We’re the bran muffin of journalism.īut you know what? We change lives. We’re seen as being global, fair, insightful, and perhaps a bit too earnest. If you were to come up with a punchline to a joke about the Monitor, that would probably be it. Sometimes, we call things ‘boring’ simply because they lie outside the box we are currently in.” My work in Kenya, for example, was heavily influenced by a Christian Science Monitor article I had forced myself to read 10 years earlier. “Many things that end up” being meaningful, writes social scientist Joseph Grenny, “have come from conference workshops, articles, or online videos that began as a chore and ended with an insight. “We find that stored funds can be at risk of loss in the event of financial distress or failure of the entity operating the nonbank payment platform, and often are not placed in an account at a bank or credit union and lack individual deposit insurance coverage,” the CFPB said in its report.Ībout a year ago, I happened upon this statement about the Monitor in the Harvard Business Review – under the charming heading of “do things that don’t interest you”: Apple Cash, which can be insured through Green Dot Bank, requires users to verify their identity to get deposit insurance. But the general PayPal account is not covered by insurance.
For example, if a customer opened a PayPal Savings account, it would have deposit insurance through PayPal’s partner bank, Synchrony Bank. Some of the funds may be eligible for pass-through insurance coverage if customers do certain activities with the apps, the CFPB said, but generally by default the apps are not covered by deposit insurance. So, if there is an event similar to a bank run with those payment apps, those funds may not be protected.
If you’re a small-business owner, who does keep more than $250,000 at a single bank, diversify.īut money stored in Venmo, CashApp, or Apple Cash is not being held in a traditional bank account. If you have more than that at any one bank, spread it around to other insured financial institutions. Those totals apply whether money is in savings, checking, or certificates of deposit. The Monitor reported in May that most bank customers need not worry about additional bank collapses:Īt any FDIC-insured institution (nearly all banks) your deposits are guaranteed for up to $250,000 (that’s $500,000 for joint accounts). The alert comes several weeks after the failure of Silicon Valley Bank, Signature Bank, and First Republic Bank, which all experienced bank runs after fearful customers with uninsured deposits pulled their money en masse. “In faith and in faith communities, they always talk about when God restores, you get back 100 times what was taken.”Ĭustomers of Venmo, PayPal, and CashApp should not store their money with those apps for the long term because the funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned Thursday. “It strikes me as the ultimate justice,” he said. Salaam said when asked about the arc of his life on PBS. As we highlight the individual stories of the exonerated, we should be mindful that there is a collective of people who seek independence from poverty and homelessness.The potential that comes from that social uplift is limitless, as Mr. Salaam walks in the way of Harlem activists such as Malcolm X and iconic politicians such as Adam Clayton Powell, there are still injustices that profoundly affect Black people. King’s reference to the book of Amos wasn’t just aspirational. spoke allegorically many years ago about how we might break open the floodgates: “Now is the time for justice to roll down like water and righteousness like a mighty stream.”Dr. Gatekeeping is the activity of limiting access and controlling resources. Salaam said at the time.There are times when a gate works as a dam – a prison. Salaam stood at a ceremonial gate that was unveiled to honor the Exonerated Five’s resilience and independence.“We are here because we persevere,” Mr. A few months before he announced his candidacy, Mr. Last week, he won a seat on the New York City Council representing Harlem. Salaam, one of the five men exonerated of raping and savagely beating a Central Park jogger in 1989, grew more determined. As a teenager in 1990, he was convicted of a crime he didn’t commit and spent nearly seven years in jail. And yet, Mr. If Yusef Salaam had lost faith in the justice system, let alone electoral politics, it would have been understandable.
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