"Caution urged on excessive funds in payment apps like Venmo"

The Consumer Financial Protection Bureau has warned Americans against keeping large amounts of money in payment apps like Venmo, PayPal, and Cash App as they are not federally regulated banks and deposits held in them may not be federally insured. The lack of federal regulation and oversight on the apps is concerning given the massive amounts of money passing through them. The CFPB also found that user agreements for the payment apps often contain little to no information about whether a user's money can be insured in a given app.