Cash App Terms of Service
Posted Date: Before June 21, 2021
Last updated: July 6, 2024
If you have an active Cash App Account or have otherwise agreed to the current Terms of Service, please click here to see the terms that are applicable to your Account.
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This page explains our terms for Cash App. By using the service you agree to these terms. If you use the service on behalf of your company, your company agrees to them too.
These Cash App Terms of Service (the “Cash Terms”) govern your use of Cash App, a payment service and financial platform (the “Service”) offered by Block, Inc., formerly known as "Square, Inc.", (hereafter, “the Company,” “we,” “our,” or “us”). By using the Service you agree to be bound by these Cash Terms, the E-Sign Consent, the Cash App Acceptable Use Policy, and the General Terms of Service (“General Terms”) and all other terms and policies applicable to each Service as set forth below (e.g.the Payment Terms if you are a Cash for Business Seller (defined below)). If you are using the Service on behalf of a business or entity, you acknowledge and agree that you have authority to bind such business or entity and that such business or entity accepts these terms. If you use the Service to transact in Bitcoin, you agree to the Additional Virtual Currency Terms of Service (collectively with the E-Sign Consent, General Terms, Cash Terms and Payment Terms, the “Service Terms”).
I. Stored Balance Disclosures
List of All Fees for Cash App Stored Balance
All Fees | Amount |
---|---|
Get Started | |
Account setup | $0 |
Monthly Usage | |
Monthly fee | $0 |
Add Money | |
Direct Deposit | $0 |
Receive money | $0 |
Add Money - External Account | $0 |
Paper Money Deposit | $1 |
Receiving a merchant refund | $0 |
Spend Money | |
Sending money using your cash balance or debit card in the U.S. | $0 |
Foreign Transaction Fee | 2% |
Sending money from your cash balance using the Remittance Service | $0.00 |
Sending money from your cash balance using the Remittance Service | $1.99 |
Sending money from your cash balance using the Remittance Service | $1.99 |
Sending money from your cash balance using the Remittance Service | $3.98 |
Transfer Out | |
Withdraw (standard) | $0 |
Instant Transfer | 0.5%-1.75% |
ATM withdrawal - in-network | $2.50 |
ATM withdrawal - out-of-network | $2.50 |
Information | |
Customer service (in-app) | $0 |
Customer service (email) | $0 |
Customer service (phone) | $0 |
ATM Balance Inquiry | N/A |
Other | |
Inactivity | $0 |
Send from credit card | 3% |
No overdraft/credit feature.
If you have a Cash App Card or a Sponsored Account, or if you sponsor one or more Sponsored Accounts, your stored balances are eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met.
If you don't have a Cash App Card, a sponsored account, or sponsor an account, your Cash App and savings balances are not deposit products and therefore are not protected by FDIC pass-through insurance.
Cash App is a financial services platform, and not an FDIC-insured bank.
Contact Cash App at 1-800-969-1940, by mail at Cash App, 1955 Broadway, Suite 600, Oakland, CA 94612, or at cash.app/help
For general information about prepaid accounts, visit cfpb.gov/prepaid
If you have a complaint about a prepaid account, call the consumer financial protection bureau at 1-855-411-2372 or cfpb.gov/complaint
Details About Your Cash App Stored Balance
Monthly Fee | $0 |
Per Purchase Fee | $0 |
Foreign Transaction Fee | 2%* |
ATM Withdrawal | $2.50^ |
Paper Money Deposit | $1 |
ATM Balance Inquiries | N/A |
Customer Service | $0 |
Inactivity | $0 |
We charge two other types of fees.
Add money from Credit Card: 3%
Instant Transfer: 0.5%-1.75% ($0.25 min)
*This fee can be lower if you receive $300 or more in direct deposits in any given month.
^This fee can be lower depending on how and where your card is used.
No overdraft/credit feature.
If you have a Cash App Card or a Sponsored Account, or if you sponsor one or more Sponsored Accounts, your stored balances are eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met.
If you don't have a Cash App Card, a sponsored account, or sponsor an account, your Cash App and savings balances are not deposit products and therefore are not protected by FDIC pass-through insurance.
Cash App is a financial services platform, and not an FDIC-insured bank.
For general information about prepaid accounts, visit https://cfpb.gov/prepaid
Find details and conditions for all fees and services at https://cash.app/legal/us/en-us/tos
II. Eligibility
Using the Cash App requires you open an account. You’ll need to be a U.S. resident and at least 18 years old. If you want to use your account balance to send money to another Cash App user, then you’ll need to give us some more information about you, and we’ll need to be able to verify your identity.
You must be a resident of the United States, at least 18 years and the age of majority in your State of residence, and you must register for an account (your “Account) to use the Service. Certain features of the Service will only be available for use in the United States. Some features, such as the ability to send money to another Cash App user with the balance in your Account, may be available only if you provide us with certain information about you and we are able to verify your identity.
III. Cash App Account and Communication
1. Cash App Account
Here’s the part where you tell us you own the email or phone number you registered with and that the personal information you provide to us is correct. You agree to cooperate with us so that we can verify your identity. We might use third parties to help us do so.
You represent and warrant that you own the email or mobile phone number you register with and all information entered or collected in the course of creating your Account and any information you subsequently add or update from your settings (“Account Information”) is true and accurate. All Account Information is subject to the Company's Copyright and Trademark Policy.
To register, open, use, or upgrade an Account, the Company may require that you submit certain Account Information, including but not limited to your name, email address, text-enabled mobile phone number, street address, zip code, date of birth, social security number, and a government issued form of identification to the Company.
When you first open your Account, it will be a “Restricted Account.” A Restricted Account has all the features and functionality described in these Terms of Service except that you cannot make a payment to another Cash App customer (including a Cash for Business Seller) using your Cash App Balance (defined below). With a Restricted Account you may link an external, U.S.-issued bank account (an “Eligible Bank Account”) (subject to these Terms of Service) to make a payment to another Cash App customer (including payments made to a Cash for Business Seller), and you may transfer funds from your Cash App Balance to your Eligible Bank Account. If you have a Restricted Account and you attempt to make a payment to another Cash App customer from your Cash App Balance, then you will be given the option of upgrading your Account to an “Unrestricted Account”.To upgrade your Account, you will need to provide us with certain personal information so that we can verify your identity. After we verify your identity, your Account will convert to an Unrestricted Account. If you decline to provide us with the information that we request or if we cannot verify your identity to our satisfaction (in our sole judgment and discretion) for any reason, then your Account will remain a Restricted Account and you will not be able to use your Cash App Balance to make payments to other Cash App users.
The first time you access your Account using a new device we may require you to authenticate your Account with additional information. If your Account cannot be verified you may be required to set up a new Account.
You hereby authorize the Company, directly or through third parties, to make any inquiries we consider necessary to validate your identity or authenticate your identity and Account Information and, for Cash for Business Accounts, your company or employer. This may include asking you for further information or documentation about your Account usage or identity, requiring you to take steps to confirm ownership of your email address, mobile phone number or financial instruments, or verifying your information against third party databases or through other sources.
In connection with your use of the Service, you may not refuse to (a) cooperate in an investigation concerning activity that potentially violates the law or the Service Terms, (b) provide confirmation of your identity, or (c) provide confirmation of any information you provide us.
2. Receipts and Account Statements
You can find your transaction receipts and account statements in your Cash App account.
You have the right to receive a receipt for some of your Cash App transactions. Such transaction receipts can be found in the activity section of your Cash App and by logging into your Account at Cash.app.
You have the right to receive an Account statement. You may view your Account statement by logging into your Account at Cash.app.
You may obtain information about the amount of money you have remaining in your Account and can view your 12-month and 24-month history of Account transactions at www.cash.me/account.
3. Error Resolution
Contact us if you see any errors or issues with your account or your Remittance Payments. Our contact info is below, along with a description of the process and timeline for us to look into your issue. We’ll need some basic information from you to begin our investigation. Please note that there are different procedures if you have an issue related to your account or the Remittance Service.
Errors Related to Your Account
In case of errors or questions about your account, you can Contact us through your Account in the app:
Tap the Profile icon
Tap Support
Search and browse topics, select a topic, then tap Contact Support.
You can also call us at 1-800-969-1940, please note (1) this is the only phone number customers can call for Cash App support, and (2) a Cash App representative will never ask you for your password, PIN, or full debit card number. Or write us at Block, Inc., 1955 Broadway, Suite 600, MSC 211, Oakland, CA 94612 as soon as you can if you think an error has occurred in your Account. If your error is an incorrect transfer from your Account related to the Remittance Service, please see the next section. We must allow you to report an error until 60 days after the date you electronically access your Account, if the error could be viewed in your electronic history. In order for us to assess the situation, you will need to tell us:
Your name and Account number;
Why you believe there is an error, and the dollar amount involved; and
Approximately when the error took place.
If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, and your Account is registered with us, we will credit your Account within 10 business days for the amount you think is in error, so that you will have the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and do not receive it within 10 business days, we may not credit your Account.
For errors involving new Accounts, as well as point-of-sale transaction, we may take up to 90 days to investigate your complaint of question. For new Accounts, we may take up to 20 business days to credit your Account for the amount you think is an error. We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation. If you need more information about our error-resolution procedures, call us at 1-800-969-1940, please note (1) this is the only phone number customers can call for Cash App support, and (2) a Cash App representative will never ask you for your password, PIN, or full debit card number.
For purposes of these disclosures, our business days are Monday through Friday. Holidays are not included.
This “Errors Related to Your Account” section does not apply to errors related to the Remittance Service. For errors related to the Remittance Service, please see the next section.
Errors Related to the Remittance Service
If you believe an error occurred with a Remittance Payment (defined below), or you have questions about the Remittance Service, you can: a. Contact us through your Account in the app:
Open your profile and tap Support
Tap Chat and chat with Support.
b. Call us at 1-800-969-1940. Please note (1) this is the only phone number customers can call for Cash App support, and (2) a Cash App representative will never ask you for your password, PIN, social security number or full debit card number.
c. Write us at Block, Inc., Attn: Cash Disputes, 1955 Broadway, Suite 600, MSC 211, Oakland, CA 94612.
For errors involving Remittance Payments, please contact us as soon as you can if you think an error has occurred on your Account. You can report an error up to 180 days after the date we promised you that funds would be made available to the Designated Recipient. For Unauthorized Transactions, please see additional details in Section XII.3 below.
In order for us to investigate your claim, you will need to provide us with enough information to identify the applicable transaction. Please provide some or all of the following information:
Your name and address or telephone number;
The error or problem with the transfer, and why you believe it is an error or problem;
The name of the Designated Recipient receiving the funds, and if you know it, his or her telephone number or address;
The dollar amount of the transfer; and
The confirmation code or number of the transaction.
We will determine whether an error occurred within 90 days after we hear from you and will correct any error promptly. We will tell you the results within 3 business days after completing our investigation. If we decide there was no error, we will send you a written explanation. You may ask for copies of any documents we used in our investigation.
4. Your Liability for Unauthorized Transactions
Contact us as soon as possible if you think there has been unauthorized activity on your account. Depending on the circumstances, if an unauthorized transaction has occurred we may be able to cover you.
Please let us know if you believe there is an Unauthorized Transaction on your Account. You could lose all the money in your Account.
We will protect you from Unauthorized Transactions in your Account. When this protection applies, we will cover you for the full amount of the Unauthorized Transaction, so long as we were able to complete the Error Resolution procedures described above.
An "Unauthorized Transaction" occurs when money is sent from your Account that you did not authorize and that did not benefit you. For example, if someone steals your password, uses the password to access your Account, and sends a payment from your Account, an Unauthorized Transaction has occurred. However, the following are NOT considered Unauthorized Transactions:
If you give someone access to your Account (e.g. by giving them your login information) and they use your Account without your knowledge or permission, unless you have notified us that transfers by that person are no longer authorized;
If you, or someone else with whom you are acting in concert, act with fraudulent intent; or
You reverse engineer or chargeback a transaction made with your Cash Card.
We rely on the information you provide us to send a payment. A misdirected payment, such as a payment, based on the information you provide us, that is sent to the wrong person, is an authorized payment, and will not be considered an Unauthorized Transaction.
