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> Media PoolIs my money safe in my Venmo account?
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Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned 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.
MORE: https://www.wtsp.com/article/news/nation-world/venmo-cashapp-paypal-money-not-covered-deposit-insurance/507-dfe08b6b-03c2-446d-97c9-cbf4ac9ae134
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