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As you navigate the world of banking and financial institutions, it's crucial to understand the importance of safeguarding your hard-earned money. One key aspect of protecting your funds is ensuring
CFPB warns consumers who hold funds in payment apps such as Venmo and Paypal should be aware the funds are usually NOT held in an FDIC-insured bank. Most non-bank payment apps are regulated not as FDIC-insured banks, but as state licensed money transmitters.
If the recent bank collapses have you worried about the safety of your money, here's what you need to know:
The FDIC currently covers deposit accounts up to $250,000 -- but that could soon change.
Individuals can easily get more coverage by opening additional accounts at different banks. But that's much more complicated for businesses, according to the FDIC.