Cash App’s main purpose is to send and receive money to and from contacts.
If you have ever used a Cash App, you might have seen an option that reads “Cash Out”. It basically means sending or transferring money from Cash App to the linked bank account is called cash out on Cash App.
What Does Cash Out Mean on Cash App?
Cash out on Cash App means transferring money out of the app and into your bank account or through your Card. An example would be withdrawing money from an ATM using your Cash Card, which is also considered cashing out.
It’s a way to access your funds in a physical form, whether that be through cash or using your debit card.
How to Cash Out on Cash App?
Alright, let’s get to the nitty-gritty. It’s a pretty straightforward process.
Step 1: Open Cash App
You simply open the app and sign in with your username and password.
Step 2: Tap the Balance
Click on the Balance tab. You will find it located on the home screen along with your current balance.
It shouldn’t be too hard to find.
Step 3: Press Cash Out Now
Select the Cash-Out button and it will redirect you to the cash-out screen.
Step 4: Choose an Amount
Enter how much mula (amount) you want to cash out. Click on Cash Out.
Step 5: Select a Deposit Speed
I will explain this to you in more detail below but you will be prompted to select a deposit speed: Standard or Instant.
- Standard will take 1-3 business days
- Instant will deposit your funds immediately for an extra fee (0.5% – 1.75%).
Step 6: Confirm with Your PIN or Touch ID
Finally, confirm your cash-out request by entering your PIN or using Touch ID. And that’s it! Your funds will be on their way to your bank account.
Cash Out Speed Options
The app has two options to Cash Out. One is a Standard one which is usually slower but doesn’t cost you anything and the other is instant which will cost you a bit but faster transfer.
Which one you choose depends on your situation.
1. Standard Speed
Let’s say you choose the Standard speed, You won’t have to pay any fees, and your money will arrive in your bank account within 1-3 business days.
I mean this option is ideal if you don’t need your money right away and will be willing to wait a few days.
2. Instant Speed
On to the next option is the Instant speed. As the same suggests, I will have to pay an extra fee of 0.5% – 1.75% (the minimum fee is $0.25) for using this option.
For this to work, you will need to link your debit card and bank account. By the way, you should know that not all debit cards accept Instant Deposits.
Basically, you will need to link your bank account or debit card first to Cash Out. Once you have linked your account, you can easily transfer money from your Cash App balance to your bank account.
I will guide you through that if you haven’t done so.
How to Link a Debit Card on Cash App to Cash Out?
The Process is super simple. Just follow along my lead:
Step 1: Open Cash App
Launch the app, log in to your account, and tap on the profile icon. Ummm unless the app has changed its UI, you will find them in the upper-left corner of the screen.
Step 2: Tap on “Add Debit Card.”
Go to the “Funds” section and select the obvious “Add Debit Card” tab.
Step 3: Enter your Debit card details
Fill in your Direct Deposit supported debit card number, expiration date, and CVV code. Make sure to double-check everything to make sure you’ve entered the correct information.
If you aren’t gonna do direct deposit, any card will do.
Step 4: Click “Add Card”
After you have filled in all the necessary information, tap on “Add Card.”
Now, you and I will just have to wait for Cash App to verify your card or bank account. This process may take a few minutes.
Once your card or bank account is verified, you’re all set and can use your linked debit card to send and receive money through Cash App.
Just one last thing and by the way this doesn’t happen at all times, but sometimes Cash App may ask you to verify your identity before you can link your debit card. This is a security measure to protect your account and prevent fraud.
How to Add a Bank Account to Cash App?
Again, similar to the above one, this process is just the same as above. The only difference is that you will need to tap on Add a Bank account rather than the card.
But as I have promised you above, I will guide you step-by-step along.
Step 1: Open Cash App and Go to your profile
Simply Open the Cash App and select the profile icon in the top left corner of the screen.
Step 2: Select Linked Banks
Once you are in your account settings, you will be shown a list of options. Simply Look for the option that says “Linked Banks” and tap on it.
Easy peasy right? Let’s continue on.
Step 3: Tap on Link Bank
Now, select “Link Bank.” Tap on it to begin the process of adding your bank account.
Step 4: Open Plaid
Plaid which is a third-party service used to link banks to apps will automatically pop up and you simply follow the on-screen prompts to search for your bank name and add your bank account.
Step 5: Click Done
After you have finished linking your bank account, you will be prompted to hit “Done.”
Cash App Cash-Out Fee
| Types of Cash Out | Fees | Time |
|---|---|---|
| Standard Transfer | Free | 1-3 Business Days |
| Instant Transfer | 0.50% to 1.75% | Instant |
Cash Out Limits
There are certain limitations on Cashing out your funds depending on various factors such as Verified and Unverified users, Cash Card ATM Withdrawals, Bank and Debit Card transfers, etc.
Sending Money
- Unverified users: $250 within seven days.
- Verified User: $7,500 per week
Cash Card
- $7,000 per day
- $10,000 per week
- $15,000 per month.
Cash App Receiving Limits
- Unverified User: $1,000 within 30 days
- Verified User: Unlimited amount
Cash App cash-out limits could be divided on the basis of verification. That’s to say that users who are verified can send or cash out money up to $7500 per week. On the other hand, who have not confirmed their identity on Cash App they are not allowed to cash out more than $250 per week.
By the way, Cash withdrawal from an ATM is chargeable up to $2 per transaction.
I will link down some more tutorials and guides below. Simply scroll down at the bottom for more guides and FAQs.
How Long Does it Take to Cash Out on Cash App?
Instant Cash App cash out to the bank might take up to 1 day. On the other hand, standard bank transfers might take up to 2-4 days.
The cash-out time also largely depends upon the bank. If you have recently cashed out your money to a bank account but have not received money for more than 4 days then it is time to get in touch with Cash App customer service.
What Happens if You Don’t Cash Out on the Cash App?
Let’s put the first thing first. Cash App is not a bank. Though Cash App has a routing number in partnership with Lincoln Savings Bank, but it is still not a bank.
So, disregard the idea of earning interest from money you stored on the Cash App. It further means that nothing will happen if you don’t cash out your money on the Cash App.
Your money will remain safe and secure in the Cash App until you cash it out.
But, I suggest if you are just gonna keep the money and not spend it, you should store your money in a bank; that way at least it will get you some extra money in form of the interest.
Safety Tips When Cashing Out on Cash App
Alright, now that you know how to cash out on Cash App, it’s also equally important to mind some safety tips to avoid any problems.
Here are some basic tips to maintain when cashing out:
- Double-check the recipient’s information
- Use a secure network
- Set up two-factor authentication
- Don’t share your account information
- Keep an eye on your account activity to make sure that there are no unauthorized transactions.
Frequently Asked Questions
Why Can’t I Cash Out on Cash App?
Where can I withdraw money from Cash App?
What is the Cashout fee on Cash App?
What is the withdrawal Cash Out Limit on Cash App?
Does Cash App have an Automatic Cash Out Feature?
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