![]() ![]() “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. ![]() Use an app like Apple Reminders or Google Calendar to set up recurring nudges for yourself.If Yusef Salaam had lost faith in the justice system, let alone electoral politics, it would have been understandable. ![]() ![]() Try to check your balance at least once per month to not miss any outstanding funds from that group dinner or grocery run. Regularly transfer your existing balance from the payment app holding fund into your FDIC-insured linked funding account. Even if your money is stored safely in an external, FDIC-backed bank during a payment app collapse, you could still experience significant delays in accessing your funds. However, pass-through coverage explicitly doesn’t protect you against PayPal or another app failing. If you follow the insurance criteria, this can offer an additional layer of protection for app users. Also check for details on whether your money may be insured at a bank or credit union, as well as what happens in the case of the payment app’s collapse or bankruptcy.Ĭonsider the offered "pass-through" insuranceĬertain apps offer specific pass-through insurance, which protects you against the collapse of the bank or credit union where the company holds your funds. You may be surprised to learn that they earn interest on your money without passing any of it on to you, like a normal bank normally does. Check if the payment app company keeps your money in a bank or credit union account or invests your money in loans and bonds. The user agreement, as murky as it can be, should explain the app's basic business model, investment strategy and risk profile. The CFPB offers several tips for payment app users to protect their funds from deposit risk: Story continues Next steps for payment app users However, similar protection would not be guaranteed to customers that store money on nonbank payment apps, as we saw from the near-total wipeout of FTX users after the giant crypto exchange collapsed last year. These banks experienced catastrophic runs, but their insured depositors with account balances of up to $250,000 could have confidence their money was safe. Funds in PayPal, Venmo, CashApp lack insuranceĮarlier this year, the collapses of Silicon Valley, Signature and First Republic Banks highlighted the importance of federal deposit insurance offered through the FDIC or NCUA. A recent report from the Consumer Financial Protection Bureau (CFPB) casts a spotlight on deposit risks among popular mobile payment apps, while explaining how consumers can hedge their risk of a collapse. However, recent bank and crypto exchange failures highlight the risk of keeping your funds in accounts that exceed or simply lack FDIC insurance coverage. The pandemic further accelerated this ongoing shift toward a cashless future. Convenience, transaction speed, and flexibility across multiple smartphone types offer consumers an easier way to pay for services and split bills with friends and family. Mobile payment apps like PayPal, Venmo and Cash App have exploded in popularity in the last several years. A Consumer Financial Protection Bureau issue says PayPal and other popular payment apps often sidestep key government protections for your funds. ![]()
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