or Wealthfront. Wealthfront gives you a statement from Green Dot, which is actually a bank. Charles Schwab and Chase are actual banks as well. Robinhood should not be trusted with more than beer money.
All banks suck. But there's a lot to be said for longevity and experience. Also the number of program banks that actually work with Fidelity is pretty long: https://accountopening.fidelity.com/ftgw/aong/aongapp/fdicBa...
yeah, but structurally speaking, fidelity isn't a bank and so while they didn't use synapse, my money with them is subject to the same risks. If one of the banks in that list goes under, fdic kicks in, but if fidelity's computers gets Mr robot'd and they don't know how money i have where, I'm still in the lurch.