What Bank Does Cash App Use?
Since Cash App is not a bank, it contracts with two other financial institutions, Sutton Bank and Lincoln Savings Bank, to process transactions. These partnerships allow users to access their money by making deposits and withdrawals at these financial institutions.
In this article, you will learn more about how users can maximize Cash App: one of the most popular peer-to-peer payment services in the market today.
Cash App’s Banking Partners
In collaboration with Sutton Bank and Lincoln Savings Bank, Cash App facilitates its users’ transactions through them. Depending on your location, it uses the routing numbers of one of these two banks.
Sutton Bank is a Financial institution in Ohio, United States. It is one of the country’s oldest banks that enables Cash App to offer prepaid debit cards.
This bank also makes the Cash App Visa prepaid card possible. This allows users to buy and withdraw money, as long as the account has enough funds. It is a virtual card but there’s an option to avail of the physical card. It’s similar to the virtual option as it contains a 16-digit account number.
The card’s credit limit depends on how much money is available in your Cash App account. You are not allowed to exceed the funds through individual or series transactions.
Suppose you want to check your transaction history for the prepaid card. In that case, you’ll need to use your Cash App account. Sutton Bank is not responsible for providing you with these details.
Lincoln Savings Bank
Lincoln Savings Bank was founded in 1902 and is based in Iowa. Although the bank primarily serves customers through its physical branches, it also provides many online services. Cash App uses this bank for its direct deposit feature.
Cash App and Lincoln Savings Bank began their partnership in 2018. This allows the mobile application to expand its banking service offerings. Without a banking partner, there wouldn’t be a Cash App as it doesn’t have a banking license.
You do not need to create an account with Lincoln Savings Bank to use Cash App to receive direct payment deposits. Through the app, you will be instantly issued a bank account. The app will also provide the routing information needed for direct deposit.
For direct deposits, here are the details:
- Lincoln Savings Bank
- 508 Main, PO Box E
- Reinbeck, IA 50669
- Member FDIC
Cash App Direct Deposit Account & Routing Numbers
Enable Direct Deposits to regularly and automatically deposit your paycheck to your Cash App using your account and routing number or by getting a direct deposit form.
To use your account and routing number:
- Tap the Money tab on your Cash App home screen
- Tap the routing and account number below your balance
- Use the options to copy your account and routing numbers
- Provide the account and routing number when prompted for a bank account during direct deposit setup
To get a direct deposit form:
- Tap the Money tab on your Cash App home screen
- Tap Direct Deposit
- Select Get Direct Deposit Form
- Fill out your employer information, the amount you would like to be deposited from each paycheck, and provide your signature
- Select Email Form and enter the recipient address before tapping send
Your completed direct deposit form can be viewed at any time by tapping “Get Direct Deposit Form” from the “Money tab” and selecting “View Previous Form.”
With the cash App direct transfer, you can get up to $25,000 every direct deposit and up to $50,000 in 24 hours.
Linking your bank account to different third-party finance apps does make some wonders: hassle-free payment, more convenience when transferring funds, and in some cases, some banks waive monthly maintenance fees when you connect to another account. So might as well give it a try.
Can I use Cash App Pay in my country?
Yes, you can. But only if you reside in the United States or the United Kingdom. The payment app only allows you to transfer money from one US or UK bank account to another, meaning both the sender and the recipient must have US or UK bank accounts.
Does Lincoln Savings Bank own Cash App?
No. Lincoln Savings Bank only provides banking services to the app’s users. Cash App is owned by Block Inc, formerly known as Square Inc.
Why is Cash App not considered a bank account?
Because it is not a deposit account at a chartered financial institution, Cash App is not considered a typical bank account. It is instead a payment software that allows users to save money, transmit payments, and access extra financial services such as the Cash Card.
Does Cash App Have a Debit Card?
The Cash Card is the Cash App’s debit card. It functions similarly to any other bank-issued debit card and is accepted everywhere Visa is accepted.
Is there any limit to how much I can send and receive on my account?
Cash App allows you to transfer up to $250 in each seven-day period and receive up to $1,000 in any thirty-day period. You can raise these restrictions by validating your identification with your full name, date of birth, and the last four digits of your Social Security Number.