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Money stored in Venmo, other payment apps could be vulnerable, financial watchdog warns – Winnipeg Free Press

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Money stored in Venmo could be vulnerable, watchdog warns

Money stored on a payment app 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.

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Venmo, Paypal money vulnerable during crisis: financial watchdog

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 on Thursday.

Consumer financial protection bureauDeposit insurance corporationFirst republic bankSignature bankSilicon valley bankGoldman sachsApple incFederal deposit insurance corporationApple pay cashApple card

Money stored in Venmo, other payment apps could be vulnerable

The alert comes several weeks after the failure of Silicon Valley Bank, Signature Bank and First Republic Bank.

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Money stored in Venmo, other payment apps could be vulnerable, financial watchdog warns

Money stored in Venmo, other payment apps could be vulnerable, financial watchdog warns
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