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Credit / Debit, Checking and Gift Card Laws : Ohio and Federal: Nonbank Payment Apps

Introduction

Payment apps, technically known as money transmitters, such as Venmo, Paypal and CashApp are very popular. However, balances are not federally insured unless funds are held in a partner bank account through direct deposit or check cashing.  Balances also don't earn interest. The Consumer Financial Protection Bureau recommends that consumers move their balances from payment apps to insured banks and credit unions.

Books

Payment Apps

Federal Laws

Code of Federal Regulations

Ohio Revised Code

Ohio Agencies

Federal Agencies