5. Our Liability
We will cover your losses for certain incomplete or incorrect transactions, detailed here.
If we do not complete a transaction to or from your Account on time or in the correct amount according to these Cash Terms, we will be liable for your losses or damages. However, there are some exceptions. Subject to applicable law, ee will not be liable, for instance:
If, through no fault of ours, you have insufficient funds in your Account to complete the transaction;
If the ATM where you are making the Transaction or using your Cash Card does not have enough cash;
If the Cash App was not working properly and you knew about the breakdown when you started the transaction;
If circumstances beyond our control (such as fire or flood) prevent the transaction, despite reasonable precautions that we have taken.
6. Funding Sources Used for Payments Made Through the Service
You may link an Eligible Bank Account to your Cash App to fund payments made through the Service. The Company reserves the right to limit which banks or what types of accounts constitute an Eligible Bank Account. If you choose to link your Eligible Bank Account to your Cash App by providing the username and password you use to access your bank information online, you acknowledge your personal and financial information is being provided to Plaid Inc., that your personal and financial information will be collected, processed, transferred, or stored in accordance with Plaid Inc.’s Privacy Policy, and that you acknowledge and agree to Plaid Inc’s Privacy Policy.
When you initiate a payment through the Cash App, if you have a Restricted Account, then you will not be able to initiate payments to other Cash App users (including Sellers with Cash for Business accounts) with your Cash App Balance. If you have a Restricted Account and you wish to make a payment to another Cash App customer, you may: (1) use an Eligible Bank Account or Eligible Credit Account; or (2) upgrade to an Unrestricted Account to make the payment with your Cash App Balance.
If you have an Unrestricted Account and have sufficient funds in your Cash App Balance to satisfy the full payment amount you can choose whether you want the payment fulfilled by your Cash App Balance, Eligible Bank Account or Eligible Credit Account. If you do not have sufficient funds in your Cash App Balance to cover the full transaction, then you may choose the funding source from your Eligible Transaction Accounts or Eligible Credit Accounts.
7. Cashtags
You may choose a unique username for Cash App, which will be your “Cashtag.” If you choose a Cashtag that turns out to be too confusing or deceptive, we might require you to change it.
You may select a unique alpha-numeric name to identify yourself on the Service (a “Cashtag”). Your Cashtag must accurately and truthfully represent your business or personal identity. You may not select a Cashtag that misleads or deceives others as to your identity or creates an undue risk of chargebacks or mistaken payments. We may require you to change your Cashtag or details of your Account Information in our sole discretion, and we may reclaim or make unavailable Cashtags without liability to you.
8. Sharing of Your Information
We will share Account Information and transaction information, including your name, the amount, and a description, with the other party to your transaction and in accordance with our Privacy Policy.
9. Text Messages
Here’s where we describe your consent to receive texts from us and your representations regarding texts we send to others relating to your payments.
By providing us with a mobile number, you consent to receiving text (SMS) messages from us. If you provide us with the mobile number of any other person or entity when initiating or requesting a payment through the Service, you represent and warrant to us that the person or entity has consented to receive text messages from us related to that payment. Standard text messaging rates may apply based on your plan with your mobile carrier.
10. Cash App Fees
The fee for using the Cash App are found in the "Stored Balance Disclosures" Section of these Terms. We reserve the right to charge for or change the fees associated with the use of the Cash App at any time subject to these Cash Terms. A fee may be imposed by the Company or an ATM operator for use of the Cash Card at an ATM, including for a balance inquiry, and by any network used to complete the ATM transaction.
11. FDIC Pass-Through Insurance
The Federal Deposit Insurance Corporation (FDIC) insures eligible deposits (up to $250,000) in the event the bank holding the funds fails. If you have been issued a Cash Card as described in Section VIII of this agreement, your Cash App Balance is covered by FDIC insurance through our partner bank Wells Fargo Bank, N.A., Member FDIC (“pass-through insurance”). Additionally, if you sponsor one or more Family Account(s), your and the Family Account’s Cash App Balances are covered by FDIC pass-through insurance, regardless of whether you or the Family Account has been issued a Cash Card. If you have multiple accounts, and/or multiple Family Accounts, they are included under the same insurance coverage.
If you have not been issued a Cash Card and you do not sponsor a Family Account, your Cash App Balance is not eligible for FDIC pass-through insurance. Bitcoin and Investing holdings are not covered by FDIC pass-through insurance.
IV. Cash App Balance
1. General
By initiating transactions from your linked bank account or debit card, you are authorizing us to debit those sources. If we incur costs because you have insufficient funds in your account, you will cover those costs.
a. Functionality. Your balance consists of the funds you have in your Account that are available for new transactions and are not subject to pending transactions (your “Cash App Balance”). You are solely responsible for all funds necessary to complete any payments initiated through the Service. You agree to reimburse the Company for any fees, costs, or expenses it incurs as a result of insufficient or unavailable funds in connection with any payment you initiate through the Service.
b. Authorization. Each time you instruct us through the Cash App to add funds from your linked Eligible Bank Account or Direct Deposit (defined below) or linked debit card to your Cash App Balance or make any other transfer, you authorize us to immediately debit the Eligible Bank Account or debit card linked to your account at the time of the transfer for the amount instructed, either in a single or recurring transaction, as applicable. You are also authorizing us to move funds to your applicable Eligible Bank Account or applicable debit card for instructions to add funds that are canceled or otherwise returned. You can cancel this authorization by unlinking your Eligible Bank Account or debit card from your Cash Account.
c. Limitations. The Company may impose limits on the amount you can keep in your Cash App Balance and reserves the right to change these limits at any time. Funds in your Cash App Balance might not be available to use for all types of transactions. If you have a Restricted Account, then you may not use your Cash App Balance to make payments to other Cash App users (including Cash for Business Sellers) unless you first upgrade to an Unrestricted Account.
2. Funding Your Cash App Balance
There are several ways you can add funds to your Cash App balance. Each method is described here.
a. Eligible Bank Account. You may use funds from your Eligible Bank Account to fund your Cash App Balance.
b. Direct Deposit. You may direct payments made to you from your employer or otherwise into your Cash App Balance using the bank routing and account numbers provided to you by our bank partner pursuant to the Cash App direct deposit program (the “Direct Deposit”). Deposits made using such bank routing and account number will be credited to your Cash App Balance for use in accordance with these Cash App Terms. The maximum amount that can be added to your Cash App Balance by Direct Deposit is $25,000 per transaction.
c. Debit Card. You may link a debit card to fund your Cash App Balance. To do so, you must have a valid debit card issued by a U.S. bank or financial institution bearing the Visa Inc. (“Visa”), MasterCard International Inc. (“MasterCard”), or DFS Services, LLC (“Discover”) logo. Any such debit card, collectively with your Cash App Balance (if you have an Unrestricted Account) and an Eligible Bank Account, is referred to herein as an “Eligible Transaction Account”.
d. P2P Payments Received Through Cash App. You can keep funds received from P2P Payments (defined below) made to you through the Cash App in your Cash App Balance.
e.Access to Funds.Certain funding features (such as cash loads and Direct Deposit) may be unavailable or delayed from time to time due to risk-based restrictions, scheduled maintenance, changes to our Services, unforeseen circumstances, or outages.
3. Transferring Funds to Your Bank Account
You can transfer funds from your Cash App balance out to your bank account. These transfers can take up to three days, or for a fee, be made instantly. We may limit your ability to transfer funds to your bank account, based on the circumstances. For example, we may delay transfers while we screen for fraud or risks. You are responsible for all amounts owed on your account even after it is closed.
a. Transfers to Your Bank Account. You may electronically transfer funds from your Cash App Balance to an Eligible Bank Account. By selecting an Eligible Bank Account as your deposit source you are requesting that we settle an electronic transfer to your bank account. The Company will settle these electronic transfers (via the Automated Clearing House (“ACH”) of NACHA - The Electronic Payment Association (“NACHA”)) to your Eligible Bank Account in the amount you instruct, and you will not be able to cancel the ACH transfer. Such transfer to your Eligible Bank Account via ACH will typically arrive within three (3) business days.
b. Instant Deposit. If such feature is available to you, you may expedite a Cash Out from your Cash App Balance to your Eligible Bank Account subject to the fees detailed in the Instant Deposit experience. Funds are typically available within minutes.
c. Limitations. The Company may limit how many transfers you can initiate from your Cash App to your Eligible Bank Account and the amount of funds you can transfer in a single transaction. We reserve the right to delay or further limit such transfers while we screen for risk, or we may request you provide additional information to verify your identity. You may not transfer funds from your Cash App Balance to your Eligible Bank Account to evade a payment investigation. If you attempt to transfer your Cash App Balance while we are conducting an investigation, we may hold your funds at our discretion to protect the Company or a third party against the risk of reversals, chargebacks, claims, fees, fines, penalties and other liability. We also may defer or redirect payout or restrict access to your funds as necessary to comply with applicable law, subpoena or court order, or if requested by any governmental entity. You will remain liable for all obligations related to your Account even after the Account is closed.
4. Treatment of Funds
The Company will not mix your funds with the Company's corporate funds. Your funds will be held in pooled bank accounts with the funds of other Cash App customers.
If you do hold funds in your Cash App Balance, the Company will hold such funds separate from its corporate funds, will not use your funds for any corporate purposes, nor will the Company voluntarily make your funds available to its creditors in the event of bankruptcy. The Company will combine your funds with the funds of other users and place those pooled accounts in one or more bank accounts in the Company's name.
5. Interest
You will assign any interest earned on your Cash App Balance funds to the Company.
You may accrue interest or other monies on the Cash App Balance funds that the Company handles on your behalf. In consideration for your use of the Service, you irrevocably transfer and assign to the Company all of your rights in any and all interest that may accrue on Cash App Balance funds held by the Company on your behalf.
6. Cash Savings
a. General. Cash App offers a savings feature (“Cash App Savings”) that allows you to separately track funds from your Cash App Balance as a “Savings Balance”. You can add funds to your Savings Balance either from your Cash App Balance or from an External Account. Funds in your Savings Balance can be transferred back to your Cash App Balance at any time.
b. Use of Funds. Funds in your Savings Balance cannot be used for any transactions, including Cash Card purchases or ATM withdrawals, unless they have first been transferred back to your Cash App Balance.
c. Treatment of Funds. If you use Cash App Savings, your Savings Balance is held as part of your Cash App Balance as described in Section VI.4 (Treatment of Funds) above. If your Cash App Balance incurs any negative balance (such as from a chargeback that exceeds the funds available in your Cash App Balance), your Savings Balance will be automatically added back to your Cash App Balance to offset the negative balance incurred.
7. Free Overdraft Coverage
a. General. Cash App offers you, if eligible, the ability to enroll in an optional, no-fee overdraft feature (“Free Overdraft Coverage”) that allows you to overdraw on your Cash App Balance (which includes your Savings Balance) for Cash Card purchase transactions, ATM withdrawals, and cash-back transactions, but excluding ACH transfers (“Qualifying Transactions”), up to a specified amount no greater than $50 (the “Limit”).
The Limit is determined by Cash App in its sole discretion based on your account history, direct deposit history, spending activity, and other risk-based factors. Your Limit may be adjusted from time to time in Cash App’s sole discretion. Your Limit may be increased or decreased at any time by Cash App and represents the maximum amount by which you may overdraw on your Cash App Balance on Qualifying Transactions. Any changes to your Limit will be communicated to you and also displayed within your Cash App mobile application.
Free Overdraft Coverage is only available for Qualifying Transactions. Other transactions will continue to be declined if there are insufficient funds in your Cash App Balance.
b. Eligibility. Eligibility for Free Overdraft Coverage is determined by Cash App in its sole discretion. Among other factors, to be eligible for Free Overdraft Coverage, you must have received at least $300 in Qualifying Direct Deposits in the preceding calendar month. A Qualifying Direct Deposit means a direct deposit by ACH transfer of payroll, pension or government benefits from your employer or a government agency. You must continue to meet the Qualifying Direct Deposit requirement each month to maintain your enrollment in Free Overdraft Coverage. If Cash App does not receive a Qualifying Direct Deposit as described above, Cash App will terminate your enrollment in Free Overdraft Coverage and not approve any Qualifying Transactions that may result in an overdraft balance.
