Cash App Family Account: 5 Key Features For Parents

When it comes to money, parents are always concerned for kids; teaching them about money handling seems like a huge task but not anymore! 

Cash App, the best medium for sending and receiving money, now introduces the Joint Account feature, making it easier for parents to manage money efficiently for their kids.

Requirements To Open A Sponsored Account For Kids

The new feature of Cash App allows parents to enable the Cash App access for their children under 18 by making sure of a few requisitions:

• The parents or guardians must have their own legal Cash App Account
• A parent is responsible for approving the account for the teens 13-17
• Verification of both the parent and the kid’s Name and birthday is required
• The guardian or parents are responsible for the activity of all the accounts they sponsor.

Make your loved ones involved in your financial planning, and let the younger ones feel confident enough to engage in your expenses under your sponsorship! So now everyone 13 and older can easily begin investing and money handling.

Setting Up a Cash App Family Account

Cash App allows you to set up a Shared account quickly and easily. You can now create a sponsor account for the teen members of your family aged 13-17, making money engagement easy for the teens.

Here are the basic steps to know about requesting a sponsored joint account

1. Make sure to get the Cash App 
2. Click on your Profile icon, then click ‘Family’.
3. Tap ‘I’m a teen’ and enter the required information
4. Then tap on ‘Select sponsor’; search there for your parent’s account
5. Tap Send to submit your request

Get a chance to share your money with your friends and family and monitor the expenses within your family. The joint account allows the parent to get their account linked with their teen’s. 

Verifying Your Identity for a Cash App Shared Account

Anyone under 18 won’t be able to create a verified Cash App Account on their own.

For that, the parent or guardian needs to set up a shared account by verifying their identity as the account owner. They must give the following:

• Full legal Name
• Valid date of birth 
• Identity cards, driving license, passport, etc.
• Government-issued photo ID
• The last four digits of your social security number (SSN)

The parent/guardian must submit these verification documents to the sponsor’s family account, not the teens themselves.

Adding Family Members to Your Cash App Family Account

After the parent/guardian verifies their identity, they are allowed to add the teen or any other family members by:

1. Select “Family Members”
2. Tap “Add Member”
3. Invite the member or enter their phone number.

Managing a Cash App Shared Account

The family account owner has all the control over the settings and options of the Cash App, including:

Setting Spending Limits for Family Members

This control allows the owner to balance and monitor the expenses. It allows you to restrict spending by setting time-to-time spending limits on your member’s account. These restrictions can be adjusted varyingly as per day, week, month, or your preferences.

Monitoring Transactions and Balances

Shared accounts in Cash App give parents the advantage of monitoring their teens’ financial activity and controlling certain options. It allows you to view details of the transactions from a Shared account.

Transferring Funds Between Family Members

Execute easy money transfers between family and sponsor accounts, which promotes understanding of finances and contributions for expenses.

The mobile Cash App is a secure way to make transactions easily. The Shared Account allows parents to manage the expenses of their teens and teach them to deal with finances with just a few clicks on Cash App.

Features of Cash App Family Account

Get a chance to share your money with your friends and family and monitor the expenses within your family. The Joint Account allows the parent to get their account linked with their teen’s. 

Cash App has made money management easier with its user-friendly setup, with no annual fees or maintenance charges.

Make your loved ones involved in your financial planning, and let the younger ones feel confident enough to engage in your expenses under your sponsorship! 

1. Instant Transactions

Cash App is one of the best mediums for sending and receiving money. It allows the user to conduct smooth and quick transactions. This benefit of Cash App makes money transfers within a family easy, fast, and without any unnecessary delay.

2. Recurring Allowance Payments

Cash App provides a convenient way for recurring allowance payments to your teen’s or any family member’s account, which avoids any hindrance or delay in regular funds, helping the kid to manage their allowance payments accordingly.

3. Real-Time Monitoring

Joint accounts in Cash App give parents the advantage of monitoring their teens’ financial activity and controlling certain options. It is super helpful and secure; most importantly, it allows a parent or guardian to supervise and track transactions.

