Cash App Review 2023: Is it a Safe Way to Send and Receive Money?

PROS

• Users can instantly send money to just about anyone
• Comes with the option to design a personal debit card
• Quicker access to direct deposit funds
• Option to invest in stocks and Bitcoin

CONS

• Transaction limits on Cash Card use
• Cash App balance is not FDIC-insured without a Cash Card
• ATM withdrawals come with a $2 fee
• Users can’t cancel Cash App to Cash App payments

Cash App earned a World score of 4.8 out of 5.

Fees

Cash App Cash Cards can be used at any ATM for a $2 fee. However, customers who have at least $300 of their paycheck deposited into their Cash App account each month will be instantly reimbursed for ATM fees. Once free ATM withdrawals have successfully been activated, each subsequent qualifying deposit adds another 31 days of ATM fee reimbursements.

It’s free to open a Cash App Investing account. No minimum balance is required, and there are no commission fees. Although Cash App Investing charges no fees for trades, users may be assessed regulatory and government fees by agencies such as the Securities and Exchange Commission. All fees are disclosed before trades are confirmed, and the fees are listed in the trade confirmation message.

Reputation

Is Cash App legitimate? According to the company’s shareholder letter in the fourth quarter of 2021, Cash App generated $518 million in gross profit and was up 37% year over year. The Cash Card scaled significantly, with more than 13 million active Cash Cards in December 2021. Overall in 2021, Cash App generated $2.07 billion in gross profit, up 69% year over year.

Ease of Use

It’s easy to send and receive payments in Cash App. To send a payment:

1. Open Cash App.
2. Enter the amount to send.
3. Tap “Pay.”
4. Enter the recipient’s $Cashtag, phone number, or email address.
5. Enter what the payment is for.
6. Tap “Pay.”
7. Confirm your transaction by confirming your Cash PIN or using the Touch ID option.

Note: Any money you receive via Cash App is added to your Cash App balance by default. You can keep it there or transfer it to a linked bank account. Cash App charges a fee for instant transfers (0.50% to 1.75% of the transfer amount, with a minimum fee of $0.25), but you can also choose a standard no-fee transfer, which typically takes one to three business days to complete.

Cash App customers can see their received payments in their activity feed. To review a received payment:

1. On the home screen, tap the Activity tab.
2. Select the payment to review.
3. Decide whether to transfer the payment to a bank account or the account holder’s Cash App account balance.

Security

Is Cash App safe? Cash App uses state-of-the-art encryption and fraud detection technology to secure customers’ money and data. All submitted account information is encrypted and securely sent to Cash App servers through private and public Wi-Fi connections.

Customers can take some simple precautions to keep the money in their Cash App account safe. To have a more secure Cash App experience, users should:

• Completely sign out of their Cash App account if they sign in on a device that’s different from their own.
• Create a passcode for their mobile device and enable multi-factor authentication for their email account.
• Enable the Security Lock setting, requiring a PIN or Touch ID to make payments from their Cash App account.

Who Can Use Cash App?

Cash App is for individuals ages 13 and older. Users aged 13 to 17 require approval from a parent or guardian to access expanded Cash App features like P2P transactions, direct deposit, and a Cash Card.

Other features, such as investing and bitcoin, are only available for Cash App users who are at least 18 years of age.

Does Cash App Offer a Debit Card?

Yes. Cash App users can receive a Cash Card, which is a debit card tied to their Cash App account. Like most debit cards, the Cash Card can be used to make purchases online and in person. You can also add your Cash Card to digital wallets like Apple Pay or Google Pay.

Users can also use the Cash Card at ATMs. Cash App charges a $2.50 fee per ATM transaction. In addition, the ATM owner may charge a separate fee for ATM use. For users who receive direct deposits of at least $300 each month, Cash App reimburses ATM fees, including one third-party ATM fee per 31-day period. Each receipt of qualifying direct deposits of $300 or more within a month extends your ATM fee reimbursements for an additional 31 days.

Cash Card transactions are subject to the following withdrawal limits:

• $7,000 per day
• $10,000 per week
• $15,000 per month

To apply for a Cash Card, users will need to verify their account using their full name, date of birth, mailing address, and the last four digits of their Social Security number. Additional information may be requested to verify an account.