The Consumer Financial Protection Bureau (CFPB) has cautioned Americans to keep their money in insured accounts rather than uninsured payment apps, as the risk of loss in the event of a crisis is becoming more concerning due to the increasing popularity of nonbank peer-to-peer (P2P) payment apps, including those used for crypto asset transactions. While awareness of Federal Deposit Insurance Corporation (FDIC) coverage has grown, billions of dollars are still being stored on payment service apps without FDIC coverage. Many P2P apps offer stored value services that resemble deposit accounts, and payment service providers are incentivized to encourage customers to store funds with them for investment purposes. However, even if customer funds were held in an FDIC-insured account, eligibility for pass-through deposit coverage is only determined after a failure has occurred, and the insurance only protects against the failure of the bank, not the payment service.