>> In June, the FDIC made it clear that its insurance fund doesn’t cover the failure of nonbanks like Synapse, and that in the event of such a firm’s failure, recovering funds through the courts wasn’t guaranteed.

Sounds like this would apply to other non-banks like Mercury.

Yes. Mercury, which is not a bank and has never publicly claimed that it plans to become a bank, is reportedly trying to recover $30 million in missing customer funds from Synapse: https://www.forbes.com/sites/emilymason/2023/12/20/with-syna...

I've held a (trivial) business account at Mercury since before Synapse collapsed. Mercury has never attempted to notify me about missing customer funds, potential customer losses, or the lawsuit stemming from the collapse of their banking partner.