Your Venmo Balance Is Dangerous

Written By:
Haley Sacks
(aka Mrs. Dow Jones)
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Don't do it. Money-transferring apps like Venmo, PayPal and CashApp are not banks & it's actually dangerous financially to store cash in them.

HERE ARE THE 3 REASONS WHY:    

 

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These apps are not FDIC-insured. So, if they collapse, you lose all your money. It's that simple. And this has happened before so don't think that it won't happen again. I know…scary.

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If you have money that you don't need - it should be working for you! Invest it or put it in a HYSA at the very least. Anything is better than nothing. (If you need help getting started, take Let’s Invest, duh).

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When you pay with these apps, you'll never build credit or earn rewards. And you're literally stimulating the economy when you buy things, you deserve a reward.

I want you to read this email & never keep a Venmo, PayPal or CashApp balance again, okay? Can we make that promise to each other? Let's make informed choices about where we store our hard-earned dollars and how we let them dance in the economic arena.