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What Are the Actual Cons of Getting a Cash App Account and Card?

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Many people are drawn to Cash App for its convenience, but you might wonder if there are any hidden downsides, especially if you’re thinking of using it as a separate savings tool, as you are. Here are some pros and cons to consider, so you can make an informed decision:

Pros:

1. Free to Set Up and Use: Setting up a Cash App account and getting the Cash Card is free. You can use the app to send and receive money, pay for purchases, and make direct deposits.
2. No Monthly Maintenance Fees: There are no recurring fees just for having the card or account. It’s appealing for people who want a simple, no-frills debit card.
3. Boost Discounts: Cash App offers “Boosts,” which are small discounts on purchases at select retailers when you use the Cash Card. It’s a nice perk if you regularly shop or eat at places in the Boost program.
4. Instant Access to Funds: You have immediate access to your balance with the Cash Card, making it easy to use your savings or deposits when you need to.

Cons to Consider:

1. ATM Fees: While your mother may not have experienced ATM fees, Cash App generally charges a $2-$2.50 fee for ATM withdrawals unless you have direct deposits totaling $300 or more per month. Without these direct deposits, ATM fees can add up quickly.
2. Cash App Fees for Transfers: If you want to transfer money instantly to your traditional bank, there’s a 1.5% fee. You can avoid this by opting for standard transfers, but they take 1-3 business days.
3. Limited Protection Compared to Banks: Unlike traditional bank accounts, Cash App does not offer FDIC insurance. This means that if Cash App were to have a security breach or go under, your money might not be protected the same way it would be with a bank.
4. Customer Service Issues: Cash App has been criticized for having limited customer support. If you encounter problems with transactions or your card, it might take a while to resolve.
5. Not a Savings Account: While using Cash App as a separate account for savings might help you mentally separate funds, it’s not designed to be a savings account. There’s no interest, and there are fewer financial management tools compared to what a traditional savings account offers.
6. Spending and Deposit Limits: There are limits on how much you can send, receive, and spend with Cash App unless you verify your identity. This might not be a dealbreaker, but it’s worth noting if you plan to use it regularly.

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Final Thoughts:

Using Cash App as a separate "savings" account for small amounts of money can be convenient, but keep in mind that it's not a traditional bank account, and your funds won’t be FDIC insured. If you're okay with the occasional ATM fee or transfer charge, it can serve as an easy way to store and access money with its linked debit card. Just be cautious about the limitations, especially if you're relying on it as a long-term financial solution.