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How are they incompetent? My boring old bank has never lost my money, it sends out bill payments on time. Those are the main things I ask for it to do, and it has done them competently for decades.

As far as I can see, none of the fintech/web3/crypto-nonsense companies can be trusted to do those things well.

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How do you know it’s never lost your money? Do you audit each transaction on your statements?

I would hope so. I certainly do. In 25 years of using them, I have never had a conventionally regulated financial institution (NCUA-insured credit union, FDIC-insured bank) lose so much as a penny. Whether they are keeping proper reserves is another question entirely, but also not really my problem (NCUA and FDIC exist for a reason).

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