CashApp

Cash App enables peer-to-peer payments with 3 easy options:

1. Each user creates a $cashtag that can be used for sending and receiving payments.
2. A QR code is available for scanning when making transactions.
3. A user can also use their phone number.

Through the use of the Cash Card debit card, users can also make online and point-of-sale (POS) payments at any retailer that accepts Visa.

Cash App’s “Cash Card” is a zero fee Visa debit card that you can use to pay at retail establishments and while shopping online. Instead of being connected to a bank, however, Cash Card is directly connected to your Cash App account and is good to use anywhere where Visa is accepted.

“Boosts” are similar to credit card cash back incentives that pay out when users transact at partner establishments. With the Cash Card, you can choose one company at a time to receive your cash-back or Bitcoin-back payments. To access the Boost feature, follow these steps:

1. Open your Cash App
2. Click “Card Balance”
3. Click “Boost”
4. Choose which retailer you want have your Boost activated on (1 at a time is the limit)
5. Use your Cash Card for transactions at the selected retailer to get an instant discount

While you can only select one retailer for activation at a time, there are no limits to how many times you swap out another retailer to ‘boost’. Retailers can include Starbucks, McDonalds, USPS, Shake Shack, and many more. Check with this updated Cash App Boost list to see the current participants in the Cash App Boost program.

Cash App’s Cash Card can be used at any ATM for withdrawals. Each transaction is charged $2.00 by Cash App (other bank ATM fees may also be charged). If any customer receives monthly direct deposits into their Cash App account of $300 or more, all ATM fees (by CashApp and banks) are instantly reimbursed.  

Maximum ATM withdrawal amounts are:

• $250 per transaction
• $250 per day
• $1000 per week
• $1250 per month

Cash App works with Lincoln Savings Bank to provide a direct deposit feature for paychecks and tax returns. They also offer a program where you can receive your direct deposit up to 2 days earlier than with conventional banks for a small fee, similar to PayPal’s instant transfer feature.. 

Users setting up direct deposit will receive a Cash App routing number and account number so they can provide that information to their employer or the IRS to initiate direct deposits. (Note: Cash App monies are not FDIC insured).

• For single stock buys and sells, Cash App users must first sign up to Investing LLC, Cash App’s broker-dealer. Once signed up, users can purchase fractionalized portions of stocks and exchange traded funds (ETFs) starting at $1.00. 
• Financial advisory or portfolio management is not available at Cash App; users are solely responsible for the stock purchases they make. 

• There are zero fees for stock buys on Cash App and there’s no account minimum for participation.
• Cash App users can invest in stocks and ETFs, but not mutual funds or bonds.

Bitcoin buys and sells using the Cash App are carried out at a mid-market rate which is determined by exchange prices. The fees will be listed on the trade confirmation at the time of your transaction. The 2 types of Bitcoin fees are:

• A service fee per transaction (determined by market activity)
• Price volatility fee across US exchanges (disclosed at each transaction)

Tax reporting is available for your Bitcoin transactions on Cash App. Users who sold Bitcoin during the tax year will receive a 1099-B by February 15th of the following year. The 1099-B is available for users to download in their Cash App account.

The Cash App website includes a very well developed FAQ and help center, which includes security protocols that users can take to secure their Cash App accounts.

Also included is a nice introduction to Bitcoin for those new to cryptocurrencies, with appealing graphics, a storytelling format, and easy to understand details about Satoshi Nakamoto and how Bitcoin came into existence.

