Cash App now supports direct deposits it means that now users can get money directly in their account. So, if you do have a bank account in a mainstream bank then you can also use the direct deposit on Cash App. This is free to use the service. If you have a Cash App account you need to only share the account or routing number with your employer to get the direct deposits. And once the pay-checks hit your account, and it can automatically be used as a normal Cash app balance. In simple words, it means you can send it to a friend, spend it using a debit card, buy bitcoin, or withdraw to another account.
The direct deposit on Cash App is proving to be very significant in providing access to banking services to people living in under-banked communities. There are a large number of people who do not have access to traditional banking accounts so Cash App through direct deposit is allowing them to access banking services.
Moreover, amid the COVID-19 pandemic, the Cash App direct deposit unemployment packages were given to the citizens in the United States. The Lincoln Saving bank is in partnership with the Cash App and it is authorized to give customers the routing number and a new account number to use for the direct deposits.
How do I enable direct deposit on my Cash App account?
To enable the direct deposit on the Cash App account you need to get a Cash App card. Apart from this you should be above 18 years old and have a verified Cash App account to proceed with setting-up direct deposit:
· Step 1. Install the Cash App on your mobile device and login into your account
· Step 2. Select the Balance tab on the right side of the screen it is indicated by the $ symbol
· Step 3. Here you need to scroll down, at the bottom you will see the option to “Get Direct Deposit”
· Stop 4. After this, you can easily generate the account and routing number
· Step 5. Your account and routing are visible on the screen. You need to copy all the details and share them with the HR department for receiving the pay-checks through Cash App direct deposit.
Benefits of Cash App Direct Deposit:
The following are some of the benefits of Cash App direct deposit:
· Unlike the other payment methods, the biggest advantage of Cash App’s direct deposit is that there are no hidden charges for it.
· You can use the funds received through direct deposit as Cash App balance. With the money that you received through direct deposit, you can easily spend it wherever a VISA card is accepted; send to a friend, for investment, or to buy bitcoins.
· Although the account or routing number is not associated with your bank account. But they are very beneficial for receiving direct deposit funds to your Cash App account. As it works like a prepaid account, not a bank account.
Time taken for Cash App direct deposit:
Cash App allows users to set-up direct deposit. This is beneficial for people who do not acquire a bank account, as Cash App offers them all the services of a traditional bank. They only need to do Cash App login for and then enable the direct deposit on the Cash App account.
With the instant direct deposit, you will get the funds instantly on your debit card. You should also know that the standard direct deposits are free however if you choose the Cash App instant direct deposit you will have to pay a 1.5% fee. Generally, the process of all Cash App direct deposits is that they go through the ACH and take around 1-3 business days to settle into your account.
The Cash App direct deposit time if deposited on the business day before 5 PM EST it will settle around 11 AM EST the following business day. If the funds were deposited on the weekend or any holiday then you may have to wait for the next working to get in your Cash App account.