Cash App offers a feature known as the “Family Account.” This feature allows you to create a shared account where you can manage finances collaboratively with your loved ones. In this article, we will guide you through the process of creating and adding members to your Cash App Family Account, and how it works.
How Does Cash App Family Account Works?
Cash App family accounts allow parents or trusted adults to sponsor a teen’s Cash App account, giving them access to various financial tools and features. To be eligible, teens must be at least 13 years old and have a parent or trusted adult with a verified Cash App account.
Once sponsored, teens can send and receive money, deposit cash, withdraw from ATMs, and order a Cash Card. Depending on their sponsor’s settings, they can also use Cash App’s other features, such as Boosts, Bitcoin, and investing.
Sponsors can control which features their teen has access to and can monitor their activity in the app. They can also turn off specific features at any time.
Here’s a more detailed overview of how Cash App family accounts work:
- Sponsorship: A parent or trusted adult must sponsor a teen’s Cash App account for them to access all of the features. To do this, the sponsor must have a verified Cash App account and be 18 years old.
- Features: Sponsored teens can send and receive money, deposit cash, withdraw from ATMs, and order a Cash Card. Depending on their sponsor’s settings, they can also use Cash App’s other features, such as Boosts, Bitcoin, and investing.
- Controls: Sponsors can control which features their teen has access to and can monitor their activity in the app. They can also turn off specific features at any time.
- Safety: Cash App family accounts are designed to be safe and secure. All balances are FDIC insured up to $250,000 through Cash App’s partner banks.
Cash App Family Account Requirements
To set up a Cash App family account, you must meet the following requirements:
- Sponsor: The sponsor must be a parent or trusted adult with a verified Cash App account.
- Teen: The teen must be at least 13 years old and have a parent or trusted adult to sponsor their account.
Cash App Family Account Withdrawal Limit
The withdrawal limit for Cash App family accounts is the same as the withdrawal limit for regular Cash App accounts. This means that you can withdraw up to $1,000 per 30-day period. If you have verified your identity, you will have higher limits. You can also withdraw up to $1,000 per day at ATMs, but there is a fee for out-of-network ATMs.
How to Create a Cash App Family Account
To create a Cash App family account, follow these steps:
- Open the Cash App and tap the profile icon in the top right corner.
- Select “Family” and then tap “Invite a teen.”
- Enter the teen’s name, email address, and phone number.
- Tap “Send” and the teen will receive an invitation to join Cash App.
- Once the teen accepts the invitation, you must verify their account. You can do this by sending them a code or by asking them to provide a photo of their government-issued ID.
Once the teen’s account has been verified, you can start managing their features and settings. You can control which features they can access, set spending limits, and monitor their activity in the app.
How to Add a Family Member to Your Cash App
To add a family member to your Cash App, you can invite them to create a Cash App account or sponsor them.
1. To invite a family member to create a Cash App account:
- Open the Cash App and tap the profile icon in the top right corner.
- Select “Family” and then tap “Invite a teen.”
- Enter the family member’s name, email address, and phone number.
- Tap “Send” and the family member will receive an invitation to join the Cash App.
Once the family member accepts the invitation, they can create a Cash App account and use it.
2. To sponsor a family member’s Cash App account:
- Select “Family” and then tap “Sponsor a teen.”
- Enter the family member’s name, email address, and phone number.
- Tap “Send” and the family member will receive an invitation to join the Cash App.
- Open the Cash App and tap the profile icon in the top right corner.
Once the family member accepts the invitation, you must verify their account. You can do this by sending them a code or by asking them to provide a photo of their government-issued ID.
Once the family member’s account has been verified, you can start managing their features and settings. You can control which features they have access to, set spending limits, and monitor their activity in the app.
What are the Restrictions on the Cash App Family Account?
There are no restrictions on the Cash App Family Account. Both the sponsor and the teen have full access to all of the features of Cash App. This includes sending and receiving money, depositing cash, withdrawing from ATMs, ordering a Cash Card, using Boosts, buying and selling Bitcoin, and investing in stocks.
However, the sponsor of the Cash App family account can set lower spending limits for the teen and control which features they have access to. This means that the teen may not be able to use all of the features of Cash App or spend as much money as they want.
Here is a list of all of the features that the sponsor of a Cash App family account can control:
- Sending and receiving money
- Using a Cash Card
- Enabling direct deposit
- Using Boosts to save money on purchases
- Buying and selling Bitcoin
- Investing in stocks
Conclusion
Creating and managing a Cash App Family Account is a smart way to simplify financial management within your household or with trusted individuals. It provides transparency, convenience, and control over shared expenses, making it a valuable tool for modern money management. By following the easy steps outlined above, you can create a shared account and collaborate on financial matters effortlessly.
About Author
Latest entries
- PaymentsNovember 17, 2023How to Convert Airtime to Cash on Opay
- PaymentsNovember 13, 2023How to Stop Cash App from Canceling Payments
- PaymentsNovember 12, 2023How to Find the Referral Code on Cash App (Step by Step Guide)
- TokensNovember 12, 2023How to G et a 5 Dollar Cash App Referral Bonus