The Cash App has been rising in popularity for quite some time now, thanks to its ease of payments and compatible payment platforms. Cash app, which is developed by Square Inc. allows you to sign up using your email or phone number and then link your debit card, credit card, or bank account to it.
You can then send and receive instant payments from all contacts that are currently using the Cash app. If you have been a user of the app then you might have heard the term ‘Cash Out’. Let’s take a quick look at it.
What is ‘Cash Out’ in the Cash app?
The cash app uses its own payment platform to transfer and receive payments instantly. The app archives this by acting as an intermediary between you and your bank. Once you send or receive a payment, it is added to your cash app account instead of your bank account. This is what allows the Cash app to make instant payments regardless of your payment platform.
If you wish to use the money received in your Cash app, then you need to transfer it to your bank account or linked credit or debit card. This process is called ‘Cash Out’.
Will Cash Out appear in my bank statement?
Yes! All Cash Outs from the Cash App will show up in your monthly bank account statement. These transactions will show up with the prefix ‘Cash App’.
What are Cash Out Speeds?
The cash app allows you to Cash Out at either the Standard speed or the Instant speed. Let’s take a look at the two.
- Standard: The standard speed is completely free of charge and deposits from Cash Outs will show up in your linked account within 1 to 3 business days.
- Instant: As the name suggests, the Cash Outs from the app at this speed will be instant and will show up in your linked account as soon as you ‘Cash Out’. This speed is chargeable at 1.5% of your Cash Out amount. The minimum charge for this cut is $0.25.
What if my debit card does not support instant deposit?
In such cases, you will be refunded the Instant payment account back in the Cash app. The rest of your payment will be sent to your debit card through the ‘Standard’ speed and it will show up within the next 3 business days.
My Cash Out deposit has not arrived?
If your Cash Out amount does not show up in your account then we recommend you contact the Cash App support team. You can use the link below to get in touch with them.
Note: Ensure that you have waited the indicated time period depending on your Cash Out speed before getting in touch with the support team.
I hope you were able to get familiar with Cash Outs in the Cash App using the guide above. If you have any more questions, feel free to reach out using the comments section below.