K MannsJun 2, 2023
Laffy

“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
Jun 2, 2023 at 1:41pmWeb
Show threadjoel bJun 2, 2023
@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.
Show threadHistoPol (#HP) 🏴 🇺🇸 🏴Jun 2, 2023

@GottaLaff

What would've happened with your #DigitalCurrencies in your #DigitalWallets if the #US had #defaulted this month, causing a potential financial meltdown on a global scale?

No #DepositInsurance for consumers!

https://mastodon.social/@GottaLaff/110474905933475085

Show threadSumocat 🐈‍⬛Jun 3, 2023
@GottaLaff A tad curious to receive this warning within a couple months of Apple offering an FDIC insured savings account for Apple Cash. Could be Apple’s simply ahead of the curve as usual, or they showed the CFPD that online cash can still be protected. #Apple #FDIC #CFPD