People are “storing billions of dollars through these services outside of their federally insured bank or credit union accounts,” the CFPB wrote in a recent blog post.ĬFPB data shows that roughly $893 billion passed through digital payment apps last year that number is expected to balloon to $1.6 trillion by 2027. 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.
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