![]() While some only use the apps for sending money here and there, others have begun to carry significant balances within the app. In fact, research by the agency shows that about 85% of consumers between the ages of 18 and 29 have tried one. The CFPB says that the risk of lost funds is only growing as more and more Americans - and especially younger people - use digital payment services. Why storing money in a payments app is risky If one of those companies went under, there's no guarantee that your funds will be returned to you. The same isn’t always true of digital payment apps like Venmo and Cash App (or stock market assets or crypto, for that matter). are covered by FDIC insurance, and it's easy to check whether yours is among them. (But keep in mind that the insurance only applies to certain types of accounts, including checking accounts, savings accounts, money market accounts and a few more.) ![]() ![]() If the bank were to fail, like Silicon Valley Bank did earlier this year, the agency would cover your losses up to that limit. (FDIC) insurance covers up to $250,000 per depositor, per account type, per bank. Right now, Federal Deposit Insurance Corp. Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas Open an Account Today
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