If you have a Cash Card from Cash App, you likely enjoy the freedom to use it as you would any other card. It’s a standard Visa debit card that allows you to spend money directly from your Cash App account just like a standard checking account. Cash App in itself, however, is not a bank. As such, the Cash Card system is handled by two different banking entities.
The first one is Sutton Bank. This bank issues the physical card itself and provides the majority of the transactional banking services. Effectively, the Cash Card is a prepaid debit card in that its limitation is the amount of money in your Cash App account.
The other entity involved with the Cash Card is Wells Fargo. Wells Fargo provides FDIC insurance to your account. So, your Cash App balance is insured up to $250,000, just like it would be in a standard checking or savings account. It is worth remembering, though, that this insurance is only to protect you against Wells Fargo folding and does not extend to fraudulent uses of your Cash App balance or Cash Card.
