Cash App promotes itself as the “easy way to send, spend, bank, and invest.” It’s a financial platform, not a bank, but you can access traditional banking services through its partners. That includes a debit card.
As a P2P payment app, you can send, receive, or invest money with it. The platform lets users purchase Bitcoin and stock. There’s even a feature where you can file taxes.
The app was initially called Square Cash. It was meant to compete with PayPal and Venmo for digital cash transforms. It has evolved into a one-stop resource for multiple financial services.
What happens if you have more than one account?
Can You Have Two Cash App Accounts?
Two Cash App accounts are possible if each is associated with a different phone number and email address. It is not permitted to be signed into two or more accounts simultaneously while in the same app, but you can log into them separately on unique devices.
Before you can start using Cash App, you must download it from your preferred marketplace. It’s compatible with iOS and Android.
There is an option to sign up for an account online if you prefer.
After you’ve opened Cash App, you’ll see several tabs outlining the various services available for consumers to use. That includes payments, banking, and investing.
Once you’ve set up an account, you’ll link it to an existing bank to finalize the setup process. You must have a payment source to proceed. After this step, sending or getting money through the app is possible.
Users enter a specific dollar amount on the green payment tab, then request or pay to process the payment.
You’re required to have a unique username, which the platform calls a “$Cashtag.” This information lets you search for individuals or businesses when conducting a transaction. The platform also enables you to search by email address, phone number, or name.
Your funds can be sent from the linked bank account or the current balance in the app. You can keep or transfer payments to your financial institutions when you receive payments.
A small fee is charged for instant transfers, but a no-fee option is available if you can wait between one to three business days.
Who Can Use Cash App?
Cash App is available to anyone who is 13 or older. Anyone under the age of 18 must have parent or guardian approval to access the expanded features it provides, including direct deposit and P2P transactions.
Investing and Bitcoin are not available to minors.
Kids can receive the Cash Card, a debit card linked to the app’s account. You can use it to buy things online or at physical stores, with an option to have it added to a digital wallet.
There are specific limits to the transactions the debit card permits.
- You can only spend up to $310 in a single transaction.
- Users can complete up to $1,000 in total transactions within a 24-hour period.
- You’re allowed to spend $1,000 in seven days.
- Users can send or receive up to $1,000 every 30 days.
It costs nothing to download and create the Cash App account. Most of the services don’t charge any fees, but those that do clearly outline them before completing the transaction.
Why Can’t I Have Two Cash App Accounts?
Some users are denied two or more Cash App accounts because there isn’t a different purpose for the funds. If you want two personal accounts that link to the same financial institution information, you’ll likely get a kickback that says one or both are unauthorized.
Each account has a separate transaction history. It must have a unique bank account and email address to operate.
If you have a phone and a tablet at home, you can download Cash App to each and log into the different accounts – one from each device.
The software doesn’t support simultaneous access, so you’d have to log out to log in again if you want to manage multiple $Cashtags from the same device.
It should be noted that the terms of service for Cash App say that only one account should be active. If you have a business, it can have one, and your personal funds could have the other, but only if the bank accounts are separated.
Can I Have Two Cash App Accounts Tied to the Same Phone?
You cannot have two Cash App accounts that link to a single phone number. The registration must use different information even if you have one and your child has the other. The system will recognize that the data is the same, increasing the risk of a suspension.
The easiest way to avoid this issue is to have your teen use their mobile number to create one Cash App account and the parent to use their information to do the same.
Both could then choose the option to receive their free Cash Card with the account. Don’t forget to select the “personal” account instead of the “business” one when setting up services for a minor to avoid possible complications.
You cannot have two Cash App cards on one account or a single card for two accounts. It’s strictly a one-for-one deal with the current setup.
Is Cash App Safe to Use?
Cash App states that it uses the “latest encryption and fraud protection technology” to safeguard personal information and transactions.
The app sends each user a one-time login code when accessing your account as an added security measure. You can include more through the optional settings, including having a security lock. That feature requires your passcode for each payment.