At any time, Cash App may in its sole discretion change the existing requirements or add additional requirements at any time that you must meet in order to enroll or continue to use Free Overdraft Coverage.
c. Fees. Cash App will not charge you any fees or interest to be eligible or to use Free Overdraft Coverage. While there is no fee to use Free Overdraft Coverage, fees for related services continue to apply according to the terms associated with any such services, including third-party fees that may apply to ATM withdrawals and certain types of Cash Card transactions.
d. Repayment. Any funds deposited to your Cash App Balance (which includes your Savings Balance) with an overdraft balance will be automatically used to pay off the overdraft balance (“autopay”).
You may choose to opt out and disable autopay of your overdraft balance by contacting Cash App Support. If you have disabled autopay, you can pay the overdraft balance manually in the Cash App mobile application.
You cannot maintain an overdraft balance for more than 45 consecutive calendar days from the date that you initially incur the overdraft balance. If you fail to pay your overdraft balance within 45 calendar days and you are enrolled in autopay, Cash App may pull the overdraft balance from your linked Eligible Transaction Account. Cash App may also suspend or cancel your enrollment in Free Overdraft Coverage.
e. Cancellation. You may cancel your use of Free Overdraft Coverage using the Cash App mobile application at any time. If you cancel your use of Free Overdraft Coverage, Cash App will not approve Qualifying Transactions that result in an overdraft balance on your Cash App Balance. If you continue to remain eligible for the feature, you may re-enroll at any time.
Cash App may suspend or terminate your use of Free Overdraft Coverage for any reason in its discretion. You agree that Cash App will not be liable to you or any third-party for any costs, fees, or losses associated with the termination of your access to Free Overdraft Coverage, including, but not limited to, insufficient funds fees, late fees, legal fees or other charges.
V. Peer to Peer Service
1. Description Of Service
The peer-to-peer Service (“Peer-to-Peer Service”) allows you to send funds or receive funds for peer-to-peer personal, non-commercial purposes.
2. Sending Funds
You will be able to send funds using our P2P service if you have a linked bank account or linked a credit card. If you have an Unrestricted Account you will also be able to send funds using our P2P service if you have funds available in your balance. You authorize us to move funds on your behalf. We won’t be responsible for certain incomplete transactions, as described here.
a. General. Once you have opened an Account and either have funds available in an Eligible Transaction Account or linked a credit card issued by a U.S.-based bank or financial institution bearing the trademark of Visa, MasterCard, Discover, or American Express Travel Related Payment Services Company, Inc. (“American Express”) (an “Eligible Credit Account), you will be able to send funds using the Peer-to-Peer Service. Note that your Cash App Balance will not be an “Eligible Transaction Account” until you have given us certain information and we have verified your identity, as set forth above. This means that until (a) you give us this information (b) we verify your identity and (c) you have an Unrestricted Account, you will not be able to use the Cash App Balance to send funds using the Peer-to-Peer Service. Your Cash App Balance is an “Eligible Transaction Account” only if you have an Unrestricted Account. With a Restricted Account, you may send funds with the Peer-to-Peer Service using an Eligible Credit Account or an Eligible Bank Account. As a party initiating a transfer (“Sender”), you will send funds to your selected recipient (“Recipient”) by designating the Recipient and the transfer amount to us (a “Payment Instruction”).
b. Authorization. By initiating each Payment Instruction, you authorize us to debit your linked Eligible Transaction Account (including any Eligible Bank Account that is linked to your Account at the time of the Payment Instruction) or linked Eligible Credit Account by the amount you specify, and to send those funds to your designated Recipient (a “P2P Payment”) immediately upon your request. By submitting a Payment Instruction, you are also authorizing us to move funds to your applicable Eligible Transaction or applicable Eligible Credit Account for P2P Payments that are canceled or otherwise returned. You can cancel this authorization by unlinking your Eligible Bank Account from your Cash Account.
You understand and agree that when you initiate a P2P Payment Instruction, processing will begin, and funds will leave your Eligible Transaction Account as early as the moment you initiate the Payment Instruction. However, we will complete the transfer of funds to the Recipient once the Recipient has provided all required information. You hereby authorize and direct us to retain such funds until the earlier of such time as the Recipient has provided all required information or fifteen (15) days.
c. Our Liability. You agree that we shall incur no liability if we are unable to complete any transaction because of: (i) insufficient funds in your Eligible Transaction Account or Eligible Credit Account; (ii) malfunction of the Peer-to-Peer Service due to circumstances beyond our control or due to circumstances that you were already aware of at the time you initiated your Payment Instruction; (iii) inaccurate or insufficient Payment Instructions; or (iv) failure of the Recipient to claim the P2P Payment; or (v) either you or the Recipient does not provide us with any information that we request, or we are unable to verify your identity or the identity of the Recipient to our satisfaction.
3. Requesting Funds
You may also request funds to be transferred to you through the Peer-to-Peer Service by designating the amount of funds requested and your selected Sender (a “Cash Request”). If the Sender approves your Cash Request, your Cash Request will become the Sender’s Payment Instructions and be processed as described in these Cash Terms.
4. Receiving Funds
Any P2P Payment you receive via the Peer-to-Peer Service will be stored in your Cash App Balance.
5. Peer-to-Peer Service Payment Amount Limits
If you’re sending large amounts of money over the thresholds described here, you will need to provide additional ID so that we can make sure you are who you say you are.
We will require you to provide us with additional identification information if you wish to send more than one thousand dollars ($1,000) (in any one transaction or in multiple transactions) over any thirty (30) day period or to receive more than one thousand dollars ($1,000) (in any one transaction or in multiple transactions) over any thirty (30) day period. The Company may impose other limits on the amount you can send in any one transaction or in multiple transactions over any seven (7) day period, subject to some restrictions. We may adjust these limits at any time at our discretion.
6. Peer-to-Peer Service Fees
Sending money to others through our P2P service is currently free, but we can charge fees in the future.
There are currently no fees for sending funds via an Eligible Transaction Account using the Peer-to-Peer Service. The fee for sending funds using an Eligible Credit Account through Peer-to-Peer Service will be displayed at the time of the transaction. We reserve the right to charge for or change the fees associated with use of the Peer-to-Peer Service at any time subject to these Cash Terms.
7. Payment Cancellation, Stop Payment Requests and Refused Payments
Our ability to stop a P2P Payment Instruction or recover funds associated with an unauthorized Payment Instruction will depend on how the Payment Instruction was initiated, and whether the Payment Instruction has begun processing. P2P Payments not claimed by a Recipient for fifteen (15) days after the processing has begun will be canceled automatically. We will attempt to return any unclaimed, refused, refunded, prohibited, or denied P2P Payment to your Eligible Transaction Account or Eligible Credit Account, as applicable. If we are not able to do so, we may use other reasonable means to return the P2P Payment to you, as permitted by applicable law.
8. Invalid P2P Payments
If we believe you received a payment that should not have been made for some reason (for example, fraud), you give us permission to reverse that payment. We are not responsible for any payments that you receive, even if you don’t know who sent the payment.
If you receive a P2P Payment and we later determine in our sole discretion that the P2P Payment was invalid for any reason, you hereby authorize us to move funds from the applicable Eligible Transaction Account or Eligible Credit Account in an amount equal to the P2P Payment.
You acknowledge and agree that we will not be liable in any way for any P2P Payments that you may receive, regardless of whether you authorized the Sender to send them to you.
9. Risk of Fraudulent Transactions
The Peer-to-Peer Service is a money transmission service. As a result, fraudulent transactions may result in the loss of funds with no recourse.
VI. Cash Card
1. Issuance of the Cash Card
We may arrange for a bank to provide you with a virtual or physical Cash Card. By using the Cash Card, you agree to any additional applicable terms from the issuing bank. We may cancel, repossess or revoke your Cash Card at any time.
The Company may arrange for an issuing bank to provide you with access to a prepaid payment card under the Cash App Prepaid Card Program or a debit card under the demand deposit account program (each a “Cash Card”). By using the Cash Card, you agree to the Cash App Prepaid Card Program Agreement or the Cash Lincoln Savings Bank Terms, as applicable (each the “Cash Card Terms”), which may be updated from time to time. For avoidance of doubt, the applicable Cash Card Terms are between you and the issuing bank of your card program, not the Company, and in the event of any inconsistency between these Cash Terms and the applicable Cash Card Terms, the applicable Cash Card Terms shall govern your use of the Cash Card and your relationship with the issuing bank.
The Cash Card may be issued in virtual or physical form. To activate the virtual card, and to request a physical card, you need to follow in-app prompts.
We reserve the right to reject signatures and card applications for any reason. Prohibited signatures include, but are not limited to, those signatures that depict inappropriate subject matter, the intellectual property rights of others, or an ink-intensive design.
Once you receive your physical card in the mail you must follow the directions in the mailing to activate your card prior to use. Your personal identification number (“PIN”) will be the code you set as your Cash PIN, and you may reset the PIN in the Cash App. Your physical card may be cancelled, repossessed, or revoked at any time without prior notice at our discretion (including for depicting a prohibited signature) subject to applicable law.
2. Using the Cash Card
You can use your Cash Card to make purchases using any available Cash App balance. You agree we can move funds from your balance to your Cash Card for purchases that you make with your Cash Card.
Your Cash Card may be used to make purchases with a merchant using any available amounts in your Cash App Balance. Upon activating the Service, you instruct the Company to use the available funds in your Cash App Balance to load your Cash Card for making purchases with your Cash Card and to transfer the funds from your Cash App Balance to your Cash Card upon receipt of funds into your Cash App Balance.
3. Payment Transaction Limits
You agree that you won’t make a purchase or transaction in excess of the funds available in your balance and if you do, you agree that we can recover any negative balance.
You can only make transactions using your Cash Card to the extent that you have funds in your Cash App Balance to support those transactions. You agree not to make a purchase or other transaction in excess of the funds available in your Cash App Balance. If you do make a purchase or other transaction that exceeds the funds available in your Cash App Balance, you agree that we can recover any negative balance incurred.
4. No Right to Stop Payment
You do not have the right to stop payment on a transaction originated with your Cash Card.
5. “Disable Card” Feature
You may use the “Disable Card” feature of Cash App to disable your Cash Card if you lose your Cash Card or think it has been stolen.
In the event of a lost, stolen, or misplaced Cash Card, or you otherwise want to prevent future transactions from your Cash Card, you may disable your Cash Card with the Cash App’s “Disable Card” feature within the Cash App. Use of this feature will not prevent processing of pending transactions initiated prior to disabling your Cash Card. In the event you have found your card, or otherwise want to enable a disabled Cash Card, you must select the “Enable Card” option within the Cash App before your “disabled” Cash Card can be used for transactions. You are responsible for preventing unauthorized disabling and enabling activity on your device relating to your Cash Card. Such activity, when not authorized, may be deemed invalid in the Company's sole discretion.
6. Card Cancellation
If we determine that you are no longer eligible for a Cash Card, we will let the issuing bank know and your Cash Card may be canceled without notice.
We will inform the issuing bank if we determine that you are no longer eligible for your Cash Card. If you are no longer eligible for your Cash Card it may be canceled at any time without notice as detailed in the applicable Cash Card Terms and your funds will be returned to you unless they are the subject of an investigation into suspected unlawful activity, or if the Company is otherwise required by law to withhold your funds.
7. Disclaimer
We make no guarantees regarding your Cash Card and we are not responsible if it gets stolen, lost, destroyed, or used without your permission.
The Company disclaims all express or implied warranties as to your Cash Card. Except as otherwise set forth herein or required by applicable law, the Company is not responsible if your Cash Card is lost, stolen, destroyed, or used without your permission.
VII. Cash for Business
1. Transaction Processing for Sellers of Goods or Services
If you are a seller of goods or services, we will process your transactions as an agent on your behalf. We will charge you a fee, depositing the balance of payments from your customers into your Cash App balance. You allow us to void transactions if we believe that a chargeback for the transactions will occur.
