“Consumers may not fully appreciate when, or under what conditions, they would be protected by deposit insurance,” the agency added in its report. “We find that stored funds can be at risk of loss in the event of financial distress or failure of the entity operating the nonbank payment platform, and often are not placed in an account at a bank or credit union and lack individual deposit insurance coverage,” the CFPB said in its report. For Apple Cash, which can be insured through Green Dot Bank, it requires a user to verify their identity to get deposit insurance. But the general PayPal account is not covered by insurance. For example, if a customer opened a PayPal Savings account, it would have deposit insurance through PayPal’s partner bank Synchrony Bank. To make your Venmo transaction history private: Open your iOS Venmo app and tap the three horizontal lines in the upper-right corner of the app.
Some of these funds may be eligible for pass-through insurance coverage if the customers do certain activities with the apps, the CFPB says, but generally by default these apps are not covered by deposit insurance. Price cut! Castle for sale now $150k cheaper
0 kommentar(er)
