If cash apps fail, consumers could lose billions, feds warn
As several traditional banks have failed this year, federal officials remind users of the risks associated with cash applications.
LEARN MOREPosted: 2:38 p.m. EDT Jun 27, 2023
Cash App says it is investigating an issue causing users to be charged double, which is making some customers see a negative balance.
On Tuesday, numerous customers reported on social media issues with being charged multiple times for transactions using the app.
A company spokesperson said the issue has been fixed and customers will soon see refunds.
"We’ve fixed the problem and will refund any amount that was incorrectly charged by the end of the day," the company said Tuesday. "We know situations like these can be frustrating, and we’re sorry for the difficulty this may have caused. We’re dedicated to protecting every account and transaction on Cash App, and we’re always working to improve the experience."
Cash App said it would notify affected customers.
Cash App didn't say what caused the glitch other than it was a "technical issue."
Cash App is an app that allows customers to send and receive money to each other like Venmo and Apple Pay. It can also be used to send, spend or invest in stocks or bitcoin.
As of March, the app reported having 53 million active users. The company reported having $931 million in gross profits in the first quarter of 2023.
