You FAQ absolutely does not answer my question. It sounds like this comment answers the question, but it still isn't explicit enough. If I trust Joe Schmo with

You FAQ absolutely does not answer my question. It sounds like this comment answers the question, but it still isn't explicit enough. If I trust Joe Schmo with my money, he can put that money in a FDIC insured bank. In a way, you could say that I am protected by the FDIC insurance because if there is a run against the bank or something, my money would still be safe. However, the mere fact that Joe is storing my money in an FDIC insured location doesn't mean that I get the same legal protections. What if Simple goes out of business? If it goes bankrupt? I infer from this comment that my money would go nowhere if Simple went out of business, that I actually have a relationship with some bank that I could access and completely bypass Simple if I so chose, and that would continue to exist even if Simple went out of business. I would absolutely not trust you without this explicitly stated in the FAQ though.