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The Independent UK
The Independent UK
National
Ken Sweet

Money stored in Venmo, other payment apps could be vulnerable, financial watchdog warns.

Venmo CashApp PayPal Consumer Financial Protection Bureau Insurance Apple CFPB
Copyright 2018 The Associated Press. All rights reserved.

Customers of Venmo, PayPal and CashApp should not store their money for the long term with these apps because their funds might not be safe during a crisis, 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, which all experienced bank runs after fearful customers with uninsured deposits pulled their money en masse.

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