If you are a seller of goods or services you will be badged with an official insignia or otherwise designated as having a “Cash for Business” account. In doing so, you are creating a Company Account (as that term is defined in the General Terms) with us and you accept and agree to the Payment Terms. We may use certain information from your Account Information to create your Company Account and display such information to your customers, such as on receipts. In connection with the Payment Services (as defined in the Payment Terms), you authorize us to act as your agent for the purposes of holding, receiving, and disbursing funds on your behalf. Once you have created an Account you will be able to accept payments from Cash App users for the sale of goods and services. We will, acting on your behalf, facilitate the processing of such payment transactions. We will charge you a fee for doing so. Payments from your customers, less our fee, will be deposited to your Cash App Balance. You acknowledge and agree that you may not have all features and functionality of a standard Company Account. To protect the integrity of the system and reduce risk that a transaction may be reversed or charged back to your Company Account (a “Chargeback”), in some cases where we reasonably believe a Chargeback is likely, you also direct and authorize us, as your agent, to void the transaction, rather than hold funds as described in the Payment Terms.
2. Purchases from Cash for Business Sellers
You may use your account or a linked card to purchase goods and services from Cash for Business sellers. By initiating a payment to a Cash for Business seller, you agree to let that seller debit your account or linked card to complete the transaction. You can use your Cash App Balance to purchase goods and services from Cash for Business sellers only after we have verified your identity.
As a Cash App customer, you may purchase goods and services from Cash for Business Sellers or to make donations to charities or political campaigns who use Cash for Business. Note that you can fund these purchases from your Cash App Balance only if we have verified your identity as described above. If we have not yet verified your identity, then you will not be able to use your Cash App Balance to purchase goods or services from Cash for Business Sellers or to make donations to charities or political campaigns who use Cash for Business. You may only use other authorized linked accounts for such transactions.
Typically Cash for Business Sellers will be identified to you by a badge in the Cash App. By initiating a payment transaction to a Cash for Business Seller, you authorize the Cash for Business Seller to charge your applicable Eligible Transaction Account or Eligible Credit Account to complete the purchase or donation and you consent to sharing information from your Account with the Cash for Business Seller. In the event you are entitled to a reversal, refund, chargeback, or other adjustment associated with any purchase you made through Cash for Business, you also authorize a credit to the applicable Eligible Transaction Account or Eligible Credit Account to accomplish that transaction. Purchases from Cash for Business Sellers using your Eligible Credit Account or Eligible Bank Account will be processed by the Company as agent for Cash for Business Sellers in accordance with these Cash Terms.
VIII. OTHER LEGAL TERMS
1. Recovery of Funds
You give us permission to recover amounts you owe by debiting funds available in your Cash App account or any other account you may have with the Company. This may involve us making attempts to recover less than the full amount you owe to us. We might contact you or take other legal actions to collect amounts due.
You authorize the Company to recover funds from you in accordance with these Service Terms and any other agreement you have with us, including if you owe amounts to us or for reason of fraud or illegal activity.
You authorize the Company to debit, charge, setoff against and otherwise recover funds from your Account, your Cash App Balance, any Eligible Bank Account or Eligible Credit Account, any connected Company Account, any Balance (as defined in the Payment Terms) or any Reserve (as defined in the Payment Terms) if applicable, and any payment instrument, linked bank, depository and other account registered in your Account. Your authorization will remain in full force and effect until the later of closure or termination of your Account, or the disbursement of all funds held on your behalf.
Further, in the event that any attempt to recover funds from you should fail, your authorizations hereunder include your grant to the Company of new, original authorizations to recover all or less than all of the amount you owe us or belong to us. You authorize the Company to take the above steps without prior notice to you and irrespective of (i) whether we have made demand under these Cash Terms, the Payment Terms, the General Terms or any other agreement you have with us; and (ii) whether the obligation is contingent, matured or unmatured. Your authorization hereunder includes all authorizations to take the above steps in complete compliance with the Network Rules and the NACHA Rules (as defined in the Payment Terms). You agree that your grant of the authorizations hereunder has the same legal effect as if you had signed a paper containing the same terms.
If the Company is unable to recover the funds by these means, the Company may attempt to contact you or may take other legal actions to collect the amounts due, to the extent allowed by applicable law.
2. Compliance with Governmental Authorities
The Company may freeze, withhold, or remit funds in your Account in response to a facially valid subpoena, court order, search warrant, or other binding order from a governmental authority, including but not limited to tax levies or wage garnishment orders.
3. Limitations on Use
We may limit your funding sources to reduce risk. You will use Cash App legally and in accordance with debit and credit card network rules. You agree to not abuse the payment system or the service. We may block or reverse any transaction, including those that violate our terms or the law, at your expense.
The Company may limit the funding sources available for a specific transaction at any time in its sole discretion. You may not use unaffiliated prepaid cards or gift cards to fund transactions on the Cash App.
You agree that you are independently responsible for complying with all applicable laws in all of your activities related to your use of the Service and for all communications you send through the Service.
You further agree that in connection with your use of the Service, or in the course of your interactions with the Company, a user or a third party, you will not (a) use your Account or the Service in a manner that the Company, Visa, MasterCard, American Express or Discover reasonably believe to be an abuse of the payment card system or a violation of payment card association rules, (b) provide yourself a cash advance from your Eligible Credit Account (or help others to do so), or (c) use the Service to make transactions for the sole purpose of earning rewards, perks, miles, points, etc. with your Eligible Credit Account.
We reserve the right to block, refuse, or reverse any transaction, in our sole discretion. We will notify the affected parties promptly if we decide to do so, but notification is not required if the transaction is prohibited by these terms or applicable law. Neither we nor third parties to whom we assign or delegate rights or responsibilities will be liable for any claims or damages resulting from prohibited transactions. All costs for research and resolution for any misapplied, misposted or misdirected prohibited transactions will be your sole responsibility and not ours.
4. Limitations on Our Liability for Failure to Complete Transactions
There are some circumstances where we will not be liable if transactions do not go through. Those circumstances are listed here.
We will not be liable, for failure to complete transactions in the following circumstances: (a) Through no fault of ours, there are insufficient funds in your Cash App Account to complete the transaction; (b) A merchant refuses to accept your Cash Card; (c) The information supplied by you is incorrect, incomplete, ambiguous or untimely; (d) An ATM where you are making a cash withdrawal does not have enough cash; (e) An electronic terminal (Point of Sale or ATM) where you are making a transaction does not operate properly; (f) Access to funds in your Cash App Account have been blocked after you reported your Cash Card lost or stolen; (g) The transaction cannot be completed because your Cash Card is damaged; (h) There is a hold or your funds are subject to legal or administrative process or other encumbrance restricting their use; (i) We have reason to believe the requested transaction is unauthorized; (j) Circumstances beyond our control (such as fire, flood, power failure, strike, labor dispute, critical service provider failure, computer breakdown, telephone line disruption, government or regulatory action, or a natural disaster) prevent or delay the completion of the transaction, despite reasonable precautions that we have taken; or (k) Any other exception stated in our Agreement with you.
5. Dispute Resolution
Each of your external funding sources may have different dispute resolution rights and procedures in the event your transaction turns out to be unsatisfactory (if, for example, you are disputing charges on your account). Your dispute resolution rights are determined by the funding source used to fund the applicable transaction. Please consult the terms and conditions of such funding source for more detail.
6. Changes to External Account Numbers
If your Eligible Credit Account or your debit card account number changes or the expiration date changes, we may acquire that information from our financial services partner and update your Account accordingly.
7. Our Relationship With You
We are an independent contractor for all purposes, except that we act as your limited agent with respect to the custody and transfer of your funds for the purposes set forth herein only.
8. Termination of Account
We can terminate or refuse your access to the service at any time, for any reason.
The Company may terminate, close, or suspend your Account or use the Service at any time for any reason. Any such termination does not relieve you of any of your obligations to the Company under these Cash Terms and any amounts owed to us as provided in these Cash Terms, the General Terms, or any other agreement you have with us. We will not be responsible for any loss, damage, harm or consequences, including any delay or inconvenience you may suffer as a result of our exercise of our rights under this section.
9. Services Upon Closure of Account
When your Cash App account is closed, we’ll settle any pending transactions and return remaining funds in your account to you. We may need to hold your funds if there is an investigation at the time your Account is closed.
Any pending transactions at the time of termination, closure, or suspension of your Account will be settled. Any funds that we are holding in custody for you at the time of termination, suspension, or closure of your Account, less any applicable fees, (1) may be made available for you to cash out in the Company's discretion and subject to the other conditions in these Cash Terms, and (2) we may require you to link a new bank account that has not been associated with your Account to cash out such funds.. If an investigation is pending at the time of closure, we may hold your funds until resolution of the investigation.
10. Unclaimed Property
If your Account is inactive for an extended period of time it may be deemed “unclaimed” or “abandoned” under your state’s law. If this occurs, the Company will provide you with notice as required by applicable law. If funds still remain in your Account, the Company will escheat such funds as required by applicable law.
11. Referral Programs
From time to time, we may offer referral programs or incentives for inviting others to use the Service (a “Referral Program”). Any bonuses or incentives under such Referral Program shall be subject to the then current Referral Program terms, if applicable, and otherwise at our sole discretion.
12. Taxes.
As a Recipient or Cash for Business Seller, you may be asked to provide certain information used to assist the Company in complying with its obligations under the United States Internal Revenue Code and the applicable Treasury Regulations, or state and local governments. By providing the Company with this information you are certifying that the information provided is true and accurately reflective of your use of the Service. When indicating that you are a Cash for Business Seller, you certify that such use of Cash App is to receive payment(s) that are “reportable payment transactions” as defined in Treas. Reg. § 1.6050W–1(a)(3) and the associated applicable state and local regulations, including, but not limited to, the payments for goods and services. When indicating that your use of the Service is “Personal” use, you certify that such use is solely for receipt of payments other than non-reportable payment transactions. For avoidance of doubt, “Personal use” does not allow for the receipt of payment for goods and services you provide others that constitute “reportable payment transactions”.
FOR WEST VIRGINIA RESIDENTS: Where applicable, West Virginia sales tax is being paid for you for certain fees, which are subject to taxation in West Virginia.
Mobile Check Capture Services
This page explains the terms for the Mobile Check Capture service. By using the service you agree to these terms.
These Mobile Check Capture Terms govern your use of Mobile Check Capture which enables you to use Cash App, a financial platform offered by Block, Inc., formerly known as Square, Inc. (“the Company,” “we,” “our,” or “us”) and certain hardware (such as a smartphone or other mobile device) approved by us to create electronic images of the front and back of certain eligible paper checks and to transmit those images and other information, including, without limitation, information captured from the Magnetic Ink Character Recognition (MICR) line for review, processing and loading into your Cash App Balance. Cash App reserves the right to suspend or terminate your access to Mobile Check Capture at any time, and for any reason.
I. General Information
This section defines what an Electronic Check is and details what data we collect from the Electronic Check. It also informs you that we may decline to process your check or reverse our decision to process your check. To protect yourself, you should retain your paper check for two weeks. You agree not to use this feature to disrupt Cash App or to conduct illegal activity.
“Electronic Check” means the electronic image of, and electronic information derived from, a paper check that is collected by Cash App in connection with the submission of the check image for Mobile Check Capture, as well as any associated data, including information provided by you.
When you submit an Electronic Check, Cash App may capture and retain various information from the mobile device, including time and geolocation data. To use Mobile Check Capture, you must have provided Cash App with all hardware and operating permissions that it requests, including permission to access your device’s camera, files stored on your device, device time, and geolocation information.
After we receive your transmission, we will review each Electronic Check. We reserve the right to decline acceptance of any item, even if it meets the eligibility standards of an Eligible Check, and your Cash App account is otherwise in good standing. You should not assume that an Electronic Check will be accepted for Mobile Check Capture. If you need to cash a check immediately, then you should have backup check cashing options for situations where Mobile Check Capture does not accept your check.
After we have accepted an Electronic Check from you, you must keep the original check in a secure location for two weeks. It is imperative that you do so because we reserve the right to reverse our decision to accept an Electronic Check. If we do we will notify you of our decision and you may cash or deposit the check through another service or at a different institution. After two weeks you must either destroy the original check or clearly and indelibly mark it as VOID unless we have contacted you with other instructions.
