Cash App is now rapidly becoming popular in the United States and the United Kingdom, no doubt about it. And it has also recently opened its doors to teens between 13 and 17 years of age. But do you know how to use a Cash App for kids?
Cash App mainly took this step to attract more than 20 million financially dependent teens in the United States. And with this step, this company has already booked a massive $546 million in gross profit with a 94% year-over-year profit increase. Besides, it has also secured a 76 million user base through this unique move.
However, there are certain restrictions on minor accounts on Cash App. Besides, you also need to approve your teen’s account before they can start using it. So, without any further ado, let’s understand the complete procedure.
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Minimum Requirements To Open A Cash App Account For Kids
Many experts previously said that kids and Cash App wouldn’t go well together. However, this company proved it wrong by launching a Cash App for kids.
Teens now can not only just play cash app game but can also manage their finances through this brilliant app. However, there are specific requirements that you need to abide by, which are as follows.
- You need to be between 13 and 17 years old to open an account on Cash App for kids.
- Only teenagers from the United States can open this account as of now.
- You need to get approval from your parents or legal guardian to operate this account.
- Your parent or legal guardian can check your monthly statement and can also close your Cash App account anytime.
Note: Once a parent or legal guardian approves any minor account, they actually become the legal owner of the kid’s account. On the other hand, the kid will become the authorized user of that account. So, as a parent, you need to keep track of your kid’s account on Cash App.
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It is now possible to open a minor account in Cash App, which is now widely considered one of the best and highest paying apps in Tier-I countries.
However, there are some distinct features on minor accounts on this app, which are as follows.
- You can only send or receive money up to $1k in a 30-day cycle through your minor account.
- It is not possible to cash out more than $25k in a 7-day cycle, even if you have more balance.
- You can only add a cash balance of up to $7.5k in a 30-day cycle.
- You can deposit paper money up to $250 in a week and up to $1k a month on your minor Cash App account.
- It is not possible to invest in cryptocurrencies or execute cross-border payments through a minor account.
- You cannot deposit checks or borrow money from your minor account.
Note: As a minor, you can opt for ATM withdrawal through your Cash Card linked with your Cash App account. Besides, you can also avail yourself of the “cash app boost” feature to unlock instant rewards.
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How To Authorize A Minor Account On Cash App?
As you must have already understood, it is now very much possible to open a Cash App account for kids.
However, the minor first needs to send an authorization request to the parent’s account to activate the minor account. And it can be done in a few simple steps.
- Step 1: Install Cash App on your smartphone and launch it to open an account.
- Step 2: Fill up the joining form with proper credentials, such as name, address, and age.
- Step 3: Once the app detects your age below 18, it will automatically prompt you to share your parents’ details.
- Step 4: Now, enter the name, address, and email ID of your parents or legal guardians in the designated field.
- Step 5: Click on the submit button and wait till the app links your account to your parent’s account.
- Step 6: Once done, tap on your profile icon located at the top-right corner of the Cash App.
- Step 7: Tap on the “Family Accounts” option from the menu and further tap on the “I’m a teen” option.
- Step 8: Once you get a new prompt, enter your name and your exact date of birth.
- Step 9: Now, tap on the “Request Approval” button to proceed further.
- Step 10: Search your already registered parents’ account through name, email ID, or $Cashtag.
- Step 11: Once you find your parents’ account, tap on the “Send” button located at the top-right corner of the app.
Note: It is not possible to activate a minor account on Cash App if there is no parent’s account linked with the account. So, ask your guardians to open a general account on Cash App first. And then, you can open a minor account and authorize it through your parents’ account.
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How To Accept Account Authorization Requests On Cash App?
Once a minor sends an authorization request to the parents’ account or legal guardians’ account, they need to approve the request to activate the minor account. However, you can easily do it in a few simple steps.
- Step 1: Log in to your (parents’) Cash App account with the right credentials.
- Step 2: Tap on the “Activity” icon located at the bottom bar of the app.
- Step 3: Once you get the full menu, tap on the “Request for Approval” button, and then click on the “View” button to expand the list.
- Step 4: Tap on the request from your children’s account and review the terms and conditions.
- Step 5: Finally, tap on the “Approve” button to authorize the minor account.
You can only execute these steps if you have already received the authorization request from your kid’s account. If you haven’t received it yet, you can also invite your teen to join the app. And you can do it in a few simple steps.
- Step 1: Log in to your account and tap on the profile icon located at the top-right corner of the Cash App.
- Step 2: Once you get the full menu, tap on the “Family Accounts” option.
- Step 3: Now, tap on the “Invite A Teen” option from the list.
