Cash App is a popular mobile payment service that allows users to send and receive money, make purchases, and invest in stocks and Bitcoin. It is owned by Block, Inc., formerly known as Square. Like many mobile payment services, Cash App partners with a bank to provide banking services to its users. This partnership allows Cash App to offer a variety of features, including direct deposit, bill pay, and ATM access.
The bank that Cash App partners with is Sutton Bank, a small bank based in Attica, Ohio. Sutton Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means that deposits up to $250,000 are insured by the federal government. This provides users with peace of mind knowing that their money is safe and secure.
In addition to being FDIC-insured, Sutton Bank also offers a number of features that make it a good partner for Cash App. These features include a strong focus on customer service, a commitment to innovation, and a track record of reliability.
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Cash App partners with Sutton Bank for banking services.
- Sutton Bank is FDIC-insured.
- Deposits up to $250,000 are insured.
- Strong focus on customer service.
- Commitment to innovation.
- Track record of reliability.
- Sutton Bank is a small bank.
- Based in Attica, Ohio.
- Member of the Federal Reserve.
Sutton Bank's partnership with Cash App allows Cash App users to access a variety of banking services, including direct deposit, bill pay, and ATM access.
Sutton Bank is FDIC-insured.
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects depositors against the loss of their funds up to $250,000 in the event of a bank failure. Sutton Bank is a member of the FDIC, which means that deposits up to $250,000 are insured by the federal government. This provides Cash App users with peace of mind knowing that their money is safe and secure, even if Sutton Bank were to fail.
The FDIC was created in 1933 in response to the bank failures of the Great Depression. Since then, the FDIC has protected depositors' funds and helped to maintain stability in the U.S. financial system. The FDIC is funded by assessments on banks and thrifts, and it does not receive any taxpayer money.
Cash App users can be confident that their money is safe and secure because it is held in an FDIC-insured bank. This means that even if Cash App were to go out of business, users would still be able to access their funds up to the FDIC coverage limit.
The FDIC coverage limit is $250,000 per depositor, per insured bank. This means that if you have more than $250,000 deposited in Sutton Bank, you may want to consider spreading your deposits across multiple banks to ensure that all of your funds are covered by the FDIC.
Sutton Bank's FDIC insurance is just one of the many reasons why it is a good partner for Cash App. Sutton Bank is also known for its strong customer service, commitment to innovation, and track record of reliability.
Deposits up to $250,000 are insured.
The FDIC's insurance coverage limit is $250,000 per depositor, per insured bank. This means that if you have more than $250,000 deposited in Sutton Bank, you may want to consider spreading your deposits across multiple banks to ensure that all of your funds are covered by the FDIC.
There are a few things to keep in mind about the FDIC's coverage limits:
- The coverage limit is per depositor, not per account. This means that if you have multiple accounts at Sutton Bank, the FDIC will insure up to $250,000 in each account, regardless of the total amount of money you have deposited.
- The coverage limit is per insured bank. This means that if you have deposits at multiple banks, the FDIC will insure up to $250,000 at each bank, regardless of the total amount of money you have deposited across all banks.
- The FDIC does not insure investments, such as stocks, bonds, or mutual funds. These investments are not covered by the FDIC, even if they are held in an FDIC-insured bank.
If you are unsure whether or not your deposits are covered by the FDIC, you can contact your bank or visit the FDIC's website.
Cash App users can be confident that their funds up to $250,000 are safe and secure because Sutton Bank is a member of the FDIC. This means that even if Sutton Bank were to fail, Cash App users would still be able to access their funds up to the FDIC coverage limit.
The FDIC's insurance coverage is just one of the many reasons why Cash App users can be confident that their money is safe and secure. Sutton Bank is also known for its strong customer service, commitment to innovation, and track record of reliability.