Cash App is an online money transfer app that is used for a wide variety of purposes. It seems like each new feature Square adds to its Cash App brings it one step closer to being a de-facto bank account for its users. For example, off late Cash, App has allowed users to deposit a check in the account. Indeed this can be done with the ACH direct deposits, meaning users can now get their paycheck or other deposits put directly into their Cash app balance.
The direct deposit feature of the Cash App is too simple. You have to simply enable the direct deposit on Cash App after this, you’re given an account number and routing number, which is all an employer needs to start making direct deposits. Moreover you are notified when deposits hit their account, and all funds get added to their normal Cash app balance – meaning it can be sent to a friend, spent using a debit card, used to buy bitcoin, or withdrawn to another account.
This feature combined with the Cash app’s debit card now means that the app can essentially provide all the basic functions of a bank account, assuming you don’t need to deposit checks or do complex things like wire transfers. Because now you can deposit a check on Cash App account.
Indeed a lot of younger users who are already using the Cash app for direct deposit feature instead of opening a traditional bank account when they start their first job. Plus, features like these could make the app useful for people living in under banked communities or who feel generally underserved (or overcharged) by traditional financial institutions.
Since Square doesn’t (yet) have a bank charter, they’ve had to get creative by partnering with banks to build features like their debit card and direct deposits. While Sutton Bank issues their debit card, it seems like the direct deposit feature is powered by Lincoln Savings Bank, giving Cash app users a routing number and a new account number to use for deposits.
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