Don't keep money in payment apps (like PayPal, Venmo, Cash App, & others)
You probably use payment apps, but keeping a balance in a payment app, especially a large balance is probably not the best idea -- instead transfer it to your bank account and earn some interest!
Why keeping money in payment apps is probably not the best idea
1. It’s not FDIC-insured.
The Consumer Financial Protection Bureau just released a consumer advisory titled: “Your money is at greater risk when you hold it in a payment app instead of moving it to an account with deposit insurance.”
This means that if the payme…
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