June 2023 Email Contents
CFPB Warns Against Keeping Money in Payment Apps such as PayPal and Venmo
While peer-to-peer (P2P) payment apps like Venmo, PayPal, Cash App, and others offer convenient ways to send and receive money, it is important to be aware of the potential risks associated with leaving funds in these apps. Unlike traditional bank accounts, the money held in P2P payment apps is not FDIC insured. This means that if the app's parent company experiences financial difficulties or goes out of business, there is no guarantee that the money will be recovered. The Consumer Financial Protection Bureau (CFPB) suggests consumers promptly transfer funds to an insured bank account upon receipt.
As the usage of payment apps continues to rise, it is crucial for consumers to protect their money by remaining alert and making good digital practices second nature. Here are some suggestions for reducing the risk of loss when receiving money through a payment app:
- Prompt Transfers: Upon receiving funds in a P2P payment app, consider transferring the money to an FDIC-insured bank account as soon as possible. Regularly monitor your app balance and initiate transfers to minimize the amount of funds left in the app.
- Establish a Transfer Routine: Create a habit of transferring funds from the P2P app to your bank account at regular intervals, ensuring that you maintain a minimal balance in the app.
- Be Mindful of Transaction Limits: P2P payment apps may have transaction limits or restrictions on the amount of money that can be transferred within a certain period. Familiarize yourself with these limits to ensure smooth and timely transfers.
- Set Strong Authentication: Enable two-factor authentication (2FA) or biometric authentication options provided by the app to add an extra layer of security to your account.
- Regularly Monitor Your Transactions: Keep a close eye on your transaction history and account activity. If you notice any suspicious or unauthorized transactions, report them to the app provider immediately.
Visit www.bankbac.com/P2P-safety for more suggestions on protecting your transactions.
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Are You Using Smart ALAC for a Chance to Win?
BAC uses Smart ALAC each month to notify the winner of our current $100 cash drawing. You could be our next winner!
Be sure to have at least one conversation each month during 2023 for your chance to win $100. Even if your conversation is simply to ask if you are the current winner, your Smart ALAC conversation counts as an entry into the current month's drawing!
REMEMBER: Now you can log in with any computer browser or use the Smart ALAC app on your mobile device and have the same experience with your same personal banker! Do it today by visiting www.bankbac.com/smart.
Smart ALAC is the perfect companion to our mobile banking app.
If you need to check your balance or deposit a check, our mobile banking app is great for that. To connect with your banker about your financial goals and banking needs, tap into Smart ALAC.
Ready to get started?
Smart ALAC is easy to use, and it’s a cinch to sign up. To select your own personal banker and enjoy the full experience, visit www.bankbac.com/smart and click the Sign Up tab to get started.
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March Lane Ribbon Cutting Photos
We have posted more highlights of our recent March Lane ribbon cutting and open house event. Visit our social media platforms for pictures and videos from this event. And, be sure to follow, like, and share!! www.bankbac.com/social.
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Thank You!
Thank you for choosing BAC Community Bank as your banking partner. We value all our relationships and appreciate the opportunity to serve you.
