What Is the Name of the Bank for Cash App?

Cash App is a widely used financial platform, enabling individuals to send and receive money, manage funds, and utilize various banking-like services. Users often wonder about the financial institutions that support Cash App’s operations. Understanding these partnerships clarifies how services are provided and how user funds are managed.

Is Cash App a Bank

Cash App operates as a financial technology company, not a chartered bank. It does not hold a traditional banking license. Instead, Cash App partners with established, regulated banks to offer its financial services. While users can hold balances, receive direct deposits, and use a linked debit card, these functions are facilitated by these collaborating banking institutions.

The Partner Banks of Cash App

Cash App primarily collaborates with two key financial institutions: Sutton Bank and Lincoln Savings Bank. These partnerships are essential for Cash App to provide its diverse services. Sutton Bank, an Ohio-based institution, is prominently responsible for issuing the Cash Card, which is a Visa debit card linked to a user’s Cash App balance. This card enables users to spend their digital funds at various merchants and access ATMs.

Lincoln Savings Bank, located in Iowa, plays a significant role in handling direct deposits for Cash App users. When an individual sets up direct deposit for paychecks or other payments, Lincoln Savings Bank processes these transactions behind the scenes.

Why This Information Matters to You

Knowing about Cash App’s partner banks is important for several reasons. This information becomes necessary when setting up direct deposits, as employers or other payers may require the specific bank name associated with your Cash App account, along with the routing and account numbers. For instance, Lincoln Savings Bank is often the name required for direct deposit forms. Understanding these partnerships also clarifies the scope of FDIC insurance protection for your funds.

The FDIC insurance through these partner banks safeguards your eligible Cash App balance up to $250,000. This protection applies if the partner bank holding your funds were to fail. It is important to note that this insurance generally applies to funds held in your Cash App balance and may require conditions, such as having an active Cash Card. However, investments made through Cash App, such as Bitcoin or stocks, are not covered by FDIC insurance.

How to Identify Your Specific Bank Partner

To determine the specific bank name, routing number, and account number associated with your Cash App account, you can access this information within the application. Open the Cash App on your mobile device. From the main screen, tap on the “Money” tab.

Within the Money tab, locate and select the “Account & Routing” or “Direct Deposit” option. This section will display your unique routing number and account number. You will also find the name of the partner bank that supports your direct deposits, which is typically Lincoln Savings Bank.