And if you use Venmo paypal or Cash App,
the Consumer Financial Protection Bureau is warning that you should
not store your money with those apps for the long term
saying that the funds might not be safe during a crisis on those platforms.
The alert follows the failure of Silicon Valley Banks,
Signature Bank and First Republic Bank which all experienced bank runs
after customers with uninsured deposits pulled their money in droves.
The F
C insures bank accounts up to $250,000.
But money stored in places like Venmo Cash App or Apple
Cash is not being held in a traditional bank account.
Meaning that if those services experience a bank one,
those funds may not be protected.