Cash App Settlement Eligibility: Know Before Taking Any Step

Last updated on September 29th, 2024 at 01:31 pm

The Cash App security breach has resulted in a significant settlement that aims to compensate those affected. Understanding the specific eligibility criteria is essential, especially as they vary depending on the account type, user status (including minors), and impact time frame. This article will cover Cash App settlement eligibility, including specific criteria for minors, sponsored accounts, and those who have been directly or indirectly affected by the breach.

What Is the Cash App Security Settlement?

The Cash App Security Settlement is a resolution to a class action lawsuit filed against Block and Cash App Investing. The lawsuit claimed that the companies were negligent in handling user data, leading to unauthorized access to accounts between August 23, 2018, and August 20, 2024. Plaintiffs alleged that security controls were inadequate, resulting in unauthorized transactions.

Block and Cash App Investing deny any wrongdoing, but they agreed to a settlement to avoid the costs and delays of a court trial. The settlement includes payments to affected users, attorneys’ fees, and other related costs. For this, people will have to fill out the Cash App Security Settlement Form. After approval, they will be given the amount.

General Eligibility Criteria for Cash App Security Settlement

To qualify for the Cash App Security Settlement, individuals must be part of the Settlement Class, which includes users of Cash App or Cash App Investing whose accounts or personal information were accessed without permission or experienced fraudulent transactions between August 23, 2018, and August 20, 2024.

Below is a list of incidents that can make someone eligible to apply for the settlement:

Out-of-Pocket Losses

You may be eligible for reimbursement if you experienced any of the following:

• Unauthorized transactions, fraudulent withdrawals, or unresolved errors in your Cash App account.
• Costs related to credit monitoring or identity theft insurance.
• Cost related to recovering a Cash App account.
• Fees incurred for requesting a credit report or placing a credit freeze.
• Costs to cancel a payment card and obtain a replacement.
• Fees to close an account and open a new one.
• Miscellaneous expenses such as postage, long-distance calls, or express mail related to resolving issues.
• Unrefunded overdraft, overdraft protection, or late payment fees.

Lost Time

You may be reimbursed for time spent dealing with:

• A Data Security Incident.
• An Unauthorized Account Event.
• Deficiency in error resolution in your Cash App or Cash App Investing account.

Transaction Losses

You can claim reimbursement for transaction losses if:

• You experienced an Unauthorized Account Event causing monetary loss that hasn’t been reimbursed.
• You reported the incident to Cash App between August 23, 2018, and August 20, 2024.
• You filed a police report for the event during this time.
• You provided documentation sufficient to demonstrate the occurrence of the Unauthorized Account Event.

The eligibility criteria for the above three categories are general and generally applicable to all. If a special category is included in any Cash App account, then we will discuss it in detail later.

Eligibility Criteria for Minors

Based on the official Cash App Security Settlement site, there is no specific mention of whether minors can directly file a claim for the settlement. However, if the minor’s account is involved in unauthorized transactions or data breaches, a claim could potentially be filed on their behalf by a parent or legal guardian.

• Minors Affected by the Breach: If a minor (under 18) was using Cash App or had a Cash App Investing account that was impacted by the breach, they may be eligible to file a claim. However, a parent or legal guardian will need to file the claim on their behalf.
• Claim Process for Minors: The guardian must provide proof of unauthorized activities on the minor’s account, as well as documentation to prove their status as the child’s legal representative. And fill out the claim form just like a normal Cash App user.

Sponsored Accounts Eligibility

sponsored account (such as one managed by a parent or guardian) has experienced unauthorized transactions or data breaches, it’s possible that claims could be filed on behalf of the account holder.

• Eligibility for Sponsored Accounts: In cases where sponsored accounts were impacted, the person who manages or has financial control over the account can file a claim on behalf of the account holder.

Eligibility for Business Accounts

• Business Account Users: Businesses or individuals using Cash App for commercial purposes who experienced unauthorized financial transactions or account breaches are also eligible for the settlement. This includes both small businesses and larger organizations.
• Required Documentation: Business account holders will need to provide proof of business ownership and any records of unauthorized activity to file a claim.

Eligibility for Users Without a Notice

You are still eligible to file a claim if you didn’t receive a notice about the Cash App security settlement. Notices were only sent to people whose data breaches were previously known to Cash App or related organizations. If your data breach was not reported to the authorities, you might not have received a notice.

However, you are as eligible to claim as those who did get a notice. To file a claim, visit the official Cash App security settlement website, complete the claim form, and select the second option as shown in the provided photo.

Documentation Needed to Prove Eligibility

For Individual Users:

1. Notice ID (if applicable)
2. Confirmation code (if applicable)
3. A report or complaint was filed with the concerned department of the financial institution.
4. Records of unauthorized withdrawals,
5. Evidence of out-of-pocket expenses or time lost due to securing your account.
6. Cash App Cashtag.

Out-of-Pocket Losses:

1. Valid proof of any money spent from your pocket to rectify any process that resulted in a data breach

For Minors:

1. Legal guardian information, proof of unauthorized activity, and account details.

For Sponsored or Business Accounts:

1. Authority documents, proof of unauthorized transactions, and business ownership paperwork.

If you still have questions regarding Cash App Security Settlement Eligibility, you can understand the complete details through the videos on our YouTube channel Cash App Advisor.

What Happens After Filing a Claim?

After filing a claim, you don’t need to do anything else right away. There will be a court hearing on December 16, 2024, starting at 9:30 AM. During this hearing, the court may either postpone the case or make a decision. After the decision is made, the next steps in the process will be determined, including when the amount will be transferred. Until then, you just need to wait and take no further action.

Watch this video to learn more about the Cash App security settlement payout date.

Conclusion

Understanding Cash App settlement eligibility is crucial for those impacted by the recent security breach. Whether you’re an individual, minor, or business, knowing the specific criteria and required documentation can help ensure you receive the compensation you’re entitled to. If your account was affected, make sure to review the eligibility requirements carefully and file your claim before the deadline.

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Disclaimer: The information provided in this article is for general informational purposes only and does not constitute legal advice. The details regarding Cash App’s settlement eligibility are based on current knowledge and may change. Please consult with a legal professional for advice specific to your situation. The author and website are not responsible for any inaccuracies or changes in the settlement process.