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Retirees, Be Aware of the Murky Rules Behind Financial Apps

June 18, 2022

From the Kiplinger website

Long gone are the days when every financial transaction involved a trip to the bank. In fact, if you’re like many Americans, the tools you rely on to deposit checks, pay bills and track your budget — all from the comfort of your couch — may not even belong to a bank. Instead, you may be using a fintech’s app on your smartphone to manage your finances.

The number of older adults turning to fintech services is soaring. Seventy-nine percent of baby boomers used fintech last year, up from 39% in 2020, according to a survey by Plaid, a financial services technology firm. Many older users find the apps convenient, the survey found.

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