On his podcast, Clark Howard answers real reader questions on money, credit, debt, retirement, travel, and more, along with co-host Christa DiBiase.

Clark's answer: No, you aren't safe. It has become standard practice at banks and credit unions to include cross-collateralization or cross-default clauses in their account agreements. If a criminal compromises your Venmo account and drains it into the negative, your credit union almost certainly has the legal right to pull funds directly from your other accounts to cover that deficit. Even if you turn off standard overdraft protection, that doesn't override their ability to seize funds under their deposit agreement. It isn't done to protect you from fees — it's designed so the financial institution doesn't end up taking the loss.

Because consumer protection laws have never been updated to properly cover peer-to-peer apps like Venmo, Cash App, or Zelle, you are heavily exposed if fraud occurs. I am not telling you never to use them. But to keep your money truly sheltered, you must keep that dedicated payment account completely cordoned off at a totally separate institution, transferring in only the money you need right before you send a transaction.