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Monday, April 13, 2020

Cashapp's direct deposit feature enabled!

Payments company Square is now suggesting users deposit their COVID-19 stimulus payments through its Cash App for faster and easier access to the funds, if someone doesn’t have access to a traditional bank account.

Much like a bank account, you can get a routing and account number directly through Cash App to receive deposits. Square released this feature back in early 2018, allowing you to set up direct deposit to receive paychecks.

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Cash App’s competitors, like Venmo and its parent company PayPal, offer similar services, allowing you to use their platforms and set up direct deposits with them without a bank account. Like with the Cash Card, you will need to apply and get approved for a Venmo card or a PayPal Cash Card in order to use those features.

Square CEO Jack Dorsey has been trying to involve his company in delivering stimulus payments. Two weeks ago, Dorsey tweeted, “US government: let us help.” Today, he promoted Cash App’s instructions for getting direct deposit payments with “no bank account needed.” Use of the app can certainly speed the process up for people unable to access a bank account. Of course, it also helps Square, too (Cash App makes money off transaction fees for certain services it offer stop both businesses and individuals.)

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