You will not use Mobile Check Capture to (i) interfere with or disrupt the operation of Cash App or Mobile Check Capture; nor (ii) conduct or engage in any illegal business or activity, infringe any third party Intellectual Property Rights using Mobile Check Capture or Cash App.
II. Eligibility Requirements
This section details the requirements your paper check must meet to be eligible for Mobile Check Capture.
You may use Mobile Check Capture to submit a paper check to us only if the paper check meets all of the requirements listed below. A paper check that meets all of these requirements is an “Eligible Check”:
The check is written to the order of you, or if the check is a two party check, it is clearly written to the order of either you or another person;
The physical paper check is in your possession and control when the image is submitted;
The check is drawn on or payable by a bank, credit union, or other depository institution in the United States;
The check is not drawn on another account owned by you;
The check is payable in United States Dollars;
The check has been properly signed or similarly authenticated by the maker;
The amount of the check does not exceed the maximum check amount that the Company has set for your use of Mobile Check Capture, and will not cause the total amount of checks you have submitted to via Mobile Check Capture to exceed any daily, weekly, monthly, or other limits on the dollar volume of checks that you may submit with Mobile Check Capture;
The check is dated and the date of the check is in the past (i.e. the check is not postdated), but no more than 180 days earlier than the date that you submit it through Mobile Check Capture;
Neither the check, nor any electronic image generated with the check, has been cashed or deposited previously, by you or anyone else;
The check has not been altered in any way since it was issued (except for the endorsement required by these terms and conditions);
The check has been endorsed (signed) by you in the designated place (usually on the back) and is clearly legible,
The check has not been endorsed by anyone else, or to any other financial institution;
The endorsement states that the deposit is “For Cash App mobile deposit only”;
The check has not been dishonored previously, nor are you aware of any reason to believe that the check will be dishonored (e.g., you have been told that the maker of the check does not have enough money in the account to cover the check); and
The check otherwise complies with any requirements or conditions listed on the check.
Certain items will not be accepted as Eligible Checks, including, but not limited to: credit card checks, trust checks, estate checks, and checks payable to a business (including sole proprietorship accounts).
III. Representations and Warranties
Here is the part where you tell us all the information on the check you are transmitting through Mobile Check Capture is true and that the check is eligible for this service.
Each time that you submit an Electronic Check with Mobile Check Capture, you represent and warrant to us that all of the following are true:
The check that you are using to create the Electronic Check is an Eligible Check (i.e., it meets all of the eligibility criteria listed above) as of the time that you submit the Electronic Check with Mobile Check Capture;
All of the information you submit to us in connection with the Electronic Check (such as the check amount that you input manually) is true, accurate, and complete;
The information in the Electronic Check is clear, legible, and accurate, including (but not limited to) all of the following information: The MICR data on the bottom of the check front; The check date; The name of the person to whom the check is written (which must be you); The check writer’s signature; and Your endorsement on the back of the check.
IV. What to Do After You Submit an Electronic Check
You must keep your check for two weeks after you use Mobile Check Capture. We may need to contact you about your check. Please update your contact information on Cash App.
After you submit an Electronic Check with Mobile Check Capture, wait until the app confirms successful submission. Then, place the original paper check in a secure location. Keep the original check for two weeks, and then destroy it, unless we instruct you otherwise.
It is critical that we be able to contact you after you submit an Electronic Check with Mobile Check Capture. Before using the Mobile Check Capture, confirm that all your contact information in the Cash App is up to date. Be sure to check your email and text messages for the email address and phone number we will use to contact you.
V. Dishonored Electronic Checks
If any Electronic Check is dishonored or returned unpaid for any reason, including because we determine the Electronic Check is fraudulent, then we may immediately (and without further notice to you) deduct any funds from the Electronic Check that we have credited to your Cash App Balance. If we have already made funds from the Electronic Check available to you then this deduction may result in a negative Cash App Balance. We may recover funds from you in accordance with the Recovery of Funds section of the Cash App Terms to bring your negative balance to zero.
VI. Claims by Drawee Bank
The bank that accepts your check from us may have a claim against us if there are problems with your check. Some common problems, but not all, are listed here. If we make the bank that accepts your check whole, then we may recover funds from you.
Pursuant to applicable law and the rules of the check collection system, the drawee bank or a collecting bank might pursue a warranty claim or other claim against us related to the Electronic Check, even after the check was honored and paid in full. Common grounds for claims like this include:
The original check, or another electronic check created from the original check, was presented for payment, either before or after the drawee bank paid the Electronic Check;
The maker’s signature or any indorsement was forged, or the check was otherwise issued fraudulent and without the authorization of a person authorized to write checks on the account;
The check was altered after it was made; and
The information in the Electronic Check images did not match the information that you provided at the time that you submitted the Electronic Check, or it was not possible to verify that information because the information in the Electronic Check images was illegible.
These are just a few examples of the reasons that the drawee bank or a collecting bank may assert a claim with respect to the Electronic Check to recover amounts paid. If we (or one of our banks or other service providers) are subject to such a claim, then we may immediately recover funds from you in accordance with the Additional Cash App Terms of Service - Recovery of Funds (and without notice to you).
VII. Funds Availability
1. Your Ability to Withdraw or Use Funds from an Electronic Check
We may delay your access to funds while we process your check.
Our policy is to delay the availability of funds from Electronic Checks that you Successfully Submit (as defined below) with Mobile Check Capture. During the delay, you may not use the funds for transactions, including transactions to: (i) make a payment to another Cash App customer (including a Cash for Business Seller); (ii) withdraw cash using your Cash Card; (iii) make a purchase with your Cash Card; (iv) fund a transfer to your Eligible Bank Account; (v) initiate a “Buy” transaction for virtual currency; or (vi) fund an order to purchase securities using your Cash App Investing Account.
An Electronic Check is considered “Successfully Submitted” when you have received confirmation within the Cash App that the Electronic Check has been submitted and accepted by us.
2. When Funds From an Electronic Check Generally Will be Available
This is where we tell you the cut off time for a check to be submitted in order to be counted on a specific day and potential hold periods.
The length of the delay is counted in business days from the day that you Successfully Submit the Electronic Check. Every day is a business day except Saturdays, Sundays, and federal holidays. If you Successfully Submit an Electronic Check before 7:00 p.m. Eastern Time on a business day, we will consider the Electronic Check to have been Successfully Submitted on that day. However, if you Successfully Submit an Electronic Check after 7:00 pm Eastern Time or on a day that is not a business day, we will consider that the Electronic Check was Successfully Submitted on the next business day. Funds from a U.S. Treasury check will generally be available the first business day after you Successfully Submit the Electronic Check with Mobile Check Capture, unless such deposit is subject to a hold as otherwise provided in this agreement.
Checks other than U.S. Treasury checks are subject to a hold period between 1 and 15 business days.
3. Checks Returned or Subject to a Refund Claim
We may make funds available to you before they clear from the paying bank. If we do, and the funds do not clear the paying bank you will be required to pay back the funds we made available to you. If you present us with a check that has been paid out by another bank and we also make funds available to you, you will be required to repay the funds to us.
In many cases, funds from an Electronic Check will be made available to you sooner than the Electronic Check can be collected from the paying bank. This means that an Electronic Check that you Successfully Submit with Mobile Check Capture could be returned unpaid after funds have been made available to you. If an Electronic Check is returned unpaid, we may immediately reverse the amount credited to your Cash App Balance for the Electronic Check. If this results in a negative balance, then you will be required to repay us this negative balance immediately. We may recover funds from you in accordance with the Additional Cash App Terms of Service - Recovery of Funds to bring your negative balance to zero.
If an Electronic Check is presented for payment more than once, the paying bank may recover funds paid on the Electronic Check. If this happens, we may deduct the amount of the Electronic Check from your Cash App Balance immediately. If this results in a negative balance, you will be required to repay the negative balance immediately, and we may recover funds from you in accordance with the Additional Cash App Terms of Service - Recovery of Funds to bring your negative balance to zero.
VIII. Third Party Rights
The image capture service on Cash App is provided by Mitek Systems, Inc (“Mitek”). Below are Mitek’s rights to the intellectual property and your license to use the technology.
Mitek Systems, Inc. enables the image capture services for the Mobile Check Capture functionality.
SUCH CHECK CAPTURE SERVICE PROVIDER PROVIDES THE SERVICE “AS IS”, AND “WITH ALL FAULTS”, MAKES NO ADDITIONAL WARRANTIES EXPRESS OR IMPLIED RELATED TO THE SERVICES, AND EXPRESSLY DISCLAIMS ANY AND ALL OTHER WARRANTIES OF ANY KIND OR NATURE, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE ACCURACY, TITLE, AND NON-INFRINGEMENT OF THIRD PARTY RIGHTS.
THE CHECK CAPTURE SERVICE PROVIDER SHALL NOT BE LIABLE TO YOU FOR ANY INDIRECT, PUNITIVE, SPECIAL, INCIDENTAL OR CONSEQUENTIAL OR OTHER INDIRECT DAMAGES UNDER ANY CAUSE OF ACTION ARISING OUT OF YOUR USE OF THE CHECK CAPTURE SERVICE.
You acknowledge and agree that Mitek Systems, Inc. has granted you a limited license to use the Mobile Check Capture technology as contemplated in the integration with Cash App only. You further acknowledge and agree that you are prohibited from using, copying, distributing, duplicating, or otherwise reproducing all or any part of the Mobile Check Capture technology and any such unauthorized action shall be a material breach of this Agreement. Without limiting the foregoing, the licenses granted under this Agreement only permits you to use Mobile Check Capture as part of the Cash App, and you may not license the the Mobile Check Capture technology on a standalone basis and may not license the Mobile Check Capture technology to any third party that will modify or integrate it independent of the Cash App integration in any manner.
You acknowledge and agree that, except to the extent prohibited by law, we may share any information about you or any of your transactions using Mobile Check Capture with the service provider for any reason that we deem necessary, including (i) to review transactions for fraud or irregularities; (ii) to confirm that Mobile Check Capture is being used properly and in accordance with these terms and conditions; (iii) to help the service provider or us improve the Mobile Check Capture for you and other users of the service, including by using information about you and your transactions to enhance algorithms and systems for the detection of fraud or transaction monitoring.
Virtual Currency Services
This section last updated January 6, 2022.
This section governs your use as an individual of the Virtual Currency (as defined below) services offered through Cash App.
Value of virtual currency can change quickly and dramatically, and can result in sudden and substantial losses including loss of the entire value of the virtual currency. You should therefore carefully consider whether transacting or holding Virtual Currency is suitable for you in light of your financial condition.
I. Definitions
Defined terms will have the same meaning as those found in the Cash App Terms, unless otherwise re-defined herein. Capitalized terms in these Virtual Currency Terms will have the following meanings:
“External Virtual Currency Address” means any Virtual Currency address, wallet, or account that is maintained outside of the Services, and is not owned, controlled, or operated by the Company.
“Fiat Currency” means government-issued currency.
“Hosted Balance” means the Virtual Currency you have purchased for or deposited in your Virtual Currency Account (defined below) which you own and the Company holds for your benefit as a specific deposit. As a specific depositor, you continue to own the Virtual Currency in your Hosted Balance. The Company only keeps possession of your Hosted Balance for your benefit as a specific depositor.
“Supported Network” means any blockchain network, second-layer protocol built on top of a blockchain network, or other Virtual Currency network or protocol that we may make available to you in connection with some or all of the Virtual Currency Services.
“Virtual Currency” means bitcoin and other virtual currency that may be purchased, sold, saved and transferred using the Cash App.
“Virtual Currency Services” means the bitcoin and other virtual currency services available in Cash App.
