Name: Is my money safe in my Venmo account?
Channel: TEGNA

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Is my money safe in my Venmo account?

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Description

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. The 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. MORE: https://www.wtsp.com/article/news/nation-world/venmo-cashapp-paypal-money-not-covered-deposit-insurance/507-dfe08b6b-03c2-446d-97c9-cbf4ac9ae134

Station

WTSP

Keywords

money nation-world tech

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