I want to discuss the Cash App Bank Name with which it is affiliated. Although Cash App itself does not have an on-site bank, it partners with Sutton Bank and Lincoln Savings Bank to provide its services.
Knowing these banking partners would especially enable users to appreciate how best to utilize the Cash App features, applications, and processes.
What is Cash App Bank Name?
Cash App is not a bank but a financial technology company that strives to provide different services in connection with other banks. The main banks are Sutton Bank and Lincoln Savings Bank.
While Sutton Bank manages the Cash App Cash Card and the Cash App direct deposit, Lincoln Savings Bank takes care of certain account features.
1. Sutton Bank
Sutton Bank is a community bank headquartered in Sutton, Ohio. Similar to most community banks, its core strategy is to cater to the financial needs of the persons, households, and institutional clients within the region and its vicinity.
Key information about Sutton Bank:
- Full bank name: Sutton Bank
- Address: 1 S Main St, Attica, OH 44807
- Routing number: 041215663
- Account type: Checking
- Number of branches: 8
- Total assets: ~$2.25 billion
- Phone: (800) 422-3641
- Website: https://www.suttonbank.com/
2. Lincoln Savings Bank
Lincoln Savings Bank was established in 1902. It has been functioning as a bank in the State of Iowa of the United States of America for almost a century.
Lincoln Savings Bank has a conventional form of banking offering savings and checking accounts, loans, internet banking, and commercial banking services.
Key information about Lincoln Savings Bank:
- Full bank name: Lincoln Savings Bank
- Address: 508 Main Strееt Rеinbеck, IA 50669
- Routing number: 073905527
- Account type: Checking
- Number of branches: 16
- Assets: ~$1.89 billion
- Phone: (800) 588-7551
- Website: https://www.mylsb.com/
How does Cash App work?
Cash App is not a bank but a peer-to-peer payment network created by Square Inc. It has various services available to its customers by means of linkage with well-known establishments.
The banking services of the Cash app include Wells Fargo Bank, Sutton Bank, and Lincoln Savings Bank.
Because of these relationships, the app can provide services like through FDIC insurance, Cash Card issuing, and direct deposits.
How to Set Up Direct Deposit?
You can receive individual direct deposits of up to $25,000 and daily cumulative direct deposits of up to $50,000 using your Cash App. There are various direct deposits that you can receive in Cash App from:
With respect to the timelines, Cash App makes your direct deposit available as soon as it has the payment instructions in hand, usually about two days prior to when they are expected to be in the bank.
This is, therefore, the reason why if your payday falls on Friday, then you should be able to find the direct deposit in your account by Wednesday.
Do You Need a Bank Account to Use Cash App?
No, you certainly need a bank account to use Cash App. It is possible to use the app without a bank account, even if the user possesses one. A bank account is not a requirement for the app to function properly.
That said, if you wish to get ready cash or spend the money available in your Cash app, then you would have to request a Cash Card.
You do not have to pay any fees upon receipt of the Cash Card, as no credit approval is a requirement; hence, why not?
Is Cash App the Safest Money Transfer App?
Cash App is a reliable app like other legitimate apps that make use of advanced encryption methods to safeguard users’ funds. One might say that Cash App is to money transfer apps that Paypal, Venmo, and so on are to online payments.
No money transfer app is 100% safe, however. For example, if a person doesn’t own the Cash Card that is issued by the Cash App debit card partner Sutton Bank, the remaining balance in their Cash App is not insured by FDIC.
So, if you do not wish to link your external bank account and rather decrease the balance in your cash app from zero when there is indeed a balance surplus to zero, then you need to obtain a cash card as soon as possible.
There are two other security vulnerabilities associated with Cash App that are worth mentioning.
This balance is also not subject to any safeguard against lying or any unjust acts, so the account password should never be shared, and account usage permissions should not be issued to anyone for any purpose.
This attribute includes FDIC, which does not cover that operation with Cash App. In case of an unsuccessful operation, one can not get back the funds like the balance on a cash card, and investments are made payable operationally through a cash app, as in the case with crypto assets.
Conclusion
To sum up, Cash App offers financial services in collaboration with Sutton Bank and Lincoln Savings Bank.
Sutton Bank focuses on the Cash Card and direct deposits, while the Lincoln Savings Bank manages other account features.
Those allow Cash App to provide bank services without owning a bank rather than working with Sutton Bank and Lincoln Savings Bank.
