Cash App is a peer-to-peer mobile payment service that allows users to send and receive money to and from friends and family. While Cash App is primarily used for sending and receiving money, it also offers the option to set up direct deposit for paychecks, tax refunds, and other types of recurring payments.
When setting up direct deposit on Cash App, you will need to provide your employer or other source of income with your Cash App account and routing numbers. These numbers can be found by navigating to the “Direct Deposit” section of the app’s settings.
It’s important to note that Cash App does not have its own bank, and therefore does not use traditional bank account numbers or routing numbers. Instead, Cash App uses a virtual account number and routing number provided by Lincoln Savings Bank, which is the partner bank for Cash App’s direct deposit feature.
Lincoln Savings Bank is a federally chartered bank based in Cedar Falls, Iowa that provides a range of banking and financial services to individuals and businesses. While Cash App users do not have direct access to Lincoln Savings Bank’s services, the bank provides the back-end infrastructure necessary for Cash App’s direct deposit feature to function.
When setting up direct deposit on Cash App, you will need to enter the virtual account number and routing number provided by Lincoln Savings Bank into the relevant fields on your employer or other income source’s direct deposit form. These numbers will then be used to deposit your funds directly into your Cash App account.
It’s important to note that while Cash App allows for direct deposit, it is not a traditional bank account and does not offer the same range of services as a traditional bank. Cash App does not offer overdraft protection, ATM withdrawals, or the ability to write checks, for example. However, Cash App does offer a debit card linked to your account that can be used to withdraw cash at ATMs and make purchases online or in stores.
In conclusion, when setting up direct deposit on Cash App, you will need to provide your employer or other income source with the virtual account number and routing number provided by Lincoln Savings Bank. Cash App does not have its own bank, and instead relies on Lincoln Savings Bank for the back-end infrastructure necessary for direct deposit to function. While Cash App does not offer the same range of services as a traditional bank, it can be a convenient option for those looking to receive direct deposits and make peer-to-peer payments using a mobile app.