Cash App lets you disable the debit card through the platform, which tends to be helpful if it gets lost or stolen.
| Pros of Using Cash App | Cons of Using Cash App |
| Users can access free money transfers with the P2P platform, making it easy to split checks, pay bills, or take care of various obligations. Businesses can even use it to request money from customers with the information search function. | You cannot cancel a transaction once it is authorized. Although passcodes and other security features can prevent unauthorized use, there’s no way to reclaim funds that are mistakenly sent to the wrong party. |
| The platform makes it easy to invest in Bitcoin. If you prefer stocks, it’s possible to claim fractional shares so that users can grow their portfolios without overextending their finances. | Limited investing options are currently available on this platform. The app now supports 1,800 listings, including ETFs, but DriveWealth, their broker-dealer, drives the support criteria. |
| Requesting the Cash Card allows you to access your balance for debit transactions, making it a fast and convenient way to manage some purchases. | Since Cash App isn’t a recognized bank, it isn’t FDIC-insured. That means the money isn’t protected while sitting under this platform’s control. |
Even credit unions have their own version of FDIC protection which is not available through Cash App. Although the funding and sending limits keep the value somewhat low, you could theoretically have $12,000 or more available in one year of saving. If the company went out of business, you would need to sue to try to get some of the money returned.
What Are the Best Reasons to Use Cash App?
Although Venmo, PayPal, and other competitors provide similar ways to transfer funds to others or receive money, Cash App provides some specific advantages that are worth considering.
That process starts by accepting direct deposit payments. Although you need to tie Cash App to a bank account, it can be designated as savings. If you cannot or don’t want a checking account, you can have your HR department send your payroll to this service.
The fee structure for Cash App is also advantageous. Here’s a closer look at what you can expect when using this service.
- 0% fees for sending payments from a linked bank account or the app’s balance, although some services include prepaid cards that aren’t offered here.
- 1.5% fee maximum for an instant transfer. Venmo charges up to 5%, with a $5 minimum, to have quicker access to your cashed checks.
- 3% fees apply for users sending money using a credit card, which is the current industry standard for all P2P apps.
The $1,000 minimum is problematic for many users, but it is due to the KYC (know your customer) and AML (anti-money laundering) laws that exist in the United States and worldwide. If you verify your identity, your limits can be increased.
Since you must verify your identity using your date of birth, full name, and Social Security Number, there is a risk that multiple accounts could be seen and restricted. Cash App does not verify anyone under the age of 18.
Family accounts are available for those with teens who want to use this service. Parents and guardians can review all linked accounts from a single page, view specific transaction activities, and manage their debit cards.
Cross-border, check deposit, and borrowing are not permitted for minors.
How to Create a New Cash App Account
If you’ve decided that another Cash App account is necessary for your financial needs, following these steps will help you register the appropriate information. Please remember that you’ll need an unaffiliated phone number and bank account to proceed.
- Open the Cash App software from your smartphone, tablet, or mobile device.
- Choose the Profile icon to sign out of an existing account.
- After being redirected to the sign-in page, tap on the Sign Up command at the bottom of the screen.
- Enter your email address and/or phone number – it cannot be linked to a previous account.
- Verify the information upon request, then choose your country.
- Select whether you’re creating a business or a personal account.
- You’ll be asked to provide the details of the bank account or debit card, along with other personal information details.
- Follow the remaining on-screen instructions to finish the registration process.
What If I Have a Checking and a Savings Account?
Most financial institutions assign one account number to every product a member, client, or customer requests or needs. You might have a savings and a checking account, but they’re both given the same number.
You cannot assign one Cash App to your savings and the other to your checking unless they have separate account numbers or exist at different banks.
Banks and credit unions will let you have as many accounts as you want if they’re willing to let you open one. It is typically not permitted to have multiple accounts at the same institution.
Most banks don’t allow someone under the age of 18 to open a new account without a parent or guardian present. A joint or custodial account is possible with an adult, but minors are not allowed to manage the latter option. After turning 18, it is possible to take over the account or open a new one.
Should I Have Two Cash App Accounts?
Having two Cash App accounts makes sense when personal and business expenses and purchases require separation. Since a company would have a separate bank account from private funds, it is possible to create this account structure if different phone numbers and email addresses are used.
I’ve had a PayPal account since the business was called Confinity after Peter Theil and Max Levchin founded it. That was 1999, and I felt like it was an innovative service.
After Cash App developed its platform, I found myself using it more often for simple monetary transfers. It’s fast, convenient, and safe.
I use two accounts to separate my personal and business expenses from each other, ensuring that I comply with local financial rules. Since I have separate phones and email addresses, I can easily maintain this structure.
Two Cash App accounts aren’t right for everyone, especially with the separate account requirement. It is possible if you follow these steps, but always review the terms and conditions carefully to ensure your account isn’t canceled or suspended.