- Step 4: Once you get a new prompt, you can choose to share the invitation link through your email ID or phone number.
Even if your minor is yet to open an account on Cash App, he/she can directly do it through your invitation link. Joining through an invitation link will also instantly activate the account.
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How To Get Authorized User Statements Of Minor Account On Cash App?
Parents can easily monitor monthly statements from Cash App account for Kids from their accounts.
And they don’t need to log into the minor account to get the statement. Besides, you can get the statement from both the app and the website, and the steps are as follows.
Using Cash App (Android or iOS)
- Step 1: Log in to your account with the proper credentials.
- Step 2: Now, tap on the profile icon located at the top-right corner of the app.
- Step 3: Tap on the “Family Accounts” option to expand the complete list.
- Step 4: Navigate to your kid’s account from the list and tap to open it.
- Step 5: Finally, tap on the “See All” button to fetch the complete transaction history from the minor account.
Using Cash App Website
- Step 1: Open any browser and open the cash app website.
- Step 2: Tap on the “Log In” button located at the top-right corner of the landing page.
- Step 3: Now, log into your account using the proper credentials.
- Step 4: Once your account is open, tap on the “Activity” button.
- Step 5: Tap on the “Statements” button and choose the month from the list.
- Step 6: Scroll down the newly opened page and tap on the “Authorized Accounts” section to get the monthly statements from the minor account.
Note: As a parent, you can disable and deauthorize the minor account any time you want. Besides, you can also terminate the direct deposits and Cash Card linked to the minor account.
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5 Things To Do On Cash App For Kids
Although there are certain age restrictions in Cash App, especially if you opt for a minor account, there are many features that a minor can easily use.
And we have figured out five such unique features on this app that a minor can use.
1. Send And Receive Money
As a teen, you can freely send and receive money on your Cash App account from your parents, family members, and friends.
However, you can’t receive money for any work from any client or any cross-border payments on your account. You also can’t send or receive money of more than $1k in total in a 30-day cycle.
These restrictions are mainly there to ensure that there is no overspending attempt from any minor account on Cash App. However, your parent or legal guardian can even drop down that limit to whatever amount they want.
2. ATM Withdrawals Through Cash Card
All the Cash App accounts now come with prepaid VISA debit cards called Cash Cards, and so does for Cash App for kids.
However, you need to pay a flat $2/transaction fee to withdraw money from your Cash App account through your Cash Card.
But if you invest at least $300 each month through direct deposits on your Cash App account, you will be eligible for the transaction charge wave-off.
3. Pick A Unique $Cashtag
$Cashtag is a unique feature that is not just available in the general account but also for minor accounts. It is like the username you use on different forums.
And you can choose any unique name to use as your $Cashtag. We have also published a list of 25 Unique Cash App Names ($Cashtags) For Everyone in 2024 that you can also use.
As a minor, it will be best if you use any quirky or funny word or word combination as your $Cashtag. And through it, you can easily transfer and receive money too.
5. Utilize Cash Boosts
Cash boosts is another unique feature that is now available on minor accounts, although it has been available on general accounts for a very long time. This feature lets you have direct cash-saving benefits through various local offers.
And at any point, there are many boosts available on Cash App. You need to first open your Cash App account and select the offer from the list of available opportunities.
And once you swipe your Cash Card on that store or restaurant, you’ll instantly get your savings benefit.
5 Tips To Safely Operate Cash App For Kids
It is not recommended to use the Cash App for kids like the way you use your general Cash App account, as there will always be a chance of misspending and overspending.
So, here are the five tips you need to follow to safeguard your teen’s account.
Discuss The Risk With Your Kids
You need to make sure that your teen must know that digital money is equal to actual paper money, as they often misunderstand digital balances.
Besides, you need to ensure that your teen knows the drawbacks of losing money from their account.
Implement Best Practices
You must make a rulebook for your kids before he/she starts using the minor Cash App account.
Besides, it is also better to install an antivirus on the device from where your teens access their accounts to safeguard them from hacking or phishing attempts.
Add 2-Factor Authentication
Cash App now gives you the freedom to lock and unlock the app through a PIN number, facial ID, or fingerprint ID.
So, you must activate these features and layer up the app security to safeguard the account of your teen.
Safeguard Personal Information
Teach your teens not to share their names, contact number, mail ID, and address with anyone unknown.
Besides, you also need to make sure that they are not sharing their $Cashtag or baking details with any unknown people.
Let Them Know About Cash App Scams
Yes, there are hundreds of different scams available on the internet that can be executed through a Cash App account. And you need to make sure that your teen knows how to safeguard his/her account from these scams.
You can now also claim a signup bonus, even with a minor account, once you join the app for the first time.