Last Updated on 9 months by Komolafe Bamidele
In the world we live in today, if there is anything that has drastically changed in the past decade, it is the way we send and receive money.
From the rise of financial institutions like commercial banks up to dozens of fintech startups across the globe.
So today we shall be taking a look at one of the fintech giants known as Cashapp and how they can be used by teenagers.
Tables Of Contents
What is a Cash app?
Cash app is a peer to peer money transfer service that was created and is operated by Block Inc. The app allows users to send and receive money easily.
The possibilities are almost endless as it allows you to pay friends back, split costs with another user and do any other thing you want to do with your money.
It is quite similar to a bank account in functions but easy to use and send money with.
They issue a debit card also which is called a cash card that is linked to your Cash app account.
Finally, with the help of a cash app, you can easily invest your money in stocks and purchase some cryptocurrency like Bitcoin.
With a cash app, you are always in charge of your money.
What are Minimum Age Requirements to use Cash App?
To use a cash app as an independent user, you must be at least 18 years old.
However, individuals under the age of 18, can have an account backed by their parent’s consent and monitoring.
That is the only legal way for a minor to make use of a cash app.
How Does Cash App For Minor Kids Under 18 Work?
For a minor (someone under 18) to have a cash app account, it must be authorized by the parent or guardian.
With the consent of the parent or guardian, the following steps can be followed to open a cash app account.
STEP 1: Download Cash App
For your children to be able to use cash apps as minors, you should have the cash app first. You can easily do this on your mobile device or laptop.
Step 2: Connect a Bank Account
While this is not always necessary, doing it will open your account to some Features that are limited for unconnected accounts.
The easiest way to connect your cash app account to your bank account is to make use of your debit card.
It is done just once and you can delete your card from the app at any time you feel so.
Step 3: Have Your Child Download the App
At this point, your children can then download the Cash App and request approval from a parent or guardian through the cash app.
Step 4: Have Your Child Design and Order a Free Cash Card
For a majority of parents and guardians, the cash card (cash app debit card) is one of the major reasons why they want their kids to use the app
It is just like any bank prepaid debit card and since they are minors, all their transactions can be tracked by the parent’s account.
Can You Order a Cash App Cash Card For Your Kids?
Yes, of course. It is absolutely free and they get to design it as well. It is delivered via mail.
Is Cash App safe for Teenagers?
Absolutely yes. It is safe for teenagers.
Cash App features not available for Minors
For minors who have been authorized by their parents or guardians, the following features of the cash app are not available:
- Invest in Bitcoin or stocks
- Borrow funds from Cash App
- Make international payments
- Deposit paper checks
Can I lie About My Age on a Cash App?
Certainly No.
If you lie about your age, it will certainly not tally with your ID and you will not be able to verify your identity on a cash app.
This puts a lot of limitations on your cash app account such as the amount you will be able to transfer out and in per week.
It isn’t just worth the risk.
Conclusion.
So that is it, a cash app is a great way to monitor your kid’s spending while placing basic limitations on it.
Furthermore, they get to have their own debit card which can cater for their basic purchases.