What makes Plaid the best way to link your bank account? For starters, it’s incredibly easy to do. Once you’ve downloaded the Cash App, you can link your bank account right in the app by just clicking on Add a card, entering your routing and account number, and following the prompts—it only takes about three minutes! In this post, we’ll show you how to use Plaid to link your bank account and give you some tips on how to use the app most effectively.
What Bank Cash App Use for Plaid
Lincoln Saving Bank or Sutton Bank are
the ones that offer cash app direct deposit accounts but unfortunately, you
cannot link your Cash App Bank account using the account number and routing
number. But it is possible to manually link your Cash App Bank account by using the account number and routing number.
Getting Started
First, you need to create a free Plaid account. If you already have a bank account, chances are you already have an associated account number and routing number. If not, talk with your bank about how they handle financial information or check out their website for details. If your bank doesn’t provide that information online, contact customer service and ask what documents you’ll need in order to register for a new account at your financial institution. You should be able to obtain any necessary data by providing copies of government-issued identification and filling out an application form.
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Setting Up an Application with Plaid
To link your bank account with your Cash App, you will first need to go through a special verification process known as plaid. This is a security feature that helps limit fraud and protects users by making sure they are sending money to their bank accounts rather than someone else's. If you have previously linked your bank account with another app, like Venmo or PayPal, then it's very likely that you've already verified your account using plaid. Otherwise, you can create an application directly in-app by following these steps. It's important to note that each major financial institution has its own unique identifier known as an ABA Routing Number which makes up part of what plaid asks for when linking a new bank account.
Logging Into the Cash App
First things first, you'll need a Cash app. If you don't already have one, open your app store and install either Apple's iOS or Google's Android version. Then tap Cash at the bottom of your app and enter your phone number, birthday, and gender. Next, you'll be asked to link a bank account via Plaid. Don't worry about what that means just yet. As with any new bank account, you'll then get a verification text message sent from Cash, which will lead you through some additional registration steps like verifying your identity and confirming important details about yourself (e.g., address) by entering them into their system before depositing cash into your account for free.
Transferring Money Between Accounts
Before you can start using your new app, you’ll need to link a bank account. This can be done in any of two ways. You can enter your username, password, and pin or use Plaid. You can choose if you want an ACH transfer which will take 1-3 business days or if you want an immediate transfer via wire. I would suggest a wire but it’s up to you. If there is an option for mobile check depositing and all of that I would just do that as well rather than transferring through plaid. It’s also important to note that you don’t have to have a checking account with them. They accept other types of accounts such as savings and money market accounts so long as they are connected to your name. So even if you don't have a checking account with Chase, you can still use their service by linking another type of account. It's pretty neat!
Security & Privacy
By linking your bank account with Cash App, you’re giving us permission to do things like instantly send money and access your account information. We take security seriously at Square and have multiple layers of protection in place. To learn more about how we keep Square safe, please see our Security Center. Privacy Policy: By using Cash App, you agree that we can use your name and location data for providing you services and information about other Square products in which we think you may be interested.
For example, when sending money through a message, we may use your name or username to identify you as a sender or recipient in an instant payment notification sent via SMS/text message.
Tips and Tricks
A few weeks ago, Square released a new feature that allows you to connect your bank account and debit card. This is particularly exciting because it means that you can now use Square for purchasing anything where Visa or Mastercard is accepted. Using the cash app was a great way for me to easily track my spending. However, it wasn’t quite ideal for purchases under $10 since I had to manually swipe my card and input my pin code each time.
Now, I am able to charge everything using the cash app
seamlessly by linking my bank account directly through their website.