II. Virtual Currency Account
a. Eligibility. To be able to access and use the Virtual Currency Services, you must have a “Virtual Currency Account.” To register for a Virtual Currency Account you must: (a) have an Account, (b) be an individual person, not an entity, using the Virtual Currency Services for personal use, (c) be a resident of the United States, (d) be at least 18 years, and the age of majority in your State of residence, or older, (e) use the Virtual Currency Services in the United States, and (f) have provided the information as discussed in the next section.
b. Identity Verification. In order to use the Virtual Currency Services, you may be required to provide the Company with certain personal information in addition to the Account Information, including, but not limited to, your name, address, telephone number, e-mail address, date of birth, taxpayer identification number, government identification number, and information regarding your bank account (e.g., financial institution, account type, routing number, and account number), source of funds and employment information. In submitting this or any other personal information as may be required, you verify that the information is accurate and authentic, and you agree to update the Company if any information changes.
c. Availability. The Company may not make all of the Virtual Currency Services available in all markets and jurisdictions, and may restrict or prohibit use of all or a portion of the Virtual Currency Services from certain states, territories, or jurisdictions (“Restricted Locations”). You must not attempt to use the Virtual Currency Services if you are located in any of those Restricted Locations. You must not attempt to circumvent any restrictions imposed via the Virtual Currency Services, such as by obscuring your IP address or submitting any inaccurate information regarding your location.
III. Purchasing Virtual Currency
a. Funding. In order to complete a purchase transaction via the Virtual Currency Services, you must first hold Fiat Currency in your Cash App Balance.
b. Authorization. When you submit a Virtual Currency purchase order (a "Buy") via the Virtual Currency Services, you authorize us to execute a Virtual Currency purchase transaction in the amount you instruct and debit your Cash App Balance in the total amount of the Buy transaction, including any applicable fees.
c. Buy Transaction. To initiate a Buy you will choose the amount of Virtual Currency you wish to buy from the Company using Fiat Currency from your Cash App Balance and tap “Buy”. You must have sufficient Fiat Currency in your Cash App Balance before submitting any “Buy” transaction. A “Buy” transaction is a sale from the Company to you. Once complete, your Hosted Balance will reflect the amount of Virtual Currency that you own. All right to and title in the Virtual Currency bought will pass from the Company to you. A Buy will not necessarily result in the Company broadcasting any transaction to a Virtual Currency network.
d. Auto-Invest and Recurring Buys. You may be able to set recurring Buy transactions to purchase Virtual Currency in Cash App (a “Recurring Buy”) at periodic intervals of your choosing. If you set up a Recurring Buy, you authorize and instruct the Company to debit Fiat Currency from your Cash App Balance or Eligible Bank Account (as applicable) in the amount you instruct for each Recurring Buy and on the periodic interval you instruct (e.g. daily, monthly, weekly). The Company will execute each Recurring Buy in the amount and interval you instruct. Recurring Buys will be placed as market orders on the applicable day and will be executed at the then-effective Conversion Rate (defined below). Recurring Buys may not occur at the same time on each day of the periodic interval. You may not receive prior notification of Recurring Buys before they occur. The Company may set minimum transaction requirements for Recurring Buys. If you do not have sufficient funds available for any Recurring Buy, we may make additional attempts to pull funds, wait to retry on the next scheduled Recurring Buy, or cancel the Recurring Buy altogether. You may cancel Recurring Buys at any time. Recurring Buys will continue until cancelled by you or the Company. The Company may cancel or modify any Recurring Buy for any reason in its sole discretion.
e. No Guarantee. The Company does not guarantee the availability of “Buy” transactions, and the act of purchasing Virtual Currency from the Company does not result in a guarantee that you may purchase supported Virtual Currency from the Company at a later time.
f. Settlement. We will use commercially reasonable efforts to complete transactions within two days of the date upon which you have initiated a “Buy” transaction via the Virtual Currency Services.
IV. Transferring Virtual Currency
a. Withdrawals. You may transfer Virtual Currency, up to the total amount of Virtual Currency from your Hosted Balance to an External Virtual Currency Address, minus the fees detailed below (a “Virtual Currency Withdrawal”). You are solely responsible for providing accurate instructions and directions for any Virtual Currency Withdrawal, and we are not liable to you or any third party for any delay or loss incurred from a Virtual Currency Withdrawal executed according to your instructions. You should verify the accuracy of the External Virtual Currency Address prior to initiating a Virtual Currency Withdrawal. Virtual Currency Withdrawals may not be reversed or refunded once they have been initiated. We do not have control over any Supported Network for any Virtual Currency Withdrawal and cannot guarantee that the Supported Network will confirm the transaction or execute it correctly.
b. Deposits. You may transfer Virtual Currency from an External Virtual Currency Address to your Hosted Balance, minus the fees detailed below and subject to the restrictions in these terms (a “Virtual Currency Deposit”). Only supported Virtual Currencies may be deposited with Cash App, and any Virtual Currency Deposit you initiate must conform to the protocols of the receiving Virtual Currency wallet. The person initiating a Virtual Currency Deposit is solely responsible for executing the transaction correctly, including payment of any applicable network fees. We are not responsible for any erroneous or delayed Virtual Currency Deposit for any reason, including erroneous instructions or address information. Virtual Currency Deposits must be recognized by the required number of network confirmations for the relevant Supported Network, and may be delayed before appearing in your Hosted Balance.
c. Transfer Limitations. We may, in our sole discretion, impose limitations or restrictions on the size, type, or manner of any transfer transactions, such as a limit on the total amount of Virtual Currency that may be transferred.
d. Transfer Fees. We may charge fees for Virtual Currency Deposits or Virtual Currency Withdrawals, including fees imposed by the relevant Supported Network if applicable, which will be shown to you at or prior to your confirmation of the transaction.
e. Compatibility. Only supported Virtual Currencies may be transferred to or from your Hosted Balance. We are not responsible for delay or loss associated with any attempted transfer transaction of unsupported Virtual Currencies or of any Virtual Currency transaction that is not made on a Supported Network or that is incompatible with the destination address.
f. Transfer Settlement Risk of Loss. Once a Virtual Currency Withdrawal or Virtual Currency Deposit is submitted to the Supported Network, the transaction will be unconfirmed and remain in a pending state for a period of time sufficient for the Supported Network to confirm the transaction, which can vary. A Virtual Currency Withdrawal or Virtual Currency Deposit is not complete while it is in a pending state. Pending Virtual Currency Withdrawals that are initiated from your Hosted Balance will be in a pending transaction state, and the relevant value of the pending Virtual Currency Withdrawal will not be available in your Hosted Balance. If your attempted Virtual Currency Withdrawal over a Supported Network fails, the relevant Virtual Currency amount will remain in your Hosted Balance. You bear the risk of loss of value once you have initiated a transfer transaction to or from your Hosted Balance in the event that the receipt of virtual currency is delayed and the value of virtual currency decreases during the period of delay. We are not responsible for delays or loss incurred as a result of any errors in the initiation of a transfer transaction and have no obligation to assist in the remediation of such transactions.
g. Third Parties. We are not responsible for any goods or services that you may receive from, or any action by, a third party with respect to any transfer of Virtual Currency. We are not responsible for ensuring that a third party you transact with will complete the transaction or is authorized to do so. If you have a dispute with any third party with respect to any Virtual Currency transfer you should resolve the dispute directly with that third party.
V. Selling Virtual Currency
a. "Sell" Transaction. To initiate a “Sell” transaction, you will choose the amount of Virtual Currency you wish to sell to the Company from your Hosted Balance and tap “Sell”. In the event the “Sell” feature is available, the Company will then purchase such amount of Virtual Currency from you and deposit the value of Virtual Currency in your Cash App as Fiat Currency. The price you receive for any Virtual Currency sold to the Company may vary based on market factors, including the price and volume of the Virtual Currency you are attempting to sell.
b. No Guarantee. The Company does not guarantee the availability of “Sell” transactions, or your ability to sell Virtual Currency held in your Hosted Balance. The act of selling Virtual Currency to the Company does create a guarantee that you may sell Virtual Currency to the Company at a later time.
VI. Peer to Peer Bitcoin Transfers
Cash App may allow you to initiate peer-to-peer bitcoin transfers to other Cash App customers within the app (each transfer, a “P2P Bitcoin Transaction”). P2P Bitcoin Transactions are “off-chain” transactions facilitated by the Company. As such they are not broadcast to the bitcoin network and will not be reflected on the public ledger. All bitcoin transferred via P2P Bitcoin Transactions are custodied by the Company. P2P Bitcoin Transactions may only be completed between Virtual Currency Accounts; if you initiate a P2P Bitcoin Transaction to a Cash App Account that is not an Virtual Currency Account, the recipient must take the necessary steps to become an Virtual Currency Account before the transaction will be completed. If the recipient fails to open a Virtual Currency Account for any reason within the required period of time, the attempted P2P Bitcoin Transaction will be voided and the bitcoin returned to your account. Once you accept a P2P Bitcoin Transaction, any subsequent P2P Bitcoin Transaction to you will be automatically completed into your Hosted Balance.
We reserve the right to charge for or change the fees associated with P2P Bitcoin Transactions at any time subject to these Virtual Currency Terms. Any fees assessed will be reflected in app at or prior to your confirmation of the transaction.
We may impose transaction limits on P2P Bitcoin Transactions in our sole discretion. Fraudulent transactions may result in the loss of Virtual Currency with no recourse. It is your responsibility to provide accurate instructions for any P2P Bitcoin Transactions, and the Company is not responsible for any P2P Bitcoin Transactions facilitated based on inaccurate or incomplete instructions. P2P Bitcoin Transactions occur in bitcoin denominations (i.e. “satoshis”). You may have the option to choose an estimated amount of a P2P Bitcoin Transaction denominated in dollars. Prior to sending any P2P Bitcoin Transaction you will be shown the amount of the transfer denominated in bitcoin; it is your responsibility to ensure that the transfer amount in bitcoin is correct. All estimated denominations of P2P Bitcoin Transactions in dollars are based on the then-effective Conversion Rate and are not a guarantee or promise of the amount of bitcoin that will be transferred. The value of bitcoin can fluctuate rapidly and the Company does not guarantee the dollar value of any P2P Bitcoin Transaction. Bitcoin received via P2P Bitcoin Transaction may lose value, and recipients will not be reimbursed for such losses.
VII. Fees
We may charge fees for Virtual Currency transactions within Cash App, including any purchase, sale, transfer, or transaction on any Supported Network. For any transaction you initiate, you agree to pay the fees shown to you at or prior to you confirming the transaction. We may change the fees at any time, with or without notice to you.
VIII. Conversion Rate
You may buy or sell Virtual Currency through the Virtual Currency Services. Any such buy or sell transaction is subject to the Company “Conversion Rate” for the given transaction. “Conversion Rate” means the price of Virtual Currency in terms of Fiat Currency as displayed in the Cash App once you have selected “Buy” or “Sell” and such Conversion Rate is the price in terms of Fiat Currency at which you may buy Virtual Currency from or sell Virtual Currency to the Company. You acknowledge that the Company may add a margin or “spread” between the quoted mid market price displayed on the Virtual Currency dashboard and the quoted buy or sell price and, as such, that the quoted buy price Conversion Rate may not be the same as the sell price Conversion Rate at any given time. You agree, as a condition of buying or selling Virtual Currency through the Cash App, to accept the Conversion Rate as the sole conversion metric. You have no obligation to accept the offered buy or sell price for Virtual Currency in the Cash App.
IX. Risk Disclosure
GENERAL. VIRTUAL CURRENCY VALUES CAN FLUCTUATE SUBSTANTIALLY WHICH MAY RESULT IN A TOTAL LOSS OF THE VALUE OF THE VIRTUAL CURRENCY IN YOUR HOSTED BALANCE. THE SUPPLY OF VIRTUAL CURRENCY AVAILABLE TO THE COMPANY TO SELL TO YOU AND THE ABILITY OF THE COMPANY TO PURCHASE OR TRANSFER YOUR VIRTUAL CURRENCY DEPENDS ON THIRD PARTY PROVIDERS THAT ARE OUTSIDE OF THE COMPANY’S CONTROL, THEREFORE, THE COMPANY MAKES NO PROMISES AS TO TIMING OF VIRTUAL CURRENCY PURCHASES, SALES, AND TRANSFERS. THE COMPANY DOES NOT OWN OR CONTROL ANY OF THE SOFTWARE PROTOCOLS THAT ARE USED IN CONNECTION WITH THE VIRTUAL CURRENCIES PURCHASED, SOLD, OR TRANSFERRED THROUGH THE VIRTUAL CURRENCY SERVICES. ACCORDINGLY, THE COMPANY DISCLAIMS ALL LIABILITY RELATING TO SUCH PROTOCOLS AND ANY PRICE FLUCTUATIONS IN VIRTUAL CURRENCY, AND MAKES NO GUARANTEES REGARDING THE SECURITY, FUNCTIONALITY OR AVAILABILITY OF SUCH PROTOCOLS.
