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What Are the Real Drawbacks of Using a Cash App Account and Card?

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Cash App is popular for its convenience, but it’s important to know if there are any hidden downsides, especially if you’re thinking about using it for saving money. Here’s a breakdown of the pros and cons to help you make an informed decision:

Pros:

• Free to Set Up and Use: Creating a Cash App account and getting the Cash Card is free. You can send and receive money, pay for purchases, and make direct deposits through the app without any initial costs.

• No Monthly Maintenance Fees: Unlike some traditional accounts, Cash App doesn’t charge monthly fees just for having the card or maintaining an account, which makes it a great option for those looking for a basic debit card.

• Boost Discounts: Cash App offers “Boosts,” small discounts on purchases at select retailers when using the Cash Card. These perks are especially useful if you shop or dine frequently at places that participate in the Boost program.

• Instant Access to Funds: You can access your balance instantly with the Cash Card, allowing quick access to your savings or deposits when needed.

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Cons:

• ATM Fees: Although your experience may vary, Cash App generally charges a $2–$2.50 fee for ATM withdrawals unless you receive at least $300 in direct deposits per month. Without this, these fees can quickly add up.

• Fees for Instant Transfers: If you want to move money instantly to your traditional bank account, there’s a 1.5% fee. You can avoid this by choosing standard transfers, but they take 1-3 business days.

• Limited Protection Compared to Banks: Cash App doesn’t offer FDIC insurance, unlike traditional banks. This means if Cash App were to have a security breach or shut down, your money may not be protected in the same way it would be with a bank.

• Customer Service Issues: Cash App has faced criticism for its limited customer support. If you encounter any issues with transactions or your card, resolving them may take time.

• Not a Savings Account: While you may consider using Cash App as a way to separate funds, it’s not built to be a savings account. It doesn’t offer interest or robust financial tools that traditional savings accounts do.

• Spending and Deposit Limits: Cash App sets limits on how much you can send, receive, and spend unless you verify your identity. While this might not be a major issue, it’s worth considering if you plan to use it frequently.

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Final Thoughts:

Using Cash App as a secondary account for small amounts of money can be convenient, but it’s important to remember that it’s not a traditional bank account and your funds won’t be FDIC-insured. If you don’t mind occasional ATM or transfer fees, Cash App can be an easy way to store and access money with its linked debit card. However, it’s essential to be aware of its limitations, especially if you plan on using it as a long-term financial tool.