Cash App is a handy app which allows you to make and take payments, with users transferring money easily.
With over 70 million people using the app each year, it’s safe to say that it’s very popular, and it’s especially popular with people using it for their businesses.
Do you need to change Cash App from business to personal account?
Business accounts on Cash App have their pros and cons. One of the key benefits of a business account is that there is no limit on the payments you send or receive.
However, a big disadvantage of opting for a business account on Cash App is that there’s a 2.75% transaction fee on each payment that you’re getting.
As a result of this significant fee, and some users will be wondering: how do they make the change?
The short answer is that you need to contact Cash App’s support team to do so.
This is because there is no option within the app itself to switch from a business account to a personal account, so you have to email them and request the switch instead.
However, there is plenty more to learn about changing your Cash App account from business to personal, and we’ve got all the information for you in the detailed article below.
How Do You Change Cash App From Business To Personal Account?
If you’re familiar with Cash App, then you may know how easy it can be for you to switch your personal account to a business account.
It used to be similarly easy to switch them back the other way, from business to personal, but that not isn’t the case.
Instead, you now need to contact the support team at Cash App and ask them to switch your account from business to personal instead.
This has its obvious downsides compared to originally simply changing it in the app, the first being that it will not take longer.
On top of that, another disadvantage is that the support team at Cash App could actually refuse to switch your account from business to personal.
This is because they might find that you’re continuing to perform business-related money transfers.
To contact Cash App’s customer support team, simply follow these steps:
- Open the app and hit the profile icon at the top right
- Tap on “Support”, then select “Something Else”
- Select the “Can’t Access Old Account” option for ease, then choose “Contact Support”
- Select the “Email” option, then enter your email address
- In your email, ask the customer support team to switch your account from a business account to a personal one
Cash App Business Account: What Are The Advantages And Disadvantages?
Advantages
- It costs nothing to send money
- It’s easy to create
- Simple to use
Disadvantages
- Not usable outside US and UK
- 2.75% fee on incoming money
- Can’t issue receipts
- Lacking FDIC insurance
Cash App Personal Account: What Are The Advantages And Disadvantages?
Advantages
- It costs nothing to send or receive money
- Very few fees
- Simple to use
- Can invest in both stocks and Bitcoin
Disadvantages
- Not usable outside US and UK
- Low limits when starting
- Instant fee of 1.5%
- Lacking FDIC insurance
As you can see, though both business accounts and personal accounts have their own unique benefits, a personal account simply offers slightly more.
How Do Business And Personal Accounts Differ In Fees?
A key factor you will want to consider when trying to change your Cash App account from business to personal is fees. Which account will you do better under?
When you use a business account on Cash App, you don’t have to pay a fee on instant deposits. This means that your transactions will be much quicker.
However, you do have to pay 2.75% when receiving money from a credit card, but it’s 2.5% if the transaction is from a debit card or another Cash App account.
With a personal account, however, you do have to pay for instant deposits. This means that your transactions could get held up.
However, transactions and accepting payments are free, which is good. Less good, though, is the 3% fee you have to pay for incoming payments from credit cards.
How Do Business And Personal Accounts Differ In Limits?
If you’ve got a business account on Cash App, you have no limit on how much money you can send or receive.
This is really useful, because you don’t have to wait for limit periods to clear.
By contrast, a personal account does have a limit, being limited to $1000 for sending or receiving – a limit which lasts for a period of 30 days.
This is a sizable period, and the limit can be low for some, so it is frustrating.
With that being said, a personal account can raise its limit by verifying their account, which can be done with birth dates, name details, and the last four digits of their Social Security Number.
Can You Have A Business Account And A Personal Account At The Same Time?
Since the business account on Cash App still has plenty of benefits, you might find that you don’t want to lose access to it when pursuing a personal account instead.
Thankfully, you can actually have both a business account and a personal one. The only issue, though, is that they can’t share a phone number.
You’ll need a separate phone number for each account, which might be difficult for some.
How Can I Close My Cash App Account?
If you find that you want neither, though, you can easily close down your Cash App account. First, select the profile icon, then choose “Support”.
After that, tap “Something Else”, then scroll to “Account Settings”. From there, you’ll see an option to close your account.
Final Thoughts
Both business accounts and personal accounts on Cash App have their unique benefits, but you may need to switch from business to personal.
In order to do this, simply contact support and request the change.
As a current Mortgage Underwriter with 15 years of experience, I have seen my fair share of money-related issues. Whether that be high levels of debt, not enough credit, or simply a lack of funds - I’ve had clients who fit into these categories.
Here I will share tips, tricks, and experiences on how you can get yourself back in control of your finances.
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