Upcoming Changes to Apple Cash

[CreditInspired]

Got this notice via email this morning. 

We’ve made a couple of updates to Apple Cash.1

• Starting today, you can use Instant Transfer with Mastercard debit cards in addition to Visa debit cards. Instant Transfer is the fastest way to transfer money from your Apple Cash balance to your bank account.2
• Beginning August 26, 2021, the cost to make an Instant Transfer will change to 1.5% of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $15. The Apple Cash Terms & Conditions have been updated effective today, August 5, 2021, to reflect the new pricing.
• You can also transfer money to your bank account using ACH and receive it within 1 to 3 business days with no fee.

To make an Instant Transfer, go to your Apple Cash card in the Wallet app and tap . Tap Transfer to Bank, enter an amount, and select Instant Transfer.

1. Apple Cash, including person-to-person payments with Messages and the Apple Cash card, is a service provided by Green Dot Bank, Member FDIC.

2. Instant Transfer requires an eligible Visa or Mastercard debit card. Transfers typically post immediately but can take up to 30 minutes and are subject to security checks that may require more time to make funds available. Until August 26, 2021, a 1 percent fee (with a minimum fee of $0.25 and a maximum fee of $10) is deducted from the amount of each Instant Transfer. Beginning August 26, 2021, a 1.5 percent fee (with a minimum fee of $0.25 and a maximum fee of $15) will be deducted from the amount of each Instant Transfer.

[Anonymous]

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@CreditInspired wrote:

Got this notice via email this morning. 

We’ve made a couple of updates to Apple Cash.1

• Starting today, you can use Instant Transfer with Mastercard debit cards in addition to Visa debit cards. Instant Transfer is the fastest way to transfer money from your Apple Cash balance to your bank account.2
• Beginning August 26, 2021, the cost to make an Instant Transfer will change to 1.5% of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $15. The Apple Cash Terms & Conditions have been updated effective today, August 5, 2021, to reflect the new pricing.
• You can also transfer money to your bank account using ACH and receive it within 1 to 3 business days with no fee.

To make an Instant Transfer, go to your Apple Cash card in the Wallet app and tap . Tap Transfer to Bank, enter an amount, and select Instant Transfer.

1. Apple Cash, including person-to-person payments with Messages and the Apple Cash card, is a service provided by Green Dot Bank, Member FDIC.

2. Instant Transfer requires an eligible Visa or Mastercard debit card. Transfers typically post immediately but can take up to 30 minutes and are subject to security checks that may require more time to make funds available. Until August 26, 2021, a 1 percent fee (with a minimum fee of $0.25 and a maximum fee of $10) is deducted from the amount of each Instant Transfer. Beginning August 26, 2021, a 1.5 percent fee (with a minimum fee of $0.25 and a maximum fee of $15) will be deducted from the amount of each Instant Transfer.

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Is this another form of taking cash advances off your credit cards?