"I'm definitely the one that is always harping about high yield savings accounts," Tomasko said. "But if you're in an industry dealing with a lot of cash - bartending, say - sometimes you're just worried about finding a place to deposit it. It's not always a fun thing to talk about."
"Popular digital payment apps are increasingly used as substitutes for a traditional bank or credit union account, but lack the same protections to ensure that funds are safe," CFPB Director Rohit Chopra said in a bulletin last year.
As use of payment apps has grown in recent years, the Consumer Finance Protection Bureau has issued guidance on best practices to avoid pitfalls.
In 2022, transaction volume on these apps was an estimated $893 billion, according to the CFPB, and that's projected to reach $1.6 trillion by 2027.
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