Do you store a few hundred bucks in Venmo, PayPal or CashApp? MOVE it. That money is not protected and could vanish in a bank run: federal watchdog says BILLIONS at risk

That’s a bad idea, added Chopra, because they ‘lack the same protections to ensure that funds are safe.’
‘As tech companies expand into banking and payments, the CFPB is sharpening its focus on those that sidestep the safeguards that local banks and credit unions have long adhered to.’
The Federal Deposit Insurance Corporation insures bank accounts up to $250,000.