How to Cash Out Stocks on Cash App: A Step-by-Step Guide
Cash App, a popular mobile payment service, has gained significant traction in recent years. In addition to its primary function of sending and receiving money, Cash App also allows users to invest in stocks. If you’ve invested in stocks through Cash App and are ready to cash out, this step-by-step guide will walk you through the process.
1. Open the Cash App
Launch the Cash App on your mobile device. If you don’t have it installed, download it from the App Store (iOS) or Google Play Store (Android). Sign in to your account using your email address or phone number and the associated password.
2. Access Your Investing Tab
Once you’re logged in, locate the “Investing” tab at the bottom of the screen and tap on it. This will direct you to the investing section of the app, where you can manage your stock investments.
3. Select the Stock to Cash Out
Within the investing section, you’ll find a list of stocks you own. Scroll through the list and select the stock you wish to cash out. Tap on the stock to access its details and perform further actions.
4. Choose “Sell” Option
After selecting the stock, you’ll see various options related to that particular stock. Look for the “Sell” option and tap on it. This will initiate the process of selling your shares and converting them into cash.
5. Set the Number of Shares to Sell
Next, you’ll be prompted to enter the number of shares you want to sell. You can either enter the precise number of shares or choose the “Max” option to sell all the shares you own. Take into consideration any fees or taxes associated with the sale, as they may impact your final payout.
6. Review the Order Details
Before finalizing the sell order, review the details to ensure accuracy. Check the number of shares being sold, the current market price, and any associated fees. This step is crucial to avoid any mistakes or surprises during the cash-out process.
7. Confirm the Sell Order
Once you’re satisfied with the order details, tap on the “Confirm” button to proceed with the sell order. At this point, your shares will be sold, and the cash equivalent will be credited to your Cash App account.
8. Transfer Funds to Your Bank Account
After the sale is complete, you’ll have the option to transfer the funds to your linked bank account. Tap on the “Transfer” option, and Cash App will guide you through the process of linking your bank account if you haven’t done so already. Follow the on-screen instructions to initiate the transfer.
9. Verify Bank Account
To ensure a secure transfer, Cash App may require you to verify your bank account. This process typically involves providing your bank account details and confirming ownership by verifying small deposits made by Cash App. Follow the instructions carefully to complete the verification process.
10. Initiate the Transfer
Once your bank account is verified, you can initiate the transfer of funds from your Cash App account to your bank account. Enter the amount you want to transfer, review the details, and tap on the “Transfer” button to begin the transaction. Keep in mind that the transfer may take a couple of business days to process.
11. Confirm the Transfer
After initiating the transfer, Cash App will display a confirmation message indicