Last Updated on October, 2024
Everyone told me about the ‘Cash App’ when I asked them regarding peer-to-peer payment. This caught my attention and created a curiosity to search for this platform.
I spent most of my days researching Cash App in all possible ways. And what I liked most about Cash App is its P2P payment method. I understood that they’ve put a genuine effort into customer satisfaction.
However, there are some drawbacks, too. (I identified these from customer testimonials.)
Take advantage of this piece to know what I learned throughout my research!
Contents
- About Cash App
- Is Cash App Safe?
- How to Use Cash App?
- How Does Cash App Work?
- Security Features of Cash App
- How to Add and Send Money With Cash App?
- How to Keep Your Money and Account Safe in Cash App?
- Receiving or Depositing Money With Cash App
- Safety Tips to Protect Your Money in Cash App
- How to Avoid Scams and Keep Your Money Safe With Cash App?
- Customer Testimonials of Cash App
- Pros and Cons of Cash App
- Cash App Alternatives
- Conclusion
- FAQs
About Cash App
Cash App was launched by Block, Inc. (formally Square, Inc.) in 2013. It’s a peer-to-peer payment app. It allows people to send, receive, and invest money easily. Cash App competes with other mobile payment apps like Venmo and PayPal.
However, you should know that Cash App is not a bank but a financial platform.
It offers banking services and provides debit card(s) in collaboration with partner banks, ensuring the balance in your account is insured by the Federal Deposit Insurance Corporation.
Cash App Investing LLC, registered with the Securities and Exchange Commission, is responsible for the investing services.
You can invest in stocks with as little as $1 by purchasing fractional shares. Cash App allows you to buy, sell, or transfer Bitcoin.
Besides payment and investing features, Cash App provides a range of financial services. Users can get a debit card, receive direct deposits, and even file their taxes for FREE using Cash App Taxes.
This makes Cash App a convenient one for various financial needs.
Is Cash App Safe?
Yes. Cash App is generally safe due to its vital safety features and encryption, following strict PCI-DSS level 1 standards for handling credit card data securely.
The platform also offers fraud protection for unauthorized charges. Cash App includes features like Touch ID and PIN code to add an extra security layer.
However, it’s important to be AWARE that while Cash App is often promoted as an alternative to traditional bank accounts, it lacks specific safety measures. Specifically, your balance may not have federal insurance.
Only Cash App Card users and sponsors of sponsored accounts are covered under FDIC insurance, and this coverage is limited to protection against bank failure, not fraud or scams.
Remember! Despite these safety measures, Cash App transactions are instant and irreversible. So, staying vigilant and cautious with your transactions is crucial to ensure the security of your account.
How to Use Cash App?
It’s a common question, so let me keep it simple.
Once you’ve added your funds to your Cash App (don’t worry, I’ll discuss how to add money to Cash App), you can seamlessly use it in your daily transactions instead of cash.
This flexible platform also facilitates the sending and receiving of Bitcoin and the buying and selling of stocks (as mentioned above).
However, the Cash App allows users to send and receive payments effortlessly for convenient money exchanges with friends. This proves particularly handy in scenarios such as having a dinner check among friends.
Plus, setting up Cash App as a transfer source in your Apple Wallet or Google Wallet opens the door to various options. Alternatively, you can request a Cash card that permits you to make purchases or withdraw funds from the ATMs.
Cash App investing is another excellent feature of Cash App. This enables users to engage in stock trading without charging any commission fees. This makes buying, selling, and gifting stock shares a stressless experience.
Also, if you’re interested in cryptocurrencies, Cash App provides a platform to use your balance to purchase and sell Bitcoin. Also, you can receive Bitcoin as a form of transfer or use it for various transactions.
Even without a physical cash card, the platform remains accessible. By integrating Cash App into your Apple Pay or Google Pay wallet, you can use your Cash App’s balance as a funding source for in-person and online purchases.
Understood?
Now, I’ll tell you how Cash App works.
How Does Cash App Work?
Please read the following details about Cash App to understand how it works:
Security Features of Cash App
If I tell you that Cash App has high-security features, you won’t believe me.
So, I’ll discuss it in detail for you to better understand:
In short, Cash App goes the EXTRA mile to secure your financial transactions and personal information, making it a reliable and trustworthy platform for managing your money. Check this for more details.
How to Add and Send Money With Cash App?
Tap the ‘Money’ tab on the home screen to add money to your Cash App. Then, press ‘Add Cash,’ choose the amount you want, and tap ‘Add.’ To make it official, use Touch ID or your PIN to confirm.
GUESS WHAT? Adding your bank account to the Cash App is easy, too. Just follow the provided instructions, and you’ll be all set.
Cash App supports cards from popular providers like Visa, Mastercard, American Express, and Discover.
When transferring money, open the Cash App and enter the amount. Tap Pay, and enter the recipient’s email address, phone number, or $cashtag. Tell the Cash App what the transfer is for, and then tap ‘Pay’ to complete the process.
If you prefer using the website, log in at cash.app/account. Click on Pay and Request, type in transfer details, and select your transfer source.
Click Pay to finish up.
However, remember you can only send payments to known recipients through the website. If it’s someone new, use the mobile app instead.
That’s it!
Note: If you still have questions, learn more about sending and receiving payments.
How to Keep Your Money and Account Safe in Cash App?
This is a reasonable concern. Because we can’t believe in a platform and put our money into it unless we are 100% sure about them and their safety measures, right?
Yes, first, you must protect your account to keep your money safe and sleep peacefully. That’s why I have covered how you can safely save your money and account in the Cash App.
(Don’t skip this part and regret it later)
Cash App support won’t ask for your sign-in code or PIN or request assistance payments.
Note: The above-discussed points are VERY IMPORTANT to maintaining the safety of your Cash App account and protecting your money.
Receiving or Depositing Money With Cash App
Depositing Money With Cash App
You can use your account and routing number to deposit paychecks, tax returns, and more to your Cash App balance.
With Cash App, you can get up to $25,000 per direct deposit and up to $50,000 in 24 hours. Direct deposits become available as soon as they are received, sometimes up to two days earlier than many banks.
However, note that the first deposit may take longer to become available, depending on your employer. Plus, you can set up regular and automatic deposits by enabling Direct deposits using your account and routing numbers.
For more details, check this.
Receiving Money With Cash App
If you’ve received a transfer from another Cash App customer, you can quickly review it in your account activity feed.
To locate a Cash App payment, tap the Activity tab on your Cash App home screen, select the payment you want to review, and tap on the three dots (…) for more OPTIONS.
Alternatively, you can review payments online by logging into your Cash App account at cash.app/account, clicking on Activity, scrolling, or using the search bar to locate the payment, and clicking on it to open more details.
Additionally, the Cash App allows you to refund payments and provides information on payment cancellations for security reasons.
Remember that direct deposits can take 1 to 5 business days from the scheduled arrival date to arrive in your Cash App. Finally, you can use your Cash App account and routing numbers to pay bills directly using your available balance.
Check this for more details.
Safety Tips to Protect Your Money in Cash App
GUESS WHAT? Protecting your money on Cash App is crucial to ensure the security of your transactions.
I’ll give you some safety tips to help you safeguard your money:
Note: Follow these safety measures seriously to protect money in Cash App. Because once your money is gone, it’s GONE FOREVER!
How to Avoid Scams and Keep Your Money Safe With Cash App?
What I like about Cash App is that their support team does their level best to give people the best service. I have some guidelines to avoid SCAMS and keep your money safe with Cash App.
Keep reading…
Protect Your Sensitive Information
Beware of fraudsters pretending to be Cash App representative(s). Remember, Cash App will not ask for your sign-in code, payment, or sensitive information like your complete bank account information or social security number.
If you suspect a phishing scam, immediately change your Cash App PIN and report the incident to Cash App support.
Recognizing and Avoiding Scams
Before sending a payment, remember this! Only send money to known people or verified Cash App accounts (always check the account information). Also, verify the recipient’s name and double-check $cashtags and contact details for typos (including phone number.)
Common Scams
Beware of SCAM activities!
Reporting Phishing Attempts
Phishing involves collecting personal information through fraudulent means. Verified emails from Cash App will come from cash.app, square.com, or squareup.com addresses (as discussed before.)
Report suspicious messages or calls to Cash App through your app or at cash.app/help.
Security Best Practices
(I’ll be repeating some of the points discussed before. Because it’s IMPORTANT to consider them to avoid scams)
I’m telling you all these for your benefit. (To keep your hard-earned money safe.):
Customer Testimonials of Cash App
Cash App has received mixed reviews on Trustpilot, with a Trustscore of 1.2 out of 5 based on 4,162 reviews.
Even though Cash App follows safety measures, many people express dissatisfaction with the service, citing issues such as account closures, poor customer support, and difficulties in resolving problems.
One user, Lou Puente, had their account canceled without apparent reasons and struggled to get a response from Cash App.
They canceled my account in December. Illegal activity but they cannot give me any details. I cannot reach anyone, robot’s answer their emails, they promise to respond shortly and here it is February and still nothing . They closed my case without a response
While another user, Mel, reported a locked account with no explanation and unhelpful customer support.
Never got refund from a merchant. On App., you see each individual transaction. Customer Service Rep. stated it was there… I took screen shots of Transaction history where there was supposed to be refund, it wasn’t there.
Andrea Aguilar says she faced multiple issues and felt the company refused to resolve them. Check the below screenshot to know in detail.
Unfortunately I have had MULTIPLE ISSUES with cash app! And the company down right refuses to even attempt to resolve these issues. I’ve contacted customer support with them responding they couldn’t refund the money my daughter could not access on her old account!
Several others complained about missing refunds, unauthorized transactions, and poor communication from customer service. Some even mentioned the possibility of a class-action lawsuit due to alleged mistreatment by Cash App.
However, there were 3% 5-star ratings, which mainly talk about how Cash App fixed their issues.
Overall, the reviews highlight users’ various problems, leading to a low score for Cash App on Trustpilot.
Pros and Cons of Cash App
Pros
Cons
However, I’ve some great alternatives if you’re looking for a better OPTION.
Cash App Alternatives
Wise
If you want a quick and affordable way to send money internationally, Wise is an excellent OPTION. Wise transfers are often cheaper and faster than traditional banks. (Because, CashApp does not work internationally.)
You can hold over 50 currencies in your account, receive transfers like a local from 30 countries, and transfer to 80+ currencies.
The Wise money transfer app is available on the App Store and Google Play. With a Wise international debit card, you can spend and withdraw money in 174+ countries without foreign transfer fees.
Remember that the transfer speed depends on individual circumstances, and terms of use and fees may apply. Check Wise Fees & Pricing for the latest information.
Venmo
Like Cash App, Venmo is a convenient way to send and receive money in the US. It’s ideal for splitting bills or paying rent and includes social features for more accessible communication during transactions.
However, note that Venmo operates ONLY within the US, like your Venmo account to a bank or preferred payment card to fund transfers. So, you’ll need an alternative for international transactions.
Here you can read the detailed comparison of Venmo and CashApp.
Xoom
Xoom, a company owned by PayPal, specializes in international payments. It provides various ways to send and receive money globally.
Depending on the destination, services may include sending money for cash pickup at a nearby agent, making it fast for recipients without easy access to a bank account.
Be aware that fees, including exchange rate markups, can be relatively high.
More alternatives include Revolut, Payoneer, XE, and Currensea. You also can take a look at our Cash App Alternative reviews.
Relevant guides:
Conclusion
Here’s a REMINDER.
Even though Cash App’s security measures are high, customers face some issues I addressed above. Apart from that, Cash App’s certain features are great.
This platform is best for you if you’re looking for an easy way to transfer money to friends and family living in the UK and US. It’s also an ideal solution to use a payment app to buy, sell, or send Bitcoins.
Or, if your purpose is different, go for the alternative financial companies I discussed. However, remember that if something sounds too good to be true, it can be a SCAM.
FAQs
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