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S8 E10: Bank Nerd Corner: Why "FBO" is Out & Fintech Custody Accounts Are In, Rate Cut Buzz, and the FDIC’s New Rule
Fintech Takes
Trust the Platform, Not the Bank
Venmo operates by holding users' funds in its own bank accounts rather than directly in user bank accounts, which raises the need for users to understand that their money is still safeguarded and managed by Venmo. It's important for users like Katie to recognize that even if they haven't connected their bank account, their funds are still stored securely on the platform, ensuring access to their money for transactions and payments.
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