When you log into Prosperity Online Banking and see a screen warning about 128-bit encryption which you cannot get past, then your browser is not updated. Follow the links shown on the screen to upgrade your browser to support 128-bit encryption. HOW DO I KNOW IF MY BROWSER SUPPORTS 128-BIT ENCRYPTION? Online Banking - System Requirements & Security The CFPB says consumers having issues with any financial entity can file complaints here.Everything you need to know to get the most out of our advanced online banking features. The CFPB urges users to check whether the app they're using has a partner bank with insurance and to sweep money off the app into a federally insured bank or credit union accounts so that it will be protected if the app should suffer any financial distress. Some states, including Texas, recently enacted laws to ensure these apps can meet their obligations. So what happens if this non-bank entity goes out of business? What am I going to do?' said Amy Zirkle, Senior Program Manager of Payments and Deposits Markets for the Consumer Financial Protection Bureau. And we're trying to think through, strategically through, what a worst-case scenario might be. But that level of insurance doesn't apply to a non-bank, were it to fail. 'If a bank fails, it's got the FDIC insurance that protects it. Not only are the payment apps not required to be insured, but the CFPB also says their user agreements often lack information on whether your funds are insured or how the money is invested. In those cases, customers were protected through FDIC insurance. The CFPB is especially concerned after three banks, Silicon Valley Bank, Signature Bank, and First Republic Bank, failed this year. If you leave your money in the app, the app holds and invests your money.īut these apps are not banks, so they are not required to be FDIC insured.

It says when users receive payments, the money is not usually swept into a linked bank account.

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