Money stored in Venmo, other payment apps could be vulnerable, financial watchdog warns.
By KEN SWEET
AP Business Writer
NEW YORK (AP) — Customers of Venmo, PayPal and CashApp should not store their money for the long term with these apps since their funds may not be covered by deposit insurance, the Consumer Financial Protection Bureau warned on Thursday. The alert comes several weeks after the failure of Silicon Valley Bank, Signature Bank and First Republic Bank, where the banks experienced bank runs after fearful customers with uninsured deposits pulled their money en masse.
