PayPal and Venmo users shouldn't store money on the apps long term because the funds might not be safe during a crisis, federal watchdog warns [Fortune]
PayPal Holdings, Inc. (PYPL)
Last paypal holdings, inc. earnings: 1/29 04:15 pm
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Source: Fortune
The alert comes several weeks after the failure of Silicon Valley Bank Signature Bank and First Republic Bank , which all experienced bank runs after fearful customers with uninsured deposits pulled their money en masse. The Federal Deposit Insurance Corporation insures bank accounts up to $250,000. But money stored in Venmo or CashApp or Apple Cash is not being held in a traditional bank account. So, if there is an event similar to a bank run with those payment apps, those funds may not be protected. Some of the funds may be eligible for pass-through insurance coverage if customers do certain activities with the apps, the CFPB said, but generally by default the apps are not covered by deposit insurance. For example, if a customer opened a PayPal Savings account, it would have deposit insurance through PayPal's partner bank, Synchrony Bank. But the general PayPal account is not covered by insurance. For Apple Cash, which can be insured through Green Dot Bank, it requires a user t
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PYPL
News
- Is PayPal a Millionaire Maker? [Yahoo! Finance]Yahoo! Finance
- Paypal (PYPL) Sees a More Significant Dip Than Broader Market: Some Facts to Know [Yahoo! Finance]Yahoo! Finance
- PayPal: Misunderstood Growth Story Spells Opportunity [Seeking Alpha]Seeking Alpha
- 1099-K IRS Tax Delay: What Last Minute Filers Who Use PayPal and Venmo Need to Know [CNET News]CNET News
- Paypal (PYPL) Surpasses Market Returns: Some Facts Worth Knowing [Yahoo! Finance]Yahoo! Finance
PYPL
Earnings
- 2/7/24 - Beat
PYPL
Sec Filings
- 4/9/24 - Form ARS
- 4/9/24 - Form DEFA14A
- 4/9/24 - Form DEF
- PYPL's page on the SEC website