The Consumer Financial Protection Bureau issued an advisory Thursday warning that funds stored in payment apps like PayPal and Venmo are not federally insured, unlike bank deposits.
Funds stored in digital paymentor Venmo may not be covered by federal deposit insurance and are at greater risk during a financial crisis than money held in a bank or credit union account, the Consumer Financial Protection Bureau warned in an advisory Thursday.
The CFPB is warning consumers their funds held in payment apps like PayPal and Venmo may not be covered by federal deposit insurance like traditional banks and credit unions.reported that transaction volume across all peer-to-peer payment apps totaled an estimated $893 billion last year and is expected to reach roughly $1.6 trillion by 2027.
The CFPB put out an advisory Thursday for consumers regarding popular payment apps like PayPal and Venmo.
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