While transacting on the Cash App you might have seen a Green Building Symbol besides your profile picture. Now, if you are wondering what is the Green Building Symbol on Cash App? Do not ponder on it more, because I have got you covered here. In this post, you will definitely get your answers to the relevant question. Just stay tuned as we embark on this journey to find out your answers.
What is the Green Building Symbol on Cash App?
Basically, the green building icon next to your Cash application’s username means that you have a business account. It means that you pay a 2.5% transaction fee every time you receive a payment in your account. However, there is no cap on the amount of money you can receive, and the fee for accepting credit card transactions is also comparatively lower at 2.75% rather than 3%.
Now, are you wondering what is your account type then? Don’t worry, just head to the next section for your answers.
How to confirm your Cash App account type?
When you create an account with Cash App, it is set up as a personal account by default. So if you do not remember switching to a business account, you have a personal account. However, if you still want to confirm your account type. Here you go:
- Open the Cash application.
- Tap your profile picture.
- Once the profile settings page opens, tap the “Personal” tab.
- So, basically, if you see the “Business” tab, it means you own a “Business” account.
- But, if you see the “Personal” tab instead, then you indeed have a “Personal” account.
Changing your account from Business to Personal –>
A business account is usually a permanent change. You cannot change back to a personal account within the Cash App. You will need to contact the support team for this purpose. But to try it out, follow these steps to convert your Cash App from business to personal:
- Sign in to the Cash App.
- Thereafter, tap on the “Profile” > “Personal” tab.
- Thereafter, scroll down and select Change Account Type to switch from business to personal.
- Finally, use your touch ID/PIN to confirm the change.
Though it may not work for changing from Business to Personal, it will surely work for vice-versa.
Now, that you have become aware of your account type. It calls for an understudy of the pros and cons of the two account types. So, let’s head to a Business vs Personal account face-off.
Business vs Personal Cash App Account
A Personal Cash App account
- A personal account does not charge a transaction fee for funds sent or received.
- Transactions on a Cash App personal account are also instantaneous.
- According to Cash App’s terms, you should only use your personal account to send and receive money to friends and family.
- Any transactions with strangers are discouraged.
- A verified personal account also has a:
- $7,500 weekly and $17,5000 monthly sending limit.
- And, $25,000 weekly limit for withdrawals.
- Though, there is no limit on receivals.
- But, if your Cash App personal account is not verified yet, you can only send $250 per week.
- Also, you cannot receive more than $1,000 within 30 days.
- You will also have to pay a 3% fee when you receive money from a credit card to your Cash App account.
- For a personal account, you’ll also have to pay a fee of 0.25% to 1.75% for instant transfers, depending on how quickly you want the funds withdrawn from your debit card.
- You do not have to pay a fee for standard deposits that take 1 to 3 business days.
A Business Cash App account
- A business account means that Cash App recognizes that you are a business using its services.
- As you transact with strangers and earn money through the platform, Cash App charges a 2.5% fee on all payments you receive.
- However, there is no capping on the amount of money you can send or receive.
- The fee for accepting credit cards has also been reduced from 3% for personal accounts to 2.75% for business accounts.
- Business account users also will not have to pay fees for instant transfers to their debit card or bank account.
- Your business account will also receive tax documents from the Cash App to help with tax filing.
- It is mainly the transaction fee that makes you hesitate to switch to a business account.
Meaning of the Blue Icon in the Cash App –>
A blue verification icon next to the cash tag indicates that Cash App has verified that the account belongs to a famous person or brand. Do not assume that a verified badge implies an endorsement by Cash App or an endorsement of that person or brand by the company.
WRAPPING UP!! –>
By now, you are surely aware of what is the Green Building Symbol on Cash App. Not only that you’ve also come to know how to change your account from one type to the other. You now know the various benefits of the two accounts. So, it is now unto you to make a well-informed choice of the type of Cash app account you want/need to have. My job was to make you aware of the various facets, which I think I have done to the “T”. Still, if you have any queries, list them out in the comments section for me to respond readily. On that note, until the next time, see ya!! Goodbye!!