Hey Cash App users! I know you love to use Cash App for every small payment in your everyday life. Cash App is equipped with almost all features that one can expect from an ideal payment app. But, let's not forget about Cash App overdraft balance. I bet, many of you don't have an idea whether your Cash App balance can go negative or not. If yes, what are the options you will have to fix negative Cash App balance.
Many of you must know that bank balance is always prone to go negative. And when it happens, many banks tend to punish the account holders by applying additional fees and charges. One surprising fact is that last year in 2020, reportedly, banks took $11 Billion in overdraft fees. Now you can understand the significance of overdraft balance for banks. As negative balance can show you in bad light so many cashapp users grow anxious thinking- will Cash App let me overdraft? How to get Cash App out of negative balance?
The list of questions about Cash App overdraft negative balance might be long. So, contacting us directly is the best thing you can do. You can ask as many questions as you wish about Cash App negative balance. Else, you can read this helping webpage and get basic knowledge.
Meaning of Cash App overdraft - Does Cash App balance go negative?
Let's put the first thing first: what is the meaning of negative balance?
It means, your wallet or bank balance has gone below the zero balance. It further means, to start using the banking services, you will have to pay the due amount back to the service provider. Apart from the due amount, you might have to pay an applicable penalty. In worst cases, sometimes, account holders have to pay hefty interest over the due as well. Of course, nothing could be worse than it.
Now coming to the question about Cash App overdraft balance. If you check the Cash App payment policy, they have clearly said that all users are bound not to spend more than the available balance. For example, if you have $500 in your Cash App wallet then you must not make any transaction more than $500. However, any attempt of payment that exceeds the total value of available balance is most likely to be failed automatically. But still, Cash App does not want its users to make such unethical transactions in the first place. In short, Cash App balance does not go negative while making direct payments, but there is an exception.
When you can have Cash App overdraft balance
There is one circumstance under which your balance can go negative on Cash App. Just suppose somebody sent you money mistakenly and you refused to refund the money. Then the victim will contact Cash App customer service and raise a dispute. In such a case, if Cash App takes the final decision in the favor of another person then Cash App will deduct the required balance from your balance and refund it to the victim. But what if you spent the money before the final verdict? Good question! Take it on a serious note that in this case, you might find overdraft balance in your account. Your Cash App balance can go negative.
Does Cash App have an overdraft fee?
No, Cash App has no overdraft fee. You might consider it as the best part of the Cash App. In addition to that, Cash App also does not charge penalty or interest over the overdraft amount. Still, it is highly recommendable to avoid doing anything that might lead you to have Cash App overdraft balance.
Can you overdraft a Cash App card?
It is worth noting that the Cash App card is a debit card service. Through a Cash App card anyone can make fast payment and add money at the store. One more important point to bear in mind is the fact that it always works in connection with your Cash App wallet. You can't connect it with your bank account. Practically, account balance as a whole can go negative, not a debit card. Though due to having enormous negative Cash App balance, you might find your Cash App card deactivated.
Can you overdraft your bank balance with Cash App?
Sadly, Cash App payment policy does not say clearly anything on this matter. All they have stated is that Cash App reserves the right to recover the overdraft balance from the account holder. Now it is not clear whether they can go to the extent to charge your account without your permission or not. However, one thing is clear, Cash App can charge your Cash App balance to recover the loss. So, the idea here is to think twice before adding money to your Cash App wallet until you fix the issue.
Can I overdraft my Cash App card at the ATM?
Remember what I have told you earlier. Through a Cash App card one can spend money from whatever balance is available in a Cash App account. Even one can cash out money in accordance with the available balance. If you have $500 in your wallet, you can't withdraw anything more than $500. So, the answer is- No. You can't overdraft your Cash App card at an ATM.
How to fix negative Cash App balance?
There are two ways to fix negative balance issues on Cash App. One simple method is to add money to your Cash App wallet using your debit card or requesting money from your contact. Plus, with the help of your Cash App card, you can add money to Cash App at store. On the other hand, if you have any concern and do not agree with your Cash App overdraft balance then talk to a Cash App representative. If you tried everything but found no solution, you can share your concern with us. We can help you understand how you can fix negative Cash App balance.