Before we dive into detailed information, let’s know what the Cash App clearance fee is.
Clearance fee is taken to send or receive money to or from in any app. However, Cash App does not charge any clearance fee or there is no Cash App clearance fee. However, there are many scams going on the internet in the name of Cash App clearance fee. Scammers are asking for clearance fees by contacting users through emails, and calls like Cash flipping scam, rental, advance deposit, or payment claiming scam.
Cash App only charges for having a business account and for instant direct deposit which is optional, it means, Cash App can make direct deposit as soon as it receives money. In return, it charges a 1.5% fee for instant payments.
One of the most popular scams is Cash flipping. In this type of scam, scammers take a small amount of payment from the users promising crazy returns. Scammers usually attract Cash App users through crazy posting on social media platforms.
Scammers have robbed several Cash App users by this scam. In this type of scam, they attract the attention of users by posting on social media platforms promising a very high return. They promise to make money double, triple, ten times, or even more in exchange for a small payment. Through posts they try to win the users trust by explaining how they can flip hundreds of dollars into thousands of dollars.
Scammers may contact Cash App users through phone or email convincing them that they are entitled to a payment (usually a big amount). However, the fraudsters ask for a small amount of cash to claim it. Here Cash has already warned its users saying, it never requests funds from a customer and no one can claim a payment by sending money to Cash App.
Cash App has mentioned all the ongoing Cash App scams and warned its users to avoid such scams. Apartment or home deposit in advance is one such scam. Here, scammers promise to offer you low-priced apartment or home rentals. Don’t believe what they say without proof, make some distance from such people.
Fraudsters are robbing Cash App users with giveaways. Here the fraudsters tweets or other social media posts promising to Giveaway some amount of Cash. They are using #Cash App Friday or #Super Cash App Friday, they are promising to offer some amount of cash and asking Cash users to retweet it. Further, they also ask users to send them a direct message with their $Cashtag.
In this type of scam, scammers request Cash App users to purchase prepaid gift cards from local retailers or popular websites on behalf of a scammer. Then, the user who has purchased prepaid gift cards sends his card information with the scammer to prove that they have made the purchase. Now, the scammers use the card information to essentially steal the card and do not pay out the Cash App giveaway money.
The clearance fee is a small amount of money transfer and it ranges from one to three percent. The users should note that Cash App does not charge any clearance fee except business account fee and instant direct deposit fee.
Scammers are asking for different types of clearance fees. The users are warned not to pay any clearance fees if someone is promising to flip your money to double, triple or ten times, advance deposit for rentals. Also don’t provide your $Cashtag or Cash App bank information to anyone, don't share it on any social media sites.
Fraudsters choose Twitter, Instagram, Facebook, Craigslist, and Reddit for interacting with people on social media. Always be cautious of anyone who promises to offer you high returns as such people are not genuine as they take a small amount of money from several people like and vanish, block you or ignore you. Never share your bank account, credit card, or debit card information. A sugar daddy is a person who promises to offer crazy returns or something very costly on the cheap. So, never transfer your money in a hurry without first meeting in person. It’s a type of sugar daddy scam.
No, Cash App never asks for any clearance fee. If someone asks for any clearance fee, probably, it could be a scam. Cash App only charges for having a business and instant deposits. You can go through Cash App terms & conditions to know how much they charge for having a business account and for instant direct deposit.
The users can’t recognize a scam if they are not cautious of how scammers attract people and trap you in crazy deals. In fact, many Cash app users are not aware of such scams and we see the type of scam is also changing day by day. So, it is advised to stay updated with all on-going scams. You just need to follow Cash App social media accounts where they keep you updated when they come across any scam on their app. Here, the users should know that Cash App as a company is not a scam. Cash App is a legal and safe platform to send and receive payments. However, scammers ask to pay money to them using the Cash App. So, if anyone is promising to pay high returns in future and asking you to send a small deposit in advance it is likely a scam.