“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/