Customers of Venmo, PayPal and CashApp should not store their money for the long term with these apps because their funds might not be safe during a crisis, the Consumer Financial Protection Bureau warns.
Money Stored in Venmo, PayPal, and CashApp Could Be Vulnerable During Bank Meltdowns, Report Finds
The Federal Deposit Insurance Corporation insures bank accounts up to $250,000. But money stored in Venmo or CashApp or Apple Cash is not being held in a traditional bank account. So, if there is an event similar to a bank run with these payment apps, those funds may not be protected. When you go to the bank and make a deposit, it seems like your money is simply getting stored– ready for you to use, but did you know that it doesn’t remain locked away in the bank? Here's what happens to that money and how banks use it to make profit.
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Don’t store money in Venmo, Cash App or PayPal, regulator saysA federal consumer watchdog on Thursday warned consumers not to store money on payment apps such as Venmo, Cash App or PayPal, because that money is not automatically insured by the government and could be completely lost if the companies fail.
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Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warnsCustomers of Venmo, PayPal and CashApp should not store their money for the long term with these apps because their funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned on Thursday.
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Money stored on apps like PayPal and Venmo could be at risk, feds warnGovernment regulators said Thursday that people who keep cash with payment tools like Cash App, PayPal and Venmo are at risk of losing their money in a crisis because the funds are not protected by federal deposit insurance.
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Money stored in Venmo, other payment apps could be vulnerable, financial watchdog warnsCustomers of Venmo, PayPal and CashApp should not store their money for the long term with these apps since their funds may not be covered by deposit insurance, the Consumer Financial Protection Bureau warned on Thursday.
Weiterlesen »
Money stored in Venmo, other payment apps could be vulnerable, financial watchdog warnsCustomers of Venmo, PayPal and CashApp should not store their money for the long term with these apps since their funds may not be covered by deposit insurance, the Consumer Financial Protection Bureau warned on Thursday.
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Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warnsThe alert comes several weeks after the failure of Silicon Valley Bank, Signature Bank and First Republic Bank, which all experienced bank runs after fearful customers with uninsured deposits pulled their money en masse.
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