thewayne | Entries tagged with banking

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It's most applicable if you have multiple cards in it.

Recently I opened up my bank account online and found, much to my surprise, a balance on my credit card! It should have been zero. The amount corresponded to a recent online purchase that I'd made through Paypal, but I told PP to use my debit card, so it should have gone to my checking account.

Yesterday, I made an eBay purchase, again using Paypal, and this time I paid attention.

The order of my cards had changed! My credit card had been at the bottom of my list, it was now at the top! I don't know why, the last four digits of the card would have placed it after my debit card, and the bank name is the same. I marked my debit card as Prefered, so hopefully this won't happen again.

Dunno what happened, but something to keep an eye on if you don't want your credit card to be accidentally used!

Venmo and Paypal, though it makes certain parts of our financial life much easier, are not banks and not safe places to store money. Since they are not banks, they are not federally regulated and not insured by the Federal Deposit Insurance Corp, which insurance bank accounts (savings and checking, not investments) for up to $250,000. This includes Apple Savings as not being insured, but does not include the Apple Card's Goldman Sachs savings account (paying more than most CDs at 4.15% APR) as Goldman Sachs has a Federally-recognized banking side, and thus insured by the FDIC.

I've never had more than $50 or so sitting in my Paypal account from a refund or something, and that'll be gobbled up in a Humble Bundle purchase or three, or I'll move it back into my bank.

https://apnews.com/article/venmo-paypal-cashapp-p2p-payments-deposit-insurance-f89eba2486a383160b9343e2e4e60b3f