Payment apps risky storage spots for cash, agency warns
Headline from Arkansas Democrat-Gazette
NEW YORK -- Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned Thursday.
Arkansas Democrat-Gazette's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
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, a new report has found.
Customers of Venmo, PayPal and CashApp should not store their money with these apps for the long term because the funds may not be covered by deposit insurance, the Consumer
NEW YORK >> 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 warned today.
NEW YORK (AP) — 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 financial crisis, the Consumer F…
NEW YORK -- Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned Thursday.
Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term, according to the Consumer Financial Protection Bureau. Here's why.
The Consumer Financial Protection Bureau has warned that -- unlike traditional banks -- payment apps like Venmo and Cash App may lack the same kind of financial insurance in the event of a crisis, therefore putting users at risk of losing funds stored in the apps.
Apps like PayPal and Venmo might be convenient, but they're not banks — and a federal financial services watchdog is worried that too many consumers are treating them as such.
The Consumer Financial Protection Bureau issued an advisory Thursday warning that funds stored in payment apps like PayPal and Venmo are not federally insured, unlike bank deposits.
Payment apps like PayPal and Venmo might be convenient, but they’re not banks — and a federal financial services watchdog is worried that too many consumers are treating them as such.
You shouldn't use apps like Cash App, PayPal and Venmo as substitutes for a traditional bank account, the Consumer Financial Protection Bureau advises.
Customers should not keep their money in apps like Venmo for the long term, the Consumer Financial Protection Bureau warned weeks after three banks collapsed. Payment apps are not traditional bank accounts, so funds may not be covered by deposit insurance.
NEW YORK — Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned Thursday.
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