FORKS. BY USING THE VIRTUAL CURRENCY SERVICES, YOU ACKNOWLEDGE AND AGREE THAT THE UNDERLYING PROTOCOLS ARE SUBJECT TO SUDDEN CHANGES IN OPERATING RULES (KNOWN AS “FORKS”), AND THAT SUCH FORKS MAY MATERIALLY AFFECT THE VALUE, FUNCTION, AND/OR EVEN THE NAME OF THE VIRTUAL CURRENCY. IN THE EVENT OF A FORK, YOU AGREE THAT WE MAY TEMPORARILY SUSPEND OPERATIONS (WITH OR WITHOUT ADVANCE NOTICE TO YOU) AND THAT WE MAY, IN OUR SOLE DISCRETION, DECIDE WHETHER OR NOT TO SUPPORT (OR CEASE SUPPORTING) EITHER BRANCH OF THE FORKED PROTOCOL ENTIRELY. YOU ACKNOWLEDGE AND AGREE THAT THE COMPANY ASSUMES ABSOLUTELY NO RESPONSIBILITY WHATSOEVER IN RESPECT OF AN UNSUPPORTED BRANCH OF A FORKED PROTOCOL.
SYSTEM FAILURE. YOU ACCEPT ALL RISKS ASSOCIATED WITH THE USE OF THE VIRTUAL CURRENCY SERVICES TO CONDUCT VIRTUAL CURRENCY TRANSACTIONS, INCLUDING, BUT NOT LIMITED TO, IN CONNECTION WITH THE FAILURE OF HARDWARE, SOFTWARE, INTERNET CONNECTIONS, AND FAILURES RELATED TO ANY SUPPORTED NETWORK. THE NATURE OF VIRTUAL CURRENCY MEANS THAT ANY TECHNOLOGICAL DIFFICULTIES EXPERIENCED BY THE COMPANY MAY PREVENT THE ACCESS OR USE OF YOUR VIRTUAL CURRENCY.
Disruption Events. You agree that we are not liable for any price fluctuations in Virtual Currency. In the event of material market events or other prevailing circumstances, we may do one or more of the following: (a) suspend access to the Virtual Currency Services; or (b) prevent you from completing any actions via the Virtual Currency Services. We will not be liable for any losses suffered by you resulting from such actions. Following any such event, when Virtual Currency Services resume, you acknowledge that prevailing market rates, including the Conversion Rate, may differ significantly from the rates available prior to such event.
Limitation of Liability. Our responsibility is limited to the exercise of ordinary diligence in operating the Virtual Currency Services and giving access to your Virtual Currency and in preventing access to your Virtual Currency by unauthorized persons. We are not responsible for any unauthorized access or loss or harm an unauthorized access may cause, unless caused only by our gross negligence or our willful misconduct. You will have no claim against us for loss of your Virtual Currency unless you prove that the loss was not caused or contributed to by you.
Risks Inherent to Virtual Currency. (a) Virtual Currency transactions are irreversible, and, accordingly losses due to fraudulent or accidental transactions may not be recoverable and the Company shall not be held liable for any fraudulent or accidental transactions, (b) Virtual Currency is not legal tender and is not backed by a government or central bank. As such, there is no protection, such as deposit insurance, to cover any losses associated with Virtual Currency, (c) legislative and regulatory changes or actions at the state, federal or international level may adversely affect the use, transfer, exchange, and value of Virtual Currency or the functionality or availability of any Supported Network, (d) each Supported Network is maintained by a vast, unidentified private computer network spread around the world, and choosing to participate in Virtual Currency transactions on any Supported Network is at your own risk and based solely on your own understanding of the Virtual Currency and Supported Network, (e) Virtual Currency is a target for fraud and the potential for fraud is especially likely when you engage in transactions with External Virtual Currency Addresses, (f) Virtual Currency is a target for hackers and hacking can occur even when you use the strongest security settings and as such your Virtual Currency may be irretrievably stolen, (g) your bank accounts are at increased risk of being hacked when linked to Virtual Currency accounts, (h) some Virtual Currency transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that you have initiated the transaction (i) the value of Virtual Currency may be derived from the continued willingness of market participants to exchange Fiat Currency for Virtual Currency, which may result in the potential for permanent and total loss of value of a particular Virtual Currency should the market for that Virtual Currency disappear, (j) there is no assurance that a person who accepts Virtual Currency as payment today will continue to do so in the future, (k) the volatility and unpredictability of the price of Virtual Currency relative to Fiat Currency may result in significant loss over a short period of time, and (l) any bond or trust account held by the Company may not be sufficient to cover all losses incurred by our customers.
X. Transaction History
Transaction information will be reflected in your transaction history in the Cash App. You agree that failure to provide such confirmation shall not prejudice or invalidate the terms of such transaction.
XI. Use of the Virtual Currency Services
a. Conditions and Restrictions. We may, at any time and in our sole discretion, refuse any transaction, including any purchase, sale, or transfer request submitted via the Virtual Currency Services, impose limits on the amount of Virtual Currency you can purchase, sell, or transfer via the Virtual Currency Services or impose any other conditions or restrictions upon your use of the Virtual Currency Services, without prior notice. We may also make the purchase, sale, or transfer of Virtual Currency in the Cash App unavailable at any time, in our sole discretion. If the Virtual Currency Services are unavailable, any purchase, sale, or transfer requests you may have submitted for such Virtual Currency will be cancelled.
b. Cancellations. You may not cancel any purchase, sale or transfer requests via the Virtual Currency Services. Once you have submitted a request, you may not change, withdraw, or cancel your authorization for us to complete such transaction.
c. Insufficient Funds. If you have insufficient funds in your Cash App to purchase a requested amount of Virtual Currency via the Virtual Currency Services, you will not be able to complete the transaction.
d. Taxes. It is your responsibility to determine what, if any taxes may apply to the transactions you complete under the Virtual Currency Services and it is your responsibility to report and remit the appropriate tax to the relevant taxing authorities. You agree that we are not responsible for determining whether taxes apply to the exchanges made under the Virtual Currency Services. To the extent obligated by the relevant taxing authorities that we are required to deduct or withhold any amounts from payment, we will make the required payment net of such taxes. Any amounts so withheld will be treated as having been paid for all purposes of this agreement. You certify the information provided to the Company is accurate and consent to the Company using such information as is necessary to fulfill the Company’s federal, state and local tax payment or withholding purposes and tax filing obligations.
e. Currency Availability. The Company retains the right, in its sole discretion, to determine the types of Virtual Currency that may be available through the Virtual Currency Services, and may add or remove the availability of any Virtual Currency from the Virtual Currency Services at any time for any reason. The Company will make reasonable efforts to notify you of the likely removal of a Virtual Currency. If the market for a Virtual Currency is closed on the Cash App, you will have 30 days to transfer the amounts remaining in your Virtual Currency Account associated with such Virtual Currency to an External Virtual Currency Address. Any Virtual Currency that is no longer supported within the Cash App, and is not withdrawn within 30 days, will not be discarded; however, you must reach out to Support to arrange withdrawal. The Company will not be liable to you for any losses, liability or expenses related to the removal of a Virtual Currency.
f. Independent Relationship. You agree that: (a) we are not acting as your broker, intermediary, agent, or advisor, or in any fiduciary capacity, and (b) no communication or information provided to you by us shall be considered or construed as advice.
XII. Suspension; Termination; Discontinuance of Virtual Currency Services
a. Suspension, Termination, Discontinuance of the Virtual Currency Service. The Company may, in our discretion, with or without prior notice to you, and at any time, limit, suspend, modify, discontinue, either temporarily or permanently, any portion of our Virtual Currency Services, if we think it is necessary to do so to protect us, our users, including you, or our employees from danger or loss, if required by laws that apply or by court order to limit or refuse the Virtual Currency Services. If we exercise our rights to limit or refuse your access to the Virtual Currency Services, we will not be responsible for any consequences of our refusal to give you access to the Virtual Currency Services, including any delay, damage or inconvenience you may suffer as a result.
b. Suspension, Termination, Discontinuance of your Virtual Currency Account. Without limiting other provisions in these Cash App Terms, we may suspend or terminate your Virtual Currency Account or your access to any of the Virtual Currency Services at any time in our sole discretion.
c. Suspension, Termination, Reversal of Transactions. We may suspend, refuse, freeze, decline, delay, redirect or reverse any transaction request, including purchase, sale, or transfer requests, for any reason, even after funds or Virtual Currency has been credited to your Virtual Currency Account, including for suspected fraud or illegal activity, in response to a subpoena, court order, or other government order, or if we believe that the transaction is erroneous.
d. Access to Virtual Currency upon Termination. You will be permitted to transfer your Virtual Currency or USD funds held in your Virtual Currency Account for ninety (90) days after your access to the Virtual Currency Services have been deactivated or cancelled, unless such transfer is otherwise prohibited (i) under the law, including but not limited to applicable sanctions programs, or (ii) by a facially valid subpoena or court order.
XIII. Bitcoin Boost Program
The Company may offer a bitcoin boost for eligible Cash Card holders (the “Bitcoin Boost”). If you have activated a Bitcoin Boost, for any eligible transaction on the Cash Card during the period of time when the Bitcoin Boost is active, you will receive the applicable boost percentage of the transaction amount (e.g. 1%) in Fiat Currency from the Company, up to any applicable maximum total boost amount (the “Boost Funds”). The Boost Funds will then automatically be used for a Buy in an amount equal to the Boost Funds, and such purchased bitcoin will be deposited in your holdings. By activating any Bitcoin Boost, you authorize and instruct the Company to place a Buy in the amount of the Boost Funds (each, a “Boost Buy”). No fees will apply to Boost Buys. Boost Buys will be placed as market orders on the applicable day and will be executed at the then-effective Conversion Rate. You may not receive prior notification of Boost Buys before they occur. There may be delays in the time between the eligible Cash Card transaction and the Boost Buy, during which time the Conversion Rate may have changed. Boost Buys are subject to available bitcoin inventory. Bitcoin may lose value. You may end up with bitcoin of lower value than the original Boost Funds, and any such loss of value will not be replaced. The Company may set restrictions on when Bitcoin Boosts are available, the amount and percentage of Bitcoin Boosts, and other eligibility and program criteria. You may inactivate a Bitcoin Boost at any time in Cash App. The Company may cancel or modify any Boost Buy for any reason in its sole discretion. Bitcoin Boosts are only available to eligible Cash Card holders.
XIV. Virtual Currency Custom Orders
The Virtual Currency Custom Order (“VC Custom Order”) feature allows you to set a trading price (the “Trigger Price”) that will result in a Virtual Currency Buy or Sell to be placed upon the occurrence of the Trigger Event (defined below).
To initiate a VC Custom Order, you will: (1) set the Trigger Price; (2) select the amount of bitcoin to Buy or Sell; and (3) select an expiration period. The VC Custom Order will expire if the Trigger Price is not reached before the end of the expiration period. You will be presented with a confirmation page prior to submitting the VC Custom Order instructions that will specify details about the VC Custom Order including any applicable fees.
When you initiate your VC Custom Order, we will pull funds in the amount of the VC Custom Order, including any applicable fees, either (i) from your Cash App Balance in the case of a “Buy,” or (ii) from your Hosted Balance in the case of a “Sell.” If you initiate a VC Custom Order “Buy” in an amount that exceeds your current Cash App Balance, you authorize us to Add Cash to your Cash App Balance from an External Account or as otherwise permissible under the Cash App Terms, in an amount sufficient to cover your VC Custom Order and any applicable fees. You may not initiate a VC Custom Order “Sell” in an amount that exceeds your current Hosted Balance.