It encourages the children to be independent, make financial decisions, and gain self-confidence in their young years. This new feature enables good family interaction and integrity and helps boost social participation.

4. Bitcoin Trading

The Cash App also serves as a suitable medium for Bitcoin trading. It enables strategic buying and selling, as you can set orders whenever Bitcoin reaches a specific price. Since Bitcoin trading involves risks, teens should be exposed to it under parental supervision and guidance.

5. Cash App Card: Customization and Instant Savings for Teens

The Cash App Card lets teens take charge of their finances by customizing their own debit card with unique designs and signature options. It also offers instant discounts on purchases, encouraging smart spending and savings.

Safety Measures and Support 

Cash App ensures the safety and secure futures of joint accounts.

FDIC Insurance

Through FDIC, the cash balances and funds are secured and protected. The Cash card purchases can be used to file complaints. It is important to keep your balances within the FDIC-insured limit and review Cash App terms & conditions to not miss anything.

Fraud Protection

Cash App uses advanced encryption to protect any financial information. It also has built-in fraud detection mechanisms to alert users of suspicious activity in their accounts.

Dedicated Customer Support

Cash App provides 24/7 dedicated customer care support for any queries or issues related to transaction issues, refund policies, cash card issues, and many more. Cash App help is always available, be it text, call, or any social media platform.

Tips for Parents

The Joint Account allows parents to manage the expenses of their teens and teach them to deal with finances with just a few clicks on Cash App. With all this, educating your child about their safety while using Cash App becomes extremely important.

Setting Limits

Parents can limit their teen’s money usage by setting spending limits. Moreover, they can turn these accesses on or off anytime, which can then restrict the kids from accessing permission from their sponsors.

Monitoring Activity

Joint Accounts in Cash App gives the parents/guardian an advantage as the legal owner of their teen’s sponsor account to monitor their teen’s financial activity and control the budgeting.

Educating About Potential Scams

When introducing children to financial responsibility, it becomes necessary to make them aware of the scams involved. Teach them about different types of scams in banking and how they can be alerted and maintain their account security.

Transitioning to a Fully Verified Cash App Account at 18

Once the teen user verifies their age of 18, it automatically cancels the sponsorship, which will result in the parent or guardian losing their link to their account, and the 18-year-old could then legally own that account.

Updating Account Information

Once the users turn 18, they must update their Cash App account information by verifying their identity as they are now legal owners of their accounts. This includes their full legal Name, birth date, and Social Security Number (SSN).

The Shared Account on the Cash App can be easily removed at any time. There can be many reasons if the user or their parent/guardian wants to remove the Joint Account. Be it that the user now requires financial independence, a change in family budgeting, or any other social safety reason, here is the simple step-by-step guide on the removal of a family account:

For Parent/Guardian

1. Locate and open the Cash App on your smartphone.
2. Click on your profile
3. Navigate to “Family Accounts”
4. Look for the option ‘Manage Family’, which will display the list of Shared accounts linked to your account,
5. Select the family member that needs to be removed.
6. Tap delete or remove to confirm the account removal of the chosen member.

For Family Account member

1. Navigate and launch the Cash App on your mobile phone.
2. Tap on your profile for account settings
3. Click the family  account settings
4. Tap on leave or request removal from the family account.

Alternatives to Cash App for Family Money Management

Cash App delivers a whole package of family money management, yet other alternatives are also helpful in this condition.

Apps	Advance limit	Advance Fee	Membership Tiers	Additional features	Customer Ratings
Venmo	Up to $299.99	free	Free	Venmo balance, MasterCard debit card.	4.7/5 stars
Greenlight	$0	$0	Core planMax planInfinity plan	Saving goals, parent dashboard, investing platform	4.8/5 stars
FamZoo	$0	Monthly plans available	Paid	Prepaid cards, financial education, parental goal	4+/5 stars

Conclusion

In summary, the Cash App functions as a vital tool for family financial management and also helps to boost confidence and empower youngsters with financial responsibility. It includes setting up a Shared Account, educating about financial scams, monitoring expenses, and managing budgets and investments. So, choose your family finance journey wisely.