Cash App is a peer-to-peer mobile payment service that allows users to send and receive money from other users. The app is owned and operated by Square, Inc., a financial services and digital payments company based in San Francisco, California. While Cash App is not affiliated with a specific bank, it does use a bank to process transactions and store user funds.
In order to operate as a financial services provider, Cash App partners with Lincoln Savings Bank, a state-chartered community bank based in Cedar Falls, Iowa. Lincoln Savings Bank serves as the issuer and custodian of Cash App’s linked debit card, which allows users to withdraw funds from ATMs and make purchases at merchants that accept Visa. Cash App also uses a variety of other financial partners to help facilitate transactions, including banks, payment processors, and other financial institutions.
It is important to note that while Lincoln Savings Bank is the bank behind Cash App’s debit card, it is not responsible for the actual Cash App account or the funds stored within it. Instead, Cash App accounts are held by a separate entity called Square Financial Services, which is a subsidiary of Square, Inc. Square Financial Services is a federally-chartered bank that is regulated by the Office of the Comptroller of the Currency (OCC) and is authorized to offer a variety of financial services to Cash App users, including deposit accounts, loans, and other financial products.
As a result of its partnership with Lincoln Savings Bank and other financial institutions, Cash App is able to offer users a wide range of banking and financial services, including the ability to send and receive money, deposit funds, withdraw cash, and make purchases using a linked debit card. Additionally, Cash App provides users with access to a variety of financial tools and resources, including real-time balance updates, transaction history, and detailed spending analytics.
In conclusion, while Cash App is not affiliated with a specific bank, it partners with a variety of financial institutions, including Lincoln Savings Bank, to help facilitate transactions and provide users with access to banking and financial services. Cash App’s linked debit card is issued and custodied by Lincoln Savings Bank, while its deposit accounts and other financial products are offered through Square Financial Services, a subsidiary of Square, Inc. As a result, Cash App users have access to a range of financial tools and resources that can help them manage their money and make payments more easily and securely.