Nuked Payments platform Square is suggesting users deposit their covid-19 stimulus payments through its cash app for faster and easier access to the funds. The app has started showing users a pop-up explaining how to go about getting the payment deposited without having to wait for a paper check in the mail.
Square released this feature back in early 2018. You can set up direct deposit to receive paychecks. The feature is similar to a bank account.
You will need to sign up for a cash card to set up a routing and account number. Once you do that, you would need to submit your banking information to the IRS. The IRS is releasing a tool on April 17th to update your direct deposit info with a new account.
Cash app’s rivals, like Venmo and its parent company PayPal, offer similar services. Like with the cash card, you will need to apply and get approved for a Venmo card or a PayPal cash card in order to use these features.
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The app can speed the process up for people unable to access a bank account. It also helps Square, too, by sending it new users and putting large sums of money into accounts on its platform.
