Cash App is a peer-to-peer payment app that allows you to receive, pay, and invest money quickly. This is the most suitable money-sharing app, given that carrying hard cash can sometimes be inconvenient. Many people throughout America rely on either Venmo or Cash App for frequent transactions.
However, in the past few days, users complained about a double charge on their account on Cash App. Here’s a rundown of the issue:
Why Is Cash App Charging Double?
Since 26 June, many users reported a negative balance on their accounts. This was confirmed to be a glitch on the app. This was particularly alarming for users who were transacting large sums in one go. The app deducted double the charge from their account.
The Cash App management acknowledged the glitch on the same day by issi=uing the following statement–
“Our team is aware of an issue causing duplicate Cash Card transactions, which is making some customers see a negative account balance.”
They also mentioned that they are still in the process of investigating the glitch on Tuesday, 27 June 2023.
Later the same day, they issued a follow-up statement that the company would “notify customers who were impacted, and we’ll refund any duplicate charges that resulted from this issue.”
Why Was I Charged a Fee for Receiving Money on Cash App?
According to the Cash App policy, a 2.75% processing fee will be deducted for every payment you receive on your business account. Due to the glitch, you might see an extra deduction from your account.
In some extreme cases, the account balance has also suddenly dropped to a negative. This has concerned several business owners who have bulk transactions in a day.
Earlier this month, Consumer Financial Protection Bureau warned people not to deposit their savings into mobile payment services since these services are not under Federal Protection.
Instead, the CFPB advises insuring your account with federal deposit insurance that secures your money in case of theft or if the payment company fails. It is recommended that you keep a savings account in a bank or credit union account. Because even if the bank declares closure, your money is still insured.
And in light of this glitch, it is better to withdraw your account before you fall prey to this issue.
How Do I Stop Cash App From Taking Money?
Since Cash App is an instant money transaction app, it becomes difficult to cancel it later.
But if the payment was made recently, you can cancel the transaction by following these steps–
- Step 1: Open the Cash App.
- Step 2: Go to the activity tab at the top right corner.
- Step 3: Here, you can review all your recent transactions. Now tap on the payment you want to cancel.
- Step 4: You will see an options menu icon (which looks like three dots) in the top right corner. Tap on it.
- Step 5: An actions menu will pop up. If there is a possibility of canceling the payment, the first option in the dialog box will be “cancel payment.” Tap on it.
- Step 6: In case that option is unavailable, you can send a refund request to the person you send the money. Tap the icon of that user, and you will see a “request” tab. Tap on it to process a refund request.
- Step 7: Write a brief explanation for the refund, and enter the exact amount to be refunded.
You will receive your refund in a few hours- to a day’s time.
Are you experiencing a similar issue? Have you tried contacting their customer service? Do you prefer having a bank account or depositing it in a money-transfer app?
Let us know in the comments section below if you have any advice on this glitch.
