By KEN SWEET (AP Business Writer) NEW YORK (AP) — 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. The Federal Deposit Insurance Corporation insures bank accounts up to $250,000.
Money Stored In Venmo And Other Payment Apps Could Be Vulnerable, Financial Watchdog Warns
The Associated Press, Denver Post
Fri, 06/02/2023 - 1:55am
Topics: ken sweet ap business writer new york ap customers venmo consumer financial protection bureau silicon valley republic the federal deposit insurance corporation cfpb paypal savings synchrony green dot we consumers peer-to-peer apple card goldman sachs the financial technology association cash app s block tens american fdic insurance paypal cashapp bank apple cash apple payment apps account funds accounts safe failure event products coverage report announced millions protected covered deposits
BING NEWS:
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The Consumer Financial Protection Bureau has finalized a new rule introducing federal oversight for major digital payment apps like Venmo, Cash App, and PayPal. The rule takes effect 30 days after its ...
11/21/2024 - 9:27 am | View Link - Consumer watchdog to oversee digital wallets, payment apps
Large companies that offer digital wallets and payment apps will now be overseen by the Consumer Financial Protection Bureau (CFPB). The CFPB finalized a rule Thursday to bring companies ...
11/21/2024 - 7:25 am | View Link - CFPB Will Treat Payment Apps Like Banks
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