Cash App Review (2024 Updated) Is it Good & Safe?

Last Updated on December, 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!

About Cash App

cash app home page on a laptop screen

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?

a screenshot of getting started with cash app page

Please read the following details about Cash App to understand how it works:

  • Money Transfers: Easily send and receive money for FREE. Choose standard transfers (1-3 business days) or go for instant transfers with a small fee.
  • Cash Card: You can receive a free Visa debit card linked to your balance. Use it for $2 ATM fees for withdrawals (waived with direct deposit) and online or in-store purchases.
  • Discounts: Cash card holders can enjoy boosts – instant discounts from eligible retailers and restaurants. Activate and switch Boosts as needed.
  • Cash App Pay: Make online or in-person purchases at Square sellers and select merchants using Cash App as your transfer method.
  • Direct Deposit: Deposit paychecks and tax returns directly into your account for convenient access.
  • Savings: Save money FREE from linked sources or your balance. Cash card users can set up a round-up for automatic savings without earning interest.
  • Bitcoin: Cash App allows buying, selling, sending, and receiving Bitcoin. While sending and receiving are free, fees may apply to buying and selling. Direct deposit users can allocate a percentage of their paycheck to Bitcoin.
  • Tax Filing: You can use Cash App taxes to file state and federal taxes for free, with a guarantee of securing the maximum refund.
  • Investing: Purchase stocks of ETFs without commission fees using your Cash App balance. Sell investments, and the proceeds go back to your Cash App balance.

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:

  • FDIC Insurance For Your Money: Cash App safeguards your funds with FDIC insurance through partner banks, Wells Fargo, N.A., Sutton Bank, and Members FDIC. This coverage protects your money for up to $250,000 per person.
  • Advance Account Security: Cash App employs advanced security measures to fortify and protect every user account.
  • Fraud Prevention Measures: Cash App takes proactive steps to combat fraud, ALWAYS prompting you to confirm transfers to new or unlisted contacts. Plus, notifications are sent if there are changes to your PIN or security settings.
  • Identity Verification: Cash App prioritizes verification. This step ensures that you are genuinely you, enhancing account protection.
  • Privacy Control: You have the authority to control the information shared with other Cash App clients and who can request money from you, ensuring your privacy stays intact.
  • 24/7 Customer Support: Cash App provides round-the-clock customer support via phone, chat, and articles, offering quick and easy assistance for all your queries.

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?

cash app send money page on a laptop screen

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)

  • Secure Your Cash App Account: Every time you log in, you’ll receive a one-time use code for added security. If you get an unexpected login code via email, update your email password and enable two-factor authentication.
  • Transfer Verification: Set up a security lock to require your passcode, Touch ID, or Face ID for every transfer. Also, you will get notifications via text or email for every cash transfer, which is customizable in your profile settings.
  • Cash Card Protection: Hide your virtual Cash card info by toggling off ‘Show Cash Card Info.’ and temporarily deactivate your Cash card by toggling off ‘Enable Cash Card.’
  • Device Security: Set a passcode for your mobile through its general settings. And sign out of the Cash App on devices other than your own. 
  • Email Security: If your email is linked to the Cash App, enable two-factor authentication for added protection.
  • Secure Your Identity: Never share your social security number (SSN) outside a Cash App. Remember! Cash App customer support won’t ask you for your SNN to assist you.
  • Beware Of Scams: Be attentive to offers that seem too good to be true. Only respond to emails from known sources: @square.com, @squareup.com, or @cash.app.

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

a screenshot of sending and receiving payments with cash app page

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:

  • Activate two-factor authentication on your Cash App account to add an extra layer of security. This typically involves receiving a verification code on your mobile.
  • Create a unique and complex password for your Cash App account.
  • Refrain from using easily guessable information like birthdays or common words.
  • Ensure that you are using the latest version of the Cash App. Developers often release updates with security enhancements, so keeping your app up to date is essential.
  • Be cautious of phishing emails, messages, or websites pretending to be Cash App. Only use the official Cash App application or website to do transactions. 
  • Update your phone’s OS and security software. Use a PIN or biometric authentication to secure your mobile, preventing unauthorized access.
  • Continuously check your transaction history for any unauthorized or suspicious activities. If you notice anything awkward, contact Cash App support immediately. 
  • Only link your Cash App account to a reputable and secure bank account(s) or credit/debit card(s). Avoid attaching your account to unfamiliar or suspicious financial institutions. 
  • Exercise caution when transferring money to individuals you don’t know. Cash App transfers are instant and irreversible, so ONLY send money to trusted contacts.
  • Enable transaction alerts on your Cash App account. Connect your phone number, too. This way, you will get notification(s) through text messages of any activity, allowing you to identify and address any unauthorized transactions quickly.

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?

a screenshot of recognize scams and keep you money safe cash app page

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

  • Cash-Flipping: Be cautious of promises to increase your money in exchange for a ‘clearance fee.’ Cash App never requests funds to claim payments.
  • Puppy/Pet Deposit Scam: Exercise caution when making pet deposits online. Meet the seller in person to ensure a safer transaction.
  • Apartment And Home Rentals: Be wary of unrealistically cheap rentals. Scammers may promise services without proof of their existence.
  • Fraudulent Cash Support: Stick to verified Cash Support channels in the app or at cash. App/help. Avoid third-party numbers claiming to be Cash Support.

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.):

  • Cash App Sign-In: ALWAYS use the one-time login code sent to you. Secure your email ID with a strong password and two-factor authentication.
  • Transaction Verification: Enable the security lock setting for added protection. Receive notifications for every transaction via text or email.
  • Protect Your Mobile: Set a passcode for your mobile to enhance security.
  • Secure Your Email: Enable two-factor authentication for the email associated with your Cash App account.
  • Contact With The Cash App Team: Only respond to emails from trusted addresses. The Cash App’s team will not ask you for your login information.

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.
Mel
Trustpilot User

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

Cash App will enable users like you to buy and sell Bitcoin with a transfer fee of 1.76%, which is competitive with other cryptocurrency platforms.
Sending money with the Cash App is fast. Open the app, enter the recipient’s name and account, and confirm. The transfer is done, sometimes in seconds.
You can choose a no-fee OPTION for money transfers; completing the transfer in one to three days is helpful if you’re short on cash or want to avoid the 1.5% transfer fee.
Invest in stocks without paying commission fees, saving you the ease of using a separate app for stock transactions.
With a Cash App Card, your money is FDIC-insured through their partner banks for up to $250,000 per person.
Easily split bills with friends and simplify reimbursements. Cash App keeps track of who has reimbursed you and when. 

Cons

For the first 30 days, there’s a $1000 limit on sending and receiving money. If you need to make significant transactions early on, you might need to use another app.
Cash App can only be used within the US and the UK. If you travel internationally, you must use other payment apps like Venmo, Wise, and Zelle for transactions.
Cash App closes many accounts even when the transactions aren’t suspicious.

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

To pay with Cash App on a desktop, select ‘Cash App Pay’ at checkout. Then, use your mobile camera or Cash App’s QR scanner to scan the QR code. Follow the on-screen instructions on your mobile device to complete the payment.

No, there aren’t daily transaction limits per user. However, Cash App has weekly and monthly sending limits, which depend on the user’s identity verification status.

To learn more about Cash App or Cash App Pay, visit the ‘Cash App Help‘ section, where you can search their knowledge base for information and support.

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Author
Allen Morning
I'm Allen Morning, with a background spanning over 15 years in international finance and education from Harvard and Stanford. I founded Currenciap with a vision to demystify and streamline global financial transactions. My journey in finance has fueled my commitment to creating a platform that is both user-friendly and efficient, making international finance accessible to everyone. You can find more about me here.

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