A federal agency is warning consumers that digital payment apps such as PayPal, Venmo, and Cash App lack federal insurance protections.
The Consumer Financial Protection Bureau warned that money stored in such apps is often not covered by the Federal Deposit Insurance Corporation. The Federal Deposit Insurance Corporation insures deposits up to $250,000 per depositor at member firms.
“Popular digital payment apps are increasingly used as substitutes for a traditional bank or credit union account but lack the same protections to ensure that funds are safe,” CFPB Director Rohit Chopra said in a statement. “As tech companies expand into banking and payments, the CFPB is sharpening its focus on those that sidestep the safeguards that local banks and credit unions have long adhered to.”
The warning comes after bank runs and failures at Silicon Valley Bank, Signature Bank, and First Republic Bank.The Financial Technology Association, a Washington-D.C.-based trade group that represents the […]
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