Why you shouldn't keep a balance in your PayPal, Venmo or other cash app accounts.

Why you shouldn't keep a balance in your PayPal, Venmo or other cash app accounts.

Cash apps like PayPal and Venmo are very convenient. You can pay your babysitter, send cash to a friend, or payback someone with just a few swipes of your finger.

But they’re not a substitute for a bank. And keeping chunks of cash lying around is never a good idea.

So why don’t I recommend leaving a balance in places like PayPal and Venmo. Well it’s for a number of reasons.

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