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Source: Consumer Financial Protection Bureau Consumer advisory: "Your money is at greater risk when you hold it in a payment app, instead of moving it to an ac
by jt2190 3y ago
Source:
Consumer Financial Protection Bureau Consumer advisory: "Your money is at greater risk when you hold it in a payment app, instead of moving it to an account with deposit insurance", June 1, 2023
https://www.consumerfinance.gov/about-us/newsroom/consumer-advisory-your-money-is-at-greater-risk-when-you-hold-it-in-a-payment-app-instead-of-moving-it-to-an-account-with-deposit-insurance/ https://www.consumerfinance.gov/about-us/newsroom/consumer-a...
- reaperducer 3y agoCommon sense. My accountant warned me about this years ago. Just because it acts like a bank doesn't mean it's a bank.
- gregschlom 3y agoIt's not really common sense if you need a professional to give you this piece of advice, though.
- bombcar 3y agoBanks are also more regulated than PayPal and when they screw you over you can complain to a banking regulator who can make their life hell.
- droopyEyelids 3y agoYou're correct and I want to tell other readers that PayPal/Square are regulated by the CFPB and the CFPB is a very useful way for a regular person without a lawyer to fight back when something goes wrong.