Square Inc.’s peer-to-peer digital payment platform Cash App has proven to be a big player to reckon with in the industry. It currently has a high number of active users in both the UK and the US. In fact, in the US alone, it boasts a total of more than 26 million active users. One of the reasons why Cash App has managed to grow so fast is its ease of use. Many users appreciate how easy it is to send, receive, withdraw, accept, or even deposit money to their bank accounts.
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Another Cash App aspect that many users appreciate is fees, to be exact, Cash App’s reasonable fees. Despite this, however, not many Cash App users are familiar with the various fees Cash App has for its transactions thus the reason why many Cash App users ask; how much does Cash App charge to Cash Out?
Cash App users have two options when cashing out, standard deposits and instant deposits. With the standard deposit cashing out is completely free while the instant deposit attracts a fee of 1.5% with a minimum fee of $0.25.
What Does Cash Out Means?
By now, am sure a number of you are well aware of the fact that Cash App’s main purpose or aim is to facilitate or make the process of sending and receiving moneyfrom one person to the other as easy and hassle-free as possible. Well, in addition to this, Cash App provides users with a place to keep or save money. To do so (keep or save money on a Cash App account), Cash App users top up their account with money using the various methods set up by Cash App and let it sit there till the time when it is needed.
While this is ideal, there comes a point where users want to remove their money from Cash App especially so when they require it or simply can’t find a way to use it. When they actually remove the money from their Cash App account, the process is what is called Cash Out. Simply put, Cash Out or cashing out is a process that sees users remove or take money from their account.
Different Types of Cash App Cash Out Methods
Cash App users who want to remove money from their account have the option of doing so using two methods. These two are instant deposits and standard deposits and they are available to all Cash App users. With standard deposits, Cash App users can have the money on their Cash App account reflected on their debit cards within a period of 3 to 5 days. Given the wait for more to reflect, Cash App doesn’t charge any fee to users who use this type of Cash Out.
Instant deposits on the other hand attract a cash-out fee of 1.5% with a minimum fee of $0.25. This is because this method of cashing out is instant. If a Cash App user was to use this cash-out method, they’ll have money reflected in their debit card within minutes thus the name or title instant deposits.
Worth noting with Cash App’s instant deposit feature is that it might fail sometimes. Yes, despite choosing instant deposit as an option, users might end up not receiving or seeing money reflect on their account instantly. This is usually due to many circumstances that include the bank and in some cases Cash App.
Taking note of this, Cash App usually re-reimburse its users the 1.5% instant deposit fee charged in case the transaction is not instant. And in case a Cash App user is wondering, this money usually reflects within the normal timeline that is between 3 to 5 business days.
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