Finance

Cash App Class Action Settlement: What Happens if You Missed the Filing Deadline?

$2,500 Cash App Settlement: The $2,500 Cash App settlement has been causing waves as thousands of customers are qualified to receive pay out after a class-action suit. If you’ve ever made a transaction through Cash App from August 23, 2018, until August 20, 2024, then you could qualify for a pay out.

But act fast! The deadline for filing a claim is November 18, 2024. Here, we will unravel everything you should know about the settlement, eligibility, claiming, and what to do next.

If you utilized Cash App between August 23, 2018, and August 20, 2024, you could be entitled to as much as $2,500 under the settlement. As the deadline of November 18, 2024, draws near, make sure to send in your claim before the time runs out.

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What Is the Cash App Settlement About?

Topic	Details
Settlement Amount	$15 million total payout
Individual Payouts	Up to $2,500 per person depending on eligibility
Eligibility Period	August 23, 2018 – August 20, 2024
Claim Deadline	November 18, 2024
Final Approval Hearing	December 16, 2024 (subject to extension)
Official Settlement Website	cashappsecuritysettlement.com

This settlement comes after a class-action lawsuit alleging that Cash App did not adequately protect user information, leading to unauthorized charges and data compromises. The suit alleges that Cash App failed to adequately implement security protocols and that it permitted instances where hackers entered customer accounts or personal data were compromised.

Cybersecurity has turned out to be a growing concern in financial technology, and money apps and digital wallets are frequently targeted by cybercriminals. The growth of internet fraud requires firms to implement advanced security features such as multi-factor authentication and secure transactions. The Cash App settlement serves as an alarm call for money service providers as well as for customers, as it indicates the potential consequences of overlooking security.

Under the terms of the agreement, Cash App (Square, Inc.) agreed to pay $15 million to harmed customers. Payment will differ for each individual depending on the degree of harm sustained.

This is not the first time that a prominent fintech firm has found itself in court regarding security hacks. Earlier cases have been filed against websites like Venmo and PayPal, and the issue in those cases was the requirement of proper security measures and speedy customer service in processing cases of fraud.

Who is Eligible for $2,500 Cash App Settlement Payment?

You may be eligible for payment if:

Your Cash App account was hacked without your knowledge.
You experienced an unauthorized transaction between August 23, 2018, and August 20, 2024.
You wasted time or money resolving Cash App fraud.
In addition, if you endured mental or emotional distress due to a violation of personal data or financial fraud, you may be entitled to a reward. This type of distress includes time wasted contesting the fraudulent transactions, anxiety over stolen information, or effort in getting the account security restored.

If you are eligible, it is free to file a claim and only takes a few minutes.

How to Claim $2,500 Cash App Settlement

It is simple to file your claim and can be done online or through the mail. Just follow these steps to receive your share:

Step 1: Get Required Information
To file a claim, you’ll need: ✔ Your full name, email, and phone number associated with your Cash App account.

✔ Proof of unauthorized transactions or fraud (if available, such as bank statements or screenshots).

✔ Estimated time or expenses spent fixing security issues.

✔ Details of any emotional or psychological distress related to the incident.

Step 2: Visit the Official Settlement Website
Visit cashappsecuritysettlement.com and select “File a Claim”.

Step 3: Complete the Online Form
Fill in the details requested, such as:

Your own details
A brief description of the issue you faced
Relevant papers (if applicable)
Any other impact the event had on your well-being or finances
Step 4: File Your Claim Within Time
Make sure that you file your claim by November 18, 2024. Late claims will be denied.

How Much Money Will You Get?

The pay differs according to the degree of damage you have incurred:

Less inconvenience (time spent to resolve issues): Expected payment of between $10 – $50.
Loss of money through unauthorized transactions: Payment can be in the range of $500 – $2,500, depending on the amount lost and filed proof.
Physical discomfort and unreasonable inconvenience: Payment may increase in accordance with additional claims of loss and violation of personal security.

When Will You Be Paid?

The final hearing date of approval of the settlement is December 16, 2024. Disbursements will be made early to mid-2025 without delay.

Payments will be made through:

Direct deposit to your linked Cash App account or bank.
Paper checks for mail pay if you opted for that.
Digital payment vouchers in the event others use something else.