Square added to its string of new features for its Cash app this week, adding a direct deposit option for paychecks.
Square Cash has added multiple options for customers lately, including a much-lauded option to buy and sell bitcoin in a simplified form. Users don’t need to know and seemingly aren’t able to find out their wallet addresses.
Reception on Twitter was mixed. Some praised the service for adding new features, leaving Venmo farther behind, while others warned Square Cash deposits are not FDIC-insured.
In other words, a Square Cash account may resemble a full checking account, but is a prepaid account. Still, the news may make banks sit up and take notice of nonbank competitors functionally offering as much as or more than their checking accounts.
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