When Does Cash App Weekly Limit Reset? How to Get Rid of It
The Cash App, a popular peer-to-peer payment platform, is widely used for sending and receiving money, but it comes with certain limitations to ensure security and prevent misuse.
One of these limitations is the Cash App weekly limit, which can sometimes be a cause of frustration for users. In this article, we will delve into the details of when the Cash App weekly limit resets and how you can get rid of it.
What is Cash App Weekly Limit Reset?
The Cash App weekly limit reset is the process by which the weekly limits on sending and receiving money on Cash App are restored to their original amount.
What Time Does the Cash App Limit Reset?
The Cash App weekly limit resets every Saturday at 7:00 PM Central Standard Time (CST). This means that if you reach your weekly limit on Friday afternoon, you will be able to send and receive money again on Saturday at 7:00 PM CST.
How Long Does Cash App Weekly Limit Last?
The Cash App weekly limit lasts 7 days, from Saturday at 7:00 PM CST to Saturday at 7:00 PM CST.
How to Get Rid of the Weekly Limit on Cash App
The only way to get rid of the weekly limit on Cash App is to verify your identity. To do this, you will need to provide Cash App with your full name, birthdate, and Social Security number.
Once you have verified your identity, your weekly limit will be increased to $7,500 for sending money and unlimited for receiving money. You will also be able to send money to international recipients and withdraw cash from ATMs using your Cash App Cash Card.
To verify your identity on Cash App, adhere to these steps:
- Open the Cash App and tap the Banking tab.
- Tap Verify Identity.
- Enter your full name, date of birth, and Social Security number.
- Tap Next.
- Cash App will send you a verification code via text message. Enter the code to complete the verification process.
Why Does Cash App Have Weekly Limits?
Cash App has weekly limits in place to protect users from fraud and financial loss. The weekly limits help to ensure that users do not send or receive more money than they can afford to lose.
Here are some of the specific reasons why Cash App has weekly limits:
- To prevent fraud: Cash App’s weekly limits can help to prevent fraudulent transactions, such as money laundering and identity theft. By limiting the amount of money that can be sent or received in a week, Cash App makes it more difficult for fraudsters to operate on the platform.
- To protect users from financial loss: Cash App’s weekly limits can also help to protect users from losing money in a fraudulent transaction or a mistake. For example, if a user accidentally sends money to the wrong person, the weekly limit can prevent them from losing too much money.
- To comply with financial regulations: Cash App is regulated by the Financial Crimes Enforcement Network (FinCEN) and must comply with all applicable financial regulations. One of these regulations requires Cash App to implement certain measures to prevent fraud and financial crime. Cash App’s weekly limits are one of the measures the company has implemented to comply with these regulations.
It is important to note that Cash App’s weekly limits are just one of the many measures the company has to protect users from fraud and financial loss. Cash App also uses other security measures like transaction monitoring and fraud detection systems.
What are the Downsides of the Weekly Limit?
The downsides of the Cash App weekly limit include:
- It can be inconvenient for users who need to send or receive large amounts of money on a regular basis. For example, a business owner may need to pay their employees more than $7,500 weekly.
- It can make it difficult to send or receive money in emergencies. For example, if a family member needs financial assistance, you may not send them enough money to cover their expenses if you have already reached your weekly limit.
- It can encourage users to use other payment services with higher limits. This can be a problem for Cash App, as it could lead to a loss of customers.
Bottom line
The Cash App weekly limit is in place to protect users from fraud and financial loss. However, it can also be inconvenient for users who need to send or receive large amounts of money on a regular basis. If you are considering using Cash App, it is important to be aware of the weekly limit and to plan if you need to send or receive a large amount of money. You may also consider verifying your identity to increase your weekly limits.
