The Consumer Financial Protection Bureau advised Americans against storing money in payment apps.
Surveys have found that about 76% of all Americans have used an app like Venmo at least once.
Money stored in apps is often not insured, unlike deposits at larger banks insured by the government.
You should probably stop leaving money in your Venmo and PayPal accounts for days, weeks, or even months at a time.
That's the official view of a federal government agency that is warning users of popular payment apps like Venmo, PayPal, Cash App, and more that they should avoid keeping large amounts of money on the app because it could be at risk.
Persons:
That's, Rohit Chopra
Organizations:
Consumer Financial, Bureau, Morning, PayPal