LaffyJun 2, 2023

“Billions of dollars stored in digital payment apps have no guarantee of federal insurance, according to a warning from the Consumer Financial Protection Bureau.

FDIC insurance protects money in banks and credit unions, but the apps like #PayPal, #Venmo and #CashApp lack that protection, meaning if a payment app business fails, your money may be gone. the agency warned in a statement Thursday.” https://www.upi.com/Top_News/US/2023/06/02/CFPB-payment-apps-insurance/6181685709724/

CFPB warns billions held in payment apps may not be federally insured - UPI.com

Billions of dollars stored in digital payment apps like PayPal, Venmo and Cash App have no guarantee of federal insurance, according to a warning from the Consumer Financial Protection Bureau.

UPI
Show threadjoel b
@GottaLaff why would anyone keep money in there longer then necessary? If I were a business owner I’d make it a daily task to drain any accounts receivable on these apps.
Jun 2, 2023 at 1:58pmWeb