Only in the event that the Conversion Rate matches the Trigger Price (the “Trigger Event”) will the contingent Buy or Sell transaction associated with your VC Custom Order execute. By initiating a VC Custom Order, you authorize the Company to place a Buy or Sell, as applicable, in the amount specified in the VC Custom Order upon the occurrence of the Trigger Event. The Trigger Event is based exclusively on the Conversion Rate, and we will determine when the Trigger Price is reached in our sole discretion. You acknowledge and agree that the Conversion Rate is the sole metric used for purposes of determining whether the Trigger Event has occurred, and prices for Virtual Currency on other third party exchanges, markets, or otherwise are not considered or binding. Notwithstanding any prohibition on cancellations that may apply to the Virtual Currency Services in general, you may cancel your VC Custom Order at any time prior to the occurrence of the Trigger Event. We may cancel or modify any outstanding VC Custom Order at any time without notice to you, in our sole discretion. During the time that your VC Custom Order is pending and prior to its cancellation, expiration, or the occurrence of the Trigger Event, the funds or Virtual Currency used to place the VC Custom Order will not appear in your Cash App Balance or Hosted Balance, as applicable. If your VC Custom Order is canceled or expires, the funds or Virtual Currency, together with any fees, will be returned to your Cash App Balance or Hosted Balance, as applicable. We will not be liable to you for any loss incurred as a result of the cancellation of your VC Custom Order.
VC Custom Orders are an advanced order type; you should understand the risks of Virtual Currency transactions generally, and of placing advanced orders specifically, before placing a VC Custom Order. If you choose to place a VC Custom Order, you agree you do so at your own risk. Any outage or interruption to Cash App’s service availability more broadly (including as a result of a service interruption caused by a third party) may impact the time that you are able to initiate or cancel your VC Custom Order. We will not be liable to you in the event that you are not able to place or cancel your VC Custom Order as a result of such outage or interruption to Cash App’s service availability. Please carefully review the Virtual Currency risk disclosures before placing any VC Custom Order.
XV. Virtual Currency Gifting
Cash App may permit you to send or receive a Virtual Currency-denominated gift to or from other Cash App users, respectively, or to receive such a gift from us as part of a promotional marketing interaction (each, a “Virtual Currency Gift”). When initiating a Virtual Currency Gift transaction, the sender does not, in fact, transfer Virtual Currency to the recipient. Rather, the sender of a Virtual Currency Gift is sending Fiat Currency to the recipient via Cash App’s Peer-to-Peer Service, using the Cash App Balance held by the sender, and Cash App will prompt the recipient of a Virtual Currency Gift to complete a Buy order to purchase Virtual Currency with the Fiat Currency received from the sender.
The recipient of a Virtual Currency Gift has no obligation to purchase Virtual Currency with the Fiat Currency received. If the recipient chooses not to complete a Buy order upon receipt of the Virtual Current Gift, or if the recipient fails to complete a Buy order within 21 days of receiving a Virtual Currency Gift, then (i) in the case of a Virtual Currency Gift received from another Cash App user, the gifted funds will be deposited as Fiat Currency into the recipient’s Cash App Balance, and (ii) in the case of a Virtual Currency Gift received from us as part of a promotional marketing interaction, the gifted funds will be returned to us. The recipient is solely responsible for submitting a Buy order to acquire Virtual Currency using the Fiat Currency received via the Virtual Currency Gift, and such Buy order is entirely at the direction and instruction of the recipient.
You acknowledge and agree that the value of Virtual Currency at the time a sender initiates a Virtual Currency Gift may be higher or lower, relative to Fiat Currency, than the value of Virtual Currency at the time a recipient of a Virtual Currency Gift chooses to accept such gift and place a Virtual Currency Buy order. Moreover, Virtual Currency purchased by the recipient, as a result of a Virtual Currency Gift, may lose value, and any lost value will not be reimbursed or replaced by us. Purchasing bitcoin is a risky activity and may involve loss. Please carefully review the Virtual Currency risk disclosures before placing any VC Custom Order.
Following the receipt of a Virtual Currency Gift and the placement of a subsequent Buy order of Virtual Currency, a recipient will have to sell its Virtual Currency in order to receive any Fiat Currency. Selling Virtual Currency may have tax implications, and we will not provide any reimbursement or compensation for the tax consequences of selling Virtual Currency. If you have questions about your particular tax situation, you should consult a tax advisor.
XVI. Cash App Investing
1. Cash App Investing
If you want to use Cash App to buy stocks you need to sign up with our broker-dealer, Cash App Investing LLC.
If you choose to use brokerage services provided by Cash App Investing LLC, a FINRA registered broker-dealer and subsidiary of the Company (“Cash App Investing”), you must open a brokerage account with Cash App Investing and agree to Cash App Investing’s Terms and Conditions for such an account. By using any Cash App Investing services, you authorize and instruct us to follow any instructions provided to us by Cash App Investing on your behalf regarding the transmission or receipt of any funds in your Cash App Balance.
2. Stock Gifting
Cash App may permit you to send a “Gift” of stock to another person (the “Recipient”). When you send a Gift of stock, you are sending an amount of Fiat Currency that the Recipient may use to initiate a self-directed purchase of the stock you identified in the Gift. The Recipient may decline to make a self-directed purchase of the stock and instead accept the Gift as cash.
When you send a Gift, the Gift is not a security and the Recipient is not receiving anything other than Fiat Currency. Cash App Investing is an entirely self-directed brokerage service and accountholders are solely responsible for trades placed in their accounts. Any trade placed to acquire stock with the Gift is entirely at the direction and instruction of the Recipient.
To receive a Gift, the Recipient must have a Cash App account. To use the Gift to purchase stock, the Recipient must successfully open a Cash App Investing brokerage account. Brokerage services are provided by Cash App Investing LLC, and by submitting their information and opening a Cash App Investing account, the Recipient will be required to agree to Cash App Investing’s Terms and Conditions. If the Recipient does not agree to the Cash App Investing Terms or is unable to successfully open a Cash App Investing brokerage account, the Recipient cannot open a Cash App Investing Account and will not be able to use the Gift to purchase stock. If the Recipient does not accept the Gift within ninety (90) calendar days, the Gift will be returned to you.
When sending a Gift, the particular stock you identify in connection with the Gift is chosen at your discretion. Neither the Gift nor the stock identified in connection with the Gift not constitute a recommendation by Cash App Investing to buy or sell any security or asset. Cash App Investing does not make recommendations or provide investment advice.
Investing is a risky activity and may involve loss. The amount of stock purchased by the Recipient using the Gift, if any, may lose value, and any lost value will not be reimbursed or replaced by Cash App or Cash App Investing. Further, the stock’s price may change after you send the Gift but before the Recipient uses it to make a self-directed purchase of the stock you identified. Selling shares may have tax implications, and neither Cash App nor Cash App Investing will provide any reimbursement or compensation for the tax consequences of selling any stock purchased using a Gift. If you have questions about your particular tax situation you should consult a tax advisor.
XVII. Remittance Service
1. Description of the Service
The Remittance Service allows you to send Remittance Payments (defined below) from the United States to individuals in certain other countries for personal, non-commercial purposes (the “Remittance Service”).
2. Sending Remittance Payments
a. General. eligible Unrestricted Accounts will be able to use the Remittance Service. As Sender, you will provide instructions to transfer funds (the “Remittance Payment Instructions”), including but not limited to instructions about the amount to be paid, the currency to be paid out, the method of payout (including information about the recipient’s bank, such as the routing number, or the name and country of the payout agent), the identity of the person to be paid (the “Designated Recipient”), and other information. You may only use the Remittance Service using funds in your Cash App Balance. If you have a Restricted Account, you will be prohibited from using the Remittance Service.
b. Authorization. By initiating each Remittance Payment Instruction, you authorize us to debit your Cash App Balance by the amount you specify, including Cash App’s associated fees and any applicable taxes, and to send those funds to your Designated Recipient (a “Remittance Payment(s)”) immediately upon your request and selected delivery method. By submitting an Remittance Payment Instruction, you are also authorizing us to move funds to your Cash App Balance for Remittance Payments that are canceled or otherwise returned. c. Processing Timeframe. Subject to the 30-minute cancellation procedures discussed below, you understand and agree that when you initiate a Remittance Payment, processing will begin, and funds will leave your Cash App Balance as early as the moment you initiate the Remittance Payment. If Cash App executes a Remittance Payment for you pursuant to your Remittance Payment Instruction and there aren’t sufficient funds in your Account to cover the transfer, you understand that Block’s recovery of these funds may cause your account to become negative. d. Method of Payout. As part of the Remittance Payment Instruction, Sender must select a delivery method for the Remittance Payment. The Sender may select either (1) cash pickup at a paying agent location we have partnered with or (2) deposit into the Designated Recipient’s bank account in the destination country.
3. Cancellations and Refunds
Within 30 minutes of your Remittance Payment, you have the right to cancel for a full refund, including fees, unless the recipient has already picked up the money or the funds have been deposited into the recipient’s account.
a. 30-Minute Cancellation and Right to Refund
You have the right to cancel a Remittance Payment and obtain a refund of all funds paid to us, including fees. In order to cancel, you must contact us by either calling 1-800-969-1940 or by contacting us through your Account in the app within 30 minutes of payment for the transfer (the “Cancellation Period”).
When you contact us, you must provide us with information to help us identify the transfer you wish to cancel, including the amount and the location where the funds were sent. We will refund your money within 3 business days of your cancellation request as long as the funds have not already been picked up or deposited into the Designated Recipient’s bank account.
b. Automatic Cancellations and Refunds Subject to applicable law, if Sender selects cash pickup as the delivery method for a Remittance Payment and the Designated Recipient either fails to pick up the money transfer or fails to sufficiently verify their identity as required within 21 days after the available pickup date provided on the Sender’s receipt, the money transfer will be canceled automatically. Such identity verification requirements may include, but are not limited to, anti-fraud and anti-money laundering compliance review. For any canceled Remittance Payment, we will refund you and return to you any unclaimed, refused, refunded, or denied Remittance Payment to your Cash App Balance unless we are prohibited from doing so under law. If we are not able to do so, we may use other reasonable means to return the Remittance Payment to you, as permitted by applicable law. All refunds will be in USD. All refunds will be processed within thirty (30) days of the date of cancellation.
4. Remittance Service Fees
You will be charged certain fees in connection with your use of the Remittance Service.
The fees for using the Remittance Service are found in Section I. “Stored Balance Disclosures“ of the Cash App Terms and will be disclosed in-app prior to your submission of a Remittance Payment Instruction. We reserve the right to change the fees associated with use of the Remittance Service at any time with reasonable notice, subject to these Cash App Terms and applicable law.
5. Currency Exchange Rate
Cash App may make money on the exchange rate applied to your transaction.
All Remittance Payments will be funded in United States dollars (“USD”) and paid to the Designated Recipient in the official currency of the destination country. In some countries and subject to availability, you may be able to choose a payout currency other than the official local currency. Subject to applicable law, we disclose the actual exchange rate or an estimated exchange rate that applies to your transaction before you submit payment for the transaction and on your receipt. If the Remittance Payment involves an exchange of currencies, the retail exchange rate we quote for individual senders may be different from the wholesale exchange rate we obtain in commercial transactions with our foreign exchange providers. The difference between the retail exchange rate applied to your Remittance Payment and the wholesale exchange rate at which we acquired the payout currency will be kept by Cash App and/or the paying agent as revenue, in addition to any fees disclosed on your receipt or in Section I. Cash App’s paying agent must pay out money transfers in the payout currency indicated on your receipt.
6. Payment and Transaction Limits
We may limit, prohibit, or require you to provide us with additional identification information based on the number of Remittance Payments you send over any period of time. We may also impose other limits, including but not limited to, on the amount you can send in any one transaction or in multiple transactions over any period of time and/or to certain countries, subject to some restrictions. We may adjust these limits at any time at our discretion subject to applicable laws.
7. Risk of Fraudulent Transactions
Be on the lookout for fraud. While we make efforts to identify and reduce the impact of fraudulent scams on our customers, sometimes, scammers are successful. The Remittance Service is a money transmission service. As a result, please be aware and vigilant that fraudulent transactions may result in the loss of your funds with no recourse.