Cash App
Cash App is your all-in-one money management platform that makes sending, receiving, and handling cash effortless. Whether you’re paying friends, shopping online, or investing in stocks and crypto, Cash App gives you the power to manage it all in one simple, secure place.
What is Cash App?
Cash App is a peer-to-peer (P2P) mobile payment app with over 50 million users. As a financial services platform, it’s primarily used to send and receive money transfers quickly and conveniently. The app’s popularity has grown considerably in recent years, and its services now include allowing users to invest in stocks, file taxes, and trade or transact with bitcoin.
Cash App was originally launched as Square Cash in 2013 by Jack Dorsey (co-founder of Twitter), Jim McKelvey, and Tristan O’Tierney. Since its launch, use of money transfer apps like Cash App has surged, with 61% of U.S. adults using them to simplify payments. Today the app is owned by Block, Inc.
What bank is Cash App?
Cash App isn’t a bank. It’s a “nonbank” fintech company or financial services platform, not a regulated financial institution. It doesn’t have a banking charter (a license to operate as a bank) or branches that users can visit. However, Cash App does provide bank-like services through regulated partner banks.
Cash App partners (or has partnered) with several U.S. banks to provide financial services:
Sutton Bank issues pre-paid debit cards for Cash App users, known as Cash App Cards.
Wells Fargo holds users’ funds in a pooled deposit account.
Lincoln Savings Bank handled direct deposits for Cash App customers from 2016 to 2021.
Cash App’s investment services are offered through Cash App Investing LLC, which is a member of the Financial Industry Regulatory Authority (FINRA) and is registered as a broker-dealer with the Securities and Exchange Commission (SEC).
Is Cash App safe to use?
Cash App is generally safe if you use it for transactions with people you know and can trust, but you should be cautious when transacting with strangers or depositing money. If you send money to a fraudster, you may not get your money back. And money you hold on Cash App may not be insured against financial failure or other risks to the company.
Cash App isn’t an alternative to a traditional bank account — it doesn’t have robust protections against fraud and can’t guarantee refunds. U.S. government agencies have warned that apps like Cash App may “lack individual deposit insurance coverage,” meaning your money could be lost “in the event of financial distress or failure.” As such, it’s best used for small, personal transfers only, and you should be careful conducting larger transactions or storing money.
Data encryption, 2FA, and other security protocols help to secure Cash App activity.
That said, Cash App does include a range of safety features, including:
Encryption: Data sent via Cash App is protected by strong encryption, meaning your financial information is kept safe in transit, even when you’re using public Wi-Fi.
Two-factor authentication (2FA): Cash App offers optional 2FA that sends a one-time code via email or text to enhance account security. Additionally, you can enable a PIN requirement for every transaction to further protect your funds.
Biometric settings: Cash App has a Security Lock feature that allows you to enable biometrics like Touch ID or facial recognition to authorize transactions.
User verification: Verified users have a blue badge next to their profile icon or name. This means they have provided Cash App with their legal name, date of birth, and part of their Social Security number, helping to mitigate fraud risks.
Freezable cards: A Cash App Card is a debit card linked to your Cash App account balance. If your card is lost or stolen, you can lock it and report the incident to Cash App support.
Notifications and confirmation: If Cash App notices unusual activity on your Cash App Card, it may cancel the transaction and send you a notification in the app. You’ll also be asked to confirm important details when sending money abroad or logging in to a new device.
Reasons to use Cash App
Cash App offers many convenient features besides quick money transfers, such as the Cash App Card, investment options, and free tax filing. However, there are also some drawbacks you should consider before using the app, such as fees for instant transactions and limited buyer protection.
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Cash App pros
Cash App is easy to use and facilitates quick transactions as well as offering a range of financial services, all from a single app. Here’s a rundown of its benefits:
Instant transactions fee: Instant transactions are subject to a fee of 0.5-1.75%. This means that if you pay another user $100 and incur the highest fee (1.75%), you’ll be charged an extra $1.75. Fee-free transactions are available, but they take one to three days.
Initially low limit: Within the first 30 days of opening a Cash App account, users can only send and receive up to $1,000. This is to help prevent fraud and comply with certain federal laws. If you plan to download Cash App to make a large transfer straight away, you’ll be disappointed.
Can’t be used internationally: Cash App is only available in the U.S., so it can’t be used to complete transactions with people or companies overseas, or on vacations or work trips abroad.
Targeted by scammers: Cash App is frequently exploited by fraudsters and identity thieves due to its lack of buyer protection. If you send money to a
Risks of using Cash App
Cash App offers convenience, but it’s not without risks. Limited buyer protection and potential exposure to data breaches underscore that fintech services like Cash App may not provide the same level of security as traditional banks — even if they are practical.
Pew Research reports that 13% of PayPal, Venmo, Zelle, and Cash App users have been scammed at least once on these platforms, with a further 11% reporting that their account had been hacked.
Limited buyer protection
There are no refunds for scams and fraudulent transactions on Cash App. This makes it much riskier than a bank, which may reverse charges in some cases, or credit cards, which often have chargeback protection. But Cash App Card transactions are better protected than in-app transfers, allowing users to dispute charges in a limited number of cases, including duplicate and unrecognized transactions.
Limited buyer protection makes Cash App attractive to scammers and identity thieves. Common Cash App scams involve social engineering tactics, like asking for deposits for fake items, offering shady investment returns, or requesting vague “verification fees.” Tech support scams, romance scams, and other similar ploys also frequently involve Cash App transfers. Once money is sent to a scammer, it’s unlikely to be recovered.
How to use Cash App more safely
Given the potential risks associated with using Cash App, it is important to take precautions to protect your account and personal information. Here are some tips for using Cash App more safely:
Only send money to people you know: Don’t use Cash App to pay for goods on the internet. Be particularly wary of merchants requesting off-platform payments on sites like Mercari, Poshmark, or eBay — they’re likely scammers.
Be on the lookout for phishing: Scammers may pose as friends, family, customer support, or law enforcement to get ahold of your account information or trick you into sending money.
Enable 2FA: This adds an extra layer of security by requiring a unique code sent to your phone or email before logging into your Cash App account.
Use a strong password: Avoid using recycled or easily guessed passwords. Consider using a password manager to generate and store strong passwords for all your accounts.
Monitor your transactions: Keep track of any transactions made on your Cash App account so you can take action if you notice transfers you never made.
Only use trusted devices: Avoid logging into your Cash App account from public or shared devices, as someone could access your account if you forget to log out.
Keep your app updated: Regularly install Cash App software updates to ensure you’re protected by the latest security patches.
Protect your online activities with Avast
Whether you use Cash App, another money app, or any form of online banking, it is essential to keep your device and your data safe. Download Avast Free Antivirus to help thwart hackers and scammers with powerful, real-time threat protection that defends against phishing attacks, malware, and other online scams.
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