Cash App Still Investigating ‘Glitch’ Causing Double Transactions In Accounts

Cash App Still Investigating ‘Glitch’ Causing Double Transactions In Accounts

Cash App said in a statement it’s still investigating an issue that has caused some users to be double-charged for transactions.

“We recently discovered a technical issue that’s causing some customers to get charged double the amount of their transaction,” Cash App said in an update to its status page Tuesday. “We’re actively investigating and working to fix the issue as soon as possible, and we’ll share updates as soon as it’s resolved.”

Cash App is a peer-to-peer payment app started in 2013 that allows individuals to quickly send, receive, and invest money.

According to NBC WTHR, Cash App said it will notify users who were double- charged and provide refunds. Users across social media platforms complained Monday about the double transactions, which sent some accounts into the red. Additionally, USA Today reported Cash App’s in-app and phone support were also down on Monday as users sought help fixing the problem.

Cash App said the issue was “causing duplicate Cash Card transactions” and “making some customers see a negative account balance.”

The Cash Card is an optional Visa debit card connected to users’ Cash App balances rather than a bank account.

The “glitch” comes on the heels of the Consumer Financial Protection Bureau (CFPB) warning customers against keeping money in money-sharing apps including Cash App and Venmo long-term because they lack the federal protections consumers have at traditional banks.

The warning was released after several high-profile bank failures, including Silicon Valley Bank and Signature Bank. Customers of those banks received refunds because account holders at federally insured financial institutions are guaranteed to get back up to $250,000 per account if the bank fails.

The CFPB added that billions of dollars are at risk of being stolen from customers due to payment apps encouraging customers to store money rather than just send or receive money. The industry group the Financial Technology Association, which represents both Cash App and Venmo, defended the safety of the app.

“Tens of millions of American consumers and small businesses rely on payment apps to better spend, manage, and send their money. These accounts are safe and transparent,” the group said in a statement, according to CNN. “FTA members provide clear and easy-to-understand terms in all their products and prioritize consumer protection every step of the way.”