• ATM fee: $2.00 per transaction is charged by Cash App and there may be other bank charges for using the ATM. But all fees are waived for those who direct deposit at least $300 monthly into their Cash App account.
• Merchant fees: For accepting Cash App payments, a fee of 2.75% per transaction is charged to the business. 
• Expedited transfer fee: 1.0-1.5% is charged for instant transfers from Cash App to a user’s bank account (wait time for regular transfers is 2-3 days).
• Credit card payments – Users that want to use Cash App and a connected Visa credit card to make personal payments can do so for a fee of 3% per transaction.
• Stock buy and sell fees: Zero fees
• Bitcoin buy and sell fees: No fee schedule is published for Bitcoin at this time. Their supporting documentation states that Cash App will charge a service fee per Bitcoin transaction (determined by market activity) and a volatility fee (determined by US exchange prices). 

At this time there is no account inactivity fee as you would have at a traditional bank or PayPal.

To fund your Cash App account you have multiple options:

• Deposit up to $10,000 in Bitcoin in any 7-day period
• Direct deposit from your employer or otherwise, or for a tax refund through their partner bank
• Link any Visa debit card to your Cash App account
• Peer-to-peer payments
• Hook up your eligible bank account to fund payments through Plaid.

Currencies available for funding a Cash App account are USD and Bitcoin.

USD: 

Users can transfer funds from Cash App to their bank account, a process that takes up to 3 days. The option for immediate transfer is available for an extra fee of 0.1 to 0.15%.

ATM withdrawal limits with Cash Card or enabled prepaid Visa credit cards are:

• $250 per transaction and per day
• $1000 per week
• $1250 per month

Crypto:

Cash App users with a balance of 0.0001 Bitcoin or more can withdraw their crypto to an external wallet, a process that takes about 30-40 minutes

Withdrawal limits for cash and Bitcoin:

$2000 per 24-hour period

$5000 per 7-day period

$10,000 per 30 day period

Restricted accounts

All new users will automatically be put into a restricted account that disqualifies them from making payments to other Cash App customers. Otherwise all other services are available. 

Unrestricted accounts

After linking an external US bank account and initiating a transfer from your Cash App balance to another Cash App customer, you are brought to the upgrade feature to apply for an Unrestricted Account. You’ll be prompted to provide additional information to verify your identity.

Users may also be asked for additional information if they request to raise the per transaction limits, such as full name verification, date of birth, and the last 4 digits of their tax I.D. number.

For merchants, Cash App processes transactions on their behalf, charging 2.75% per transaction and depositing the funds into the merchant’s Cash App account. 

Also available is mobile check capture, enabling small businesses to use electronic images of their customers’ personal checks to process them as business transactions. Fees for check captures are not documented, but more information about the process is available in the Mobile Check Capture Terms of Use.

Navigating Cash App results in a sleek, fast, and easy-to-comprehend experience with helpful support documentation along the way to explain features and guide the users.

Support mechanisms are well designed and multi faceted on Cash App. They have a full automated support search feature that will also connect you to human support if needed. 

Cash App also provides a Twitter channel dedicated to support that we tested; a knowledgeable rep replied within a few minutes. The CashSupport Twitter service is open from 6am to 6pm seven days a week. 

While we noticed a number of negative reviews regarding customer service, many of the complaints were minor (i.e., a $4 discrepancy). The App Store reviews for Cash App were positive overall. 

• Cash App has very few downage reports, and mostly are for scheduled maintenance.
• The app is easy and quick to use for payments. 
• Cash App has Square behind it, which is a publicly traded financial services and web development company founded in 2009. Square CEO, Jack Dorsey, is also Co-Founder of Twitter and is highly regarded within the crypto community (like Gemini’s Winklevoss twins and Kraken’s Jesse Powell).

• Cash App provides a helpful status page that separates out the different services clearly so you can quickly check on systems that may be affecting you.
• A security page is available on the homepage with detailed info, unlike PayPal which provides very limited details on security procedures.
• Exact Bitcoin purchase fees are not published.

No hacks have been reported.

• No stop payments
• FDIC insurance on cash holdings.is not available as it is at Gemini and Coinbase.
• Desktop version is not available for Cash App (most platforms for payments and exchanging or buying crypto offer both mobile and desktop, like Kraken and PayPal).