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What is the Relationship Between Cash App and Sutton Bank?

Oliver KahnVerified
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Summary：Cash App has partnered with Sutton Bank to offer banking services like direct deposit, a debit card, and FDIC insurance. The Cash App debit card is issued by Sutton Bank.

The Relationship Between Cash App and Sutton Bank

Cash App is a popular mobile payment app that allows users to send and receive money quickly and easily. Sutton Bank, on the other hand, is a community bank based in Ohio that offers a variety of financial services. But what is the relationship between these two entities?

Partnership between Cash App and Sutton Bank

Cash App is not a bank and therefore needs to partner with a financial institution to provide its users with banking services. Sutton Bank is one of several banks that Cash App has partnered with to provide banking services to its users. By partnering with Sutton Bank, Cash App is able to offer features such asdirect deposit, a debit card, and FDIC insurance to its users.

Cash App Debit Card

One of the most popular features of Cash App is its debit card, which allows users to spend their Cash App balance at any merchant that accepts Visa. The Cash App debit card is issued by Sutton Bank and is linked to the user's Cash App account. This means that users can easily access their funds and make purchases without having to transfer money between accounts.

FDIC Insurance

Another benefit of the partnership between Cash App and Sutton Bank is FDIC insurance. The Federal Deposit Insurance Corporation (FDIC) is an independent U.S. government agency that provides insurance to depositors in case a bank fails. By partnering with Sutton Bank, Cash App is able to offer its users FDIC insurance for up to $250,000 per account.

Direct Deposit

Cash App also allows users to receive direct deposits into their account, which can be useful for receiving paychecks or government benefits. Direct deposits are made to a Cash App account that is held at Sutton Bank. This means that users can receive their funds quickly and easily without having to worry about transferring money between accounts.

Investing with Cash App

In addition to its banking services, Cash App also allows users to invest in stocks and Bitcoin. By partnering with broker-dealer Apex Clearing, Cash App is able to offer its users a simple and easy way to invest in the stock market and cryptocurrency. Users can invest as little as $1 and can buy and sell stocks and Bitcoin at any time.

Conclusion

In conclusion, Cash App has partnered with Sutton Bank to provide its users with banking services such as direct deposit, a debit card, and FDIC insurance. The partnership between Cash App and Sutton Bank allows users to easily access their funds and make purchases without having to transfer money between accounts. Cash App also allows users to invest in stocks and Bitcoin through its partnership with Apex Clearing.

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Cash App Sutton BankCash App debit cardFDIC insurancedirect depositinvesting with Cash App
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