Cash app is a peer-to-peer financial application that is backed by square who does credit card processing in partnership with Sutton bank. This is important because it brings a certain level of credibility to the fintech service. Cash app offers a lot of financial featured within the application. However, it also draws a lot of questioning. So, as a long-term user, I’ve decided to write about my experience using the app. Let’s find out more.
How does Cash app works?
Cash App is a direct person-to-person financial transaction software application that works via a mobile device. Indeed, in a matter of seconds, you can receive or send money via the app. The payment app is available for download for both iOS and Android mobile devices. Moreover, you can link a personalized prepaid debit card that can be used for shopping and to withdraw cash from an ATM. However, it only works within the United States of America.
Do you need a bank account for Cash App? Yes and No
Actually, the Cash App wallet does not require a bank account to start sending or receiving money. Instead, all you need is a valid email address and a verified phone number. Alternatively, you can create and use a unique identifier that the app refers to as a $Cashtag. That being said, without a bank account you will be identified as an unverified Cash App user.
An unverified user can send and receive money under restrictions. For example, an unverified Cash App user can send and receive money up to $1000 in a month. On the other hand, a verified Cash App user can send up to $7500 in a month and receive unlimited money.
However, to become a verified Cash App user you will need to link your bank account and input your Social security number last four digits to verify your identity.
Can you send $10000 through Cash App?
If you have a verified account, you can send $7,500 in the first and the remaining $2000 on the following week. That is because you are limited to $7,500 per week. However, if you are an unverified user you won’t be able to send that amount.
Is Cash app a bank?
Cash App is not a bank that is why it can not provide basic banking services. Hence, to be able to provide some financial services such as direct deposit or debit card, it needs the support of an accredited financial institution.
What bank does cash app use?
Cash App uses a bank called Sutton bank. Sutton bank is a very popular bank in the USA, notably in its home state of Ohio. Sutton Bank is one of the oldest banks in the country. Cash app prepaid debit card is issued by Sutton Bank. However, it is important to mention that the Bank does not issue or support Square Cash App
The Visa Debit Card is managed and controlled by Sutton bank.
Each transfer from and to your cash app account affects your debit card. You can utilize the card to do any financial transaction. The prepaid Visa card is free and fully customizable and it is connected to your Cash App balance account, not to your bank account. Most importantly it is accepted everywhere Visa is accepted.
Moreover, direct deposit and transfer transactions are also facilitated by Sutton Bank. Direct deposit & transfers give cash app users a routing number and an account number.
Advantages of cash app
- Receive and send money instantly
- Receive a discount when you use the app to purchase some specific products. Also, known as a cash boost.
- The app is widely used to split bills among friends or relatives
- You can use the app as an investment portal for fractional stock investment and crypto currency.
In case of any issues, you can always reach out to the support team direct from the profile section within the App. The support system is extremely effective. As far as I’m concerned I have been extremely satisfied with the service.
Cash App Visa Prepaid card
In addition, you can use the card to withdraw money from a Bank ATM and you can’t expect overdraft protection. The service is free of charge but you can expect ATM fees, similar to when withdrawing money from an ATM different than your bank’s ATM.
If you use your cash app card at a bank ATM or any other ATM you can expect to pay a cash app withdrawal fee and the atm fees. However, Cash App can waive its fees if the money is withdrawn is within days of a direct deposit.
Finally, in the case of fraud or stolen or skimmed Square absorbs the cost of the fraud.
To get the prepaid Visa card simply follow these steps:
- You must be 18 years old
- Tap the account balance on your Cash App home screen
- Press Get Cash App Card
- Tap continue
- Follow the steps
To activate your Cash App card
- Click on your Cash App profile
- You scroll down and you will see Cash App Card, slide over to activate.
- Register your Touch Id
You can also do that by using the QR code seen on the envelope
- Click on the balance
- Click on the picture of your Cash App card
- Then a pop up with a scan QR code option
- Then the app will ask for permission to use your camera on your phone
- Click yes
- Then put the camera on the QR picture on the envelope and it will automatically activate your Cash App card.
The Cash App card benefits
- Discount range from 1% to 5%
Once the card offers an immediate discount percentage every time you shop. However, for now, only at a handful of specific retail stores. Plus, it has a valid period. In addition, you have to activate the functionality. The functionality is available just under your virtual debit card.
- Same level of convenience
You can use the card for any transactions just like any ordinary visa card
- Extra security feature
Normally for online payment, I will activate a double identification system. In case, I use my fingerprints to validate any payments with my cash app card or to add money into my cash card from my bank account.
How to add cash to your cash app?
Once you have activated your cash app account it would be linked to any bank account of your choice. Everything you would be in need of cash, you could simply click on the add cash function. Then select or input the amount you need and it would be automatically withdrawn from your bank account and added to your cash app account.
Nonetheless, it is worth noting that some banks added for security purposes limit the amount and the number of times money could be withdrawn from your account to add to your cash app daily.
How to Request for money with cash app?
Another means of adding money into your cash app is by requesting money from another person within the app. Simply click on the dollar sign, then input the amount then click on request. From the interface input the correct information such as the name of the recipient and the purpose of the fund request. Then an automatic request would be sent to the recipient for payment. But the recipient needs to have a valid cash account for the operation to work.
Is the App Cash App Safe?
Absolute, Cash App is one of the most widely utilized peer-to-peer money transfer App. The App was developed by Square Inc a popular financial payment processing company. Moreover, the owner is also the owner and CEO of Twitter. However, you should be careful when using Cash App. That is because of scams, flips, and phishing that scammers use to defraud App users. so only send and accept money from people you trust.
In the war of dominance in the financial technology” fintech”, sector cash app has its say. The increased popularity of the app illustrated an answer to a problem faced by millions of people.