Do you want to overdraft the Cash App at the ATM? Follow the steps inside to know how you can do it! We’ll see what it means and how you can do so. Let’s get started.
What does it mean to Overdraft the Cash App?
That’s a little tricky, but we’ve got you covered. To “overdraft” on the Cash App actually means spending more than your available balance using your Cash App Card. Unlike traditional banks, Cash App usually doesn’t entertain this and declines transactions if you’re short on funds. However, they offer a Free Overdraft Coverage feature for eligible users. If you qualify, Cash App covers the gap reasonably up to a specific limit, which is often $200, without charging you any interest or fees. Your balance will simply show a negative number, and the next deposit you make will be used to settle the negative balance first. We’ll get into the details of it!
Steps to overdraft the Cash App at the ATM
If you want to overdraft the Cash App, then there are a couple of things you should know. Firstly, it is not possible. You heard it. Cash App’s Free Overdraft Coverage does not work for ATM withdrawals. The feature is designed specifically for Cash App Card purchases, like when you are paying at a grocery store or something. If you try to withdraw more cash from an ATM than you actually have in your bank balance, the transaction will simply be declined. There is no way you can use more than you have in this case, and it will result in no withdrawal at all. The only way to fix this situation is to use the overdraft feature with a regular purchase.
Let us walk you through the steps to do the same!
Be Eligible
To become eligible for the same, you must deposit at least $300 in qualifying paychecks into your Cash App account each month. This will allow you to use the overdraft feature on the app, as it is not available for everyone.
Open the Banking tab
Now open the Banking tab to view and navigate through the given options. Tap the Banking icon on your home screen to begin.
Find the Overdraft toggle and enable it
When you’ve found it, scroll down to the “Account Settings” or “Cash Card” section and switch the toggle on.
Check your limit
Once you have it enabled, the app will show you your specific limit, which usually ranges between $10 and $200. As per that limit, you can use the amount even if the total balance goes into negative.
Sounds about right now? Alright! Shop your favorite things without worrying about your balance going negative.
