Money stored on apps like PayPal and Venmo could be at risk, feds warn
CBSN
Government regulators said Thursday that people who keep cash with payment tools like Cash App, PayPal and Venmo are at risk of losing their money in a crisis because the funds are not protected by federal deposit insurance.
The warning follows the recent failure of Silicon Valley Bank, Signature Bank and First Republic Bank, which collapsed after panicked depositors withdrew their funds.
The Federal Deposit Insurance Corporation and National Credit Union Administration insure up to $250,000 in a bank account, but funds stored with a nonbank payment app may not be held at a lender that offers such protection, the Consumer Financial Protection Bureau (CFPB) said in an advisory.
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