If you use payday advance app Cleo and looking to know if you can use Cash App with Cleo, you are on the right post.
Let’s set the tone first by clearing a few preliminaries: Cleo, is a money management app that offers you free budgeting tools to keep track of savings and spending habits. It also offers a payday advance option to spot you money up to $100, if you are eligible and subscribe to Cleo Plus feature ($5.99 per month).
To get access to the advance, you need to link a bank account in the Cleo app in which you receive the direct deposit from your employer. This account is used to determine your eligibility as well as for the repayments.
Cash App is a popular payment wallet from Block Inc. [previously Square Inc.] that is used to send and receive money, make your daily payments and also has some cool investment features.
Cash App also offers its prepaid card and a direct deposit feature via its banking partner “Sutton Bank”.
Coming to the core question-
Does Cleo work with Cash App?
No, unfortunately Cleo does not accept prepaid cards for its Cleo Plus advance. You need to link a bank account which can be connected via Plaid to Cleo.
In fact, Cleo offers a great tool on its website to check if your bank or institution is eligible to be connected to its app.
There is also a caveat that says while some banks can be connected via Plaid, they may not support the salary advance feature from Cleo.
Now when it comes to Cash App, it is a prepaid account and it cannot be connected via Plaid with third party apps.
In fact, fintech to fintech connections are always a grey area due to their competitive interests e.g. Cash App has its own borrow feature which may compete with such apps.
So if you have a direct deposit set up with Cash App and looking to get an advance from Cleo, it won’t work unfortunately.
But if you are just looking to move money between the two apps, there is still a work around.
Is there any way to connect Cleo to Cash App
While you cannot connect Cash App to Cleo directly, you can make use of a common bank account which can be linked with both services.
You can use this bank account as a hub and indirectly move the funds between the two apps.
Yes, this does require you to jump over a few hoops, but that might be the only option,
E.g. if you have an account with traditional bank or online bank like Chime [you must receive the direct deposit in this bank account], you can connect this account to both Cleo and Cash App separately.
Do note that Cash App only allows you to link one bank account and one debit card a at a time.
If you want to move money from your bank account to Cash App, you can use the “Add Cash” option which works instantly.
Then to move funds from Cash App to bank account, you can use the “Cash Out” option.
Further, Cash App charges instant transfer fees [0.5% to 1.75% of transfer amount] if you want to move money instantly from your Cash App wallet to bank account i.e. do a cash out. Also, the instant cash-outs work only when you have linked the bank debit card in Cash App.
Other Apps like Cleo
If you are looking for alternate payday day advance apps from where you can move funds to Cash App, you can consider a few alternatives below
- Dave
- Albert
- MoneyLion
These advance apps offer their own checking account and debit card, So you can directly link the debit card of such apps to Cash App e.g. you can link Dave with Cash App, using Dave debit card.
Dave app has a reasonable monthly $1 fee and offers an advance up to $500, for higher direct deposit income.
Do keep in mind that a fintech to fintech direct connection is not always best.
Wrapping Up
Linking two financial apps like Cleo and Cash App can be a pain. But you can explore the above options of using a traditional bank as a hub to move money between the two services. Or, try any of alternate payday advance apps that come with their own checking account. Hope this post was useful. Let us know your queries in the comments.
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