How long does cash app take to verify bank account

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One of the most popular payment platforms available, Cash App makes moving money between accounts easy — done with a few taps of a smartphone.

Aside from transferring money, this peer-to-peer payment app allows users to invest in stocks and Bitcoin. It also lets users open a Cash App bank account, which offers its own debit card, and even borrow money.

Cash App offers several conveniences and moving money between accounts is chief among them. Here’s a closer look at how it’s done.

How to Transfer Money From Cash App to Your Bank Account

Sending and receiving money with Cash App is quick and easy, but users looking to transfer money from one bank to another need a slight workaround to do it. Here’s how it’s done.

Before money can be moved from Cash App to an external bank account, the account must be linked to the platform.

To Link a Bank Account To Cash App

1. Launch Cash App on a mobile device.
2. Press the Profile Icon on the home screen.
3. Select Linked Banks and then tap Link Bank.
4. Follow the prompts to enter the bank account information and link the account.

Once a bank account is linked to Cash App, money can be transferred from Cash App to the account.

To Move Money From Cash App To a Bank Account

1. Launch Cash App on a mobile device.
2. Select the Balance tab on the Cash App home screen.
3. Tap Cash Out.
4. Choose a transfer amount.
5. Tap Cash Out.
6. Choose a deposit speed.
7. Confirm the transfer with a PIN or Touch ID.

Step 1: Create an Account

Anyone looking to use Cash App to transfer money must first create an account with the platform. That’s done by downloading the app from either the Apple App Store or Google Play, depending on the type of smartphone used.

Opening the app will prompt a new user to provide their phone number or email address. Once that’s submitted, Cash App will send a secret code to the contact option provided — a text if it was a phone number, a message if it was an email address. The user must then input that code into the app and follow the prompts asking them to link a debit card or a bank account to Cash App.

According to the platform’s Terms of Service, only one eligible, external bank account can be linked to Cash App. This may seem inconvenient to those looking to transfer money from one bank to another, but a workaround does exist. At this stage, though, it’s recommended to enter the primary bank account — the one that’s got the money that will be transferred.

After that information’s provided, the user will need to pick a $Cashtag — the username they’ll use to send and receive money — and provide their zip code. Once that’s done, the new account is created and the user is ready to start sending and receiving cash.

Step 2: Have Cash in the Cash App Account

Once the account is created, you’ll be able to receive money from other users or transfer money into your Cash App balance from your linked bank account. New users are only allowed to send up to £250 — roughly $314 — and receive up to £500 — around $630 — during a seven-day period. Sending or receiving more than that will prompt Cash App’s security feature to verify the user’s identity, asking them to provide their full name, date of birth and address.

Accepting payments from other users is automatic — they should appear in your account almost immediately.

There are just a few steps to deposit money from your bank account into your Cash App.

1. Tap the Banking tab, which is located on the Home Screen.
2. Select the “Add Cash” option.
3. Enter the exact amount you want to transfer and tap “Add.”

Once those three steps are complete, Cash App will prompt the user to use Touch ID or enter a PIN to confirm the transaction. While a user’s Cash App balance will display the deposited funds immediately, it may take a day or two for the transaction to clear with the bank.

It is important to know that Cash App balances are only FDIC-insured if the account is linked to a Cash Card. If you don’t have the Cash Card, be careful about leaving too much money in your Cash App account.

Step 3: Cash Out of Cash App

Once a new bank account is set up and verified, a Cash App user can cash out of the platform to transfer money from Cash App to their linked bank account.

To move out funds out of Cash App and into the bank account, a user needs to open the app and:

1. Tap the Balance tab on the home screen.
2. Select the Cash Out option.
3. Enter the amount you want to transfer and select Cash Out.
4. Choose the free standard deposit speed, the only option available to those who want to move money to a linked bank account.

Once those steps are complete, Cash App will require a user to confirm the transaction with Touch ID or a PIN. Standard deposits take between one and three days to clear. 

Transferring To a Different Bank Account

If you want to transfer money from your Cash App to a bank account other than the account you originally linked to Cash App, you’ll need to replace the linked bank account with the new one.

To do this, a user needs to open Cash App and:

1. Tap on Profile Icon on the home screen.
2. Choose the Linked Banks option.
3. Select the registered bank account.
4. Tap Replace Bank and follow the prompts.

Once the bank information’s changed, your Cash App account will list it as the user’s main external bank account. You will likely have to verify the bank account through Cash App, which may take a day or two. Once that’s done, the account can be used to send and receive money with Cash App.

Good To Know

To prevent fraud, Cash App may verify bank account ownership by depositing and withdrawing a few small amounts. The platform will then require the user to confirm those amounts.

Other Ways to Transfer Money

Cash App isn’t your only option for moving money between accounts. Other apps and bank-to-bank transfers may be easier, depending on the amount of money and where you’re moving it to and from.

Transfers from Other Peer-to-Peer Apps to a Bank Account

Several other peer-to-peer payment apps provide the ability to transfer money just like Cash App does, including:

• PayPal
• Venmo
• Zelle
• Google Pay
• Apple Pay

While each app will have a different interface, most allow the transfer of money in much the same way. Much like Cash App, linking a bank account is likely necessary across all of these platforms before funds can be transferred.

Bank-to-Bank Transfers

The bank-to-bank transfer is initiated from one bank to another, with funds typically deposited after two or three business days, depending on the bank’s policies. 

There are few different methods for bank-to-bank transfers.

• Transfers between accounts owned by the same person: Account holders can transfer money between two of their own accounts by linking the accounts and initiating an external transfer.
• Wire transfers: Wire transfers predate apps and online banking tools, but many banks now allow wire transfers via online banking.
  • This transfer is usually between two banks or financial institutions. Wire transfers are often used to move amounts too large to be transferred in other ways.
• Paper checks: There is still the option to write a check to transfer money. An account owner can write a check, enter their own name as the payee and deposit the check into another account.

Each bank’s app and online interface differ, but the steps to transferring money are similar.

Final Take

Transferring money from your Cash App account to your bank account a quick and easy way to move your money with just a few taps on your phone — providing you already have an account and money in your Cash App balance. Transferring money to a different account adds a few steps and takes a little longer, but it is possible.

FAQ

Here are some of the most common questions asked by those looking to transfer money using Cash App.

• How long does it take to transfer money from Cash App to a bank account?
  • Cash App's standard deposits take between one and three days to clear. This is the only option available to users who want to transfer money to a bank account.
• Why can’t I transfer money from Cash App to my bank?
  • Cash App's developer, Block, Inc., may delay or limit money transfers at its discretion to guard against fraudulent behavior, like claims, chargebacks, reversals, penalties, fees, fines and other liabilities, according to the platform's Terms of Service. This safeguard may inadvertently stall or halt a legitimate money transfer on occasion.
• Can I link Cash App to my bank account?
  • Yes, Cash App can be linked to an external bank account as well as a debit card.
• Does it cost money to transfer money from Cash App to a bank account?
  • No, it does not. Cash App's standard deposits — the only option available to those looking to cash out funds or transfer money to a bank account — are free.

Editorial Note: This content is not provided by Cash App. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Cash App.