cash-app-helps

[cash-app-helps]

Cash App Helps

Last month the US Congress passed the Coronavirus Aid, Relief, and Economic Security Act, a $2 trillion stimulus package aimed at providing financial relief to citizens undergoing financial hardship amid the novel coronavirus pandemic. Stimulus checks are now in the process of being directly deposited into US citizens’ accounts, but that automatic deposit requires you to have made a certain amount of money in 2019 or to have filed a federal income tax return. For those who don’t fall in those categories, Square is now offering Cash App as an alternative to getting your hands on the money in a timely manner.

Thank you for taking the time to express your thoughts with us. While Cash App doesn't have a designated phone line at this time, we are looking into this, as we hear this request often from our customers. We appreciate your patience in the meantime. Please note there was an issue on Friday, causing Cash Card transactions to be declined. We have since resolved the issue and apologize for the inconvenience. Our team can explain how to go about cashing out your funds. Please reach out to us Twitter, @ Cash Support - we’re available from 6 a.m. to 6 p.m. PST every day

Cash App’s competitors, like Venmo and its parent company PayPal, offer similar services, allowing you to use their platforms and set up direct deposits with them without a bank account. Like with the Cash Card, you will need to apply and get approved for a Venmo card or a PayPal Cash Card in order to use those features.

A lot of people don’t have or are unable to acquire a bank account, and Cash App offers a quick way for them to access deposits (physical stimulus checks are supposed to take longer to arrive). You will need to sign up for a Cash Card to set up a routing and account number. Once you do that, you will need to submit your banking information to the IRS. If you happened to file a federal income tax return in 2018 or 2019 or you don’t normally file a tax return, but would still like the money to go to Cash App, the company says the IRS is releasing a tool on April 17th to update your direct deposit info with a new account.

Much like a bank account, you can get a routing and account number directly through Cash App to receive deposits. Square released this feature back in early 2018, allowing you to set up a direct deposit to receive paychecks.

Square CEO Jack Dorsey has been trying to involve his company in delivering stimulus payments. Two weeks ago, Dorsey tweeted, “US government: let us help.” Today, he promoted Cash App’s instructions for getting direct deposit payments with “no bank account needed.” The use of the app can certainly speed the process up for people unable to access a bank account. Of course, it also helps Square, too, by sending it new users and putting large sums of money into accounts on its platform. (Cash App makes money off transaction fees for certain services it offers stop both businesses and individuals.)