This is a mentality problem with America. I find banks to be terrible and high friction institutions. I don't trust that it is 'federally insured' as you are only insured to what their database/multi-page legal policy/management says you have in the account in the first place. So the system doesn't work for me. I'd love a system like bitcoin, a system that gives me the freedom to move my money as I see fit, on my terms, without a fee because I don't have enough of it. But you will always have people like above, who complain that such a system exposes me to 'risk' and because of that I shouldn't be allowed to make a informed decision in how I wish to store my money.