Reported about 1 month ago
Storing money in payment apps like Venmo and Cash App can pose significant risks as these funds often lack deposit insurance, unlike traditional bank accounts, which can safeguard deposits up to $250,000. With the rising popularity of these apps and their estimated transaction volume set to reach $1.6 trillion by 2027, experts recommend immediately transferring funds to a high-yield savings account to avoid losing potential interest and minimize the risk of loss.
Source: YAHOO