For nearly a century, depositing your savings in a federally insured bank has provided peace of mind knowing that up to $250,000 of your funds are protected in case of bank failure. However, this guarantee is being put to the test by a crisis involving online-only lenders who hold hundreds of millions of dollars in deposits. Some customers have found their accounts frozen, leaving them unable to access their life savings and uncertain if they will ever see their money again. The trouble began with the bankruptcy of Synapse Technology, a company operating banking software for online lenders like Juno, Yieldstreet, and Yotta. These startups, backed by prominent venture capitalists, offer accounts with lower fees and higher interest rates than traditional banks. Despite advertising insurance from the Federal Deposit Insurance Corporation, the current situation raises doubts about the safety of depositing money with these online financial institutions.