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Warning issued over nonprotected funds stored in apps like Venmo or PayPal

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If you use Venmo, PayPal or CashApp, and have money just sitting around in those accounts, you might want to reconsider moving those funds.

That's because the Consumer Financial Protection Bureau has issued a warning today that people should not store their money for the long term with these apps since those funds may not be covered by deposit insurance in the event of financial distress. 

For more, KCBS Radio's Bret Burkhart and Niki Medoro spoke with Michael Yoshikami,  CEO and Founder of Destination Wealth Management, a Walnut Creek wealth management firm.


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