Yep.
But also true is that the payment app company can go belly-up at any time and the money you had there is just gone.
Your account can also be cancelled for any reason and they will hold onto your funds.
Generally speaking, it’s not the apps that are weak. It’s the people using them. I used them when I ran a business. They provided customers a way to pay me with credit cards for small purchases.
I always needed the money so it was moved off pretty quickly.
99% of the problems with these services come from knuckleheads who get duped into sending money to fake accounts for non-existent products; or who grant access to their own account as a result of phishing attempts and out and out fraud.
These apps are tools. As with any tool, knowing how to use them and keep them “clean and sharp” is critical.
ITA! I never do any banking by phone or online. I don’t even like to go to the ATM. I prefer to go into the bank and deal with a teller.
I keep a few bucks in paypal, but not a lot.
Yeah, let’s say bartending.
PayPal was great for about a year after it started. Then it slowly turned into the schiff that it is today. Just because you’ve used iot without problems doesn’t mean millions of other haven’t. Stay away from all of them.
It’s payment app, not your bank mobile app. The function is to smooth out any transaction by fastly moving money between the payer and the payee. Not to store your wealth.
I’m using the McDonald’s app and for some rewards you have to have something for electronic pay
I keep 2 accounts with VERY little money
I might move $10 into Venmo to use on McDonald’s - there would be virtually nothing behind it in the bank account (1 of the 2)
We can jump in the car even though we really have nowhere to go, but we are too lazy to jump in the car to go to the bank...
I have used Paypal, Venmo, and Cashapp only to move money to/from someone. Once I have received funds, I take them out ASAP. I do not use them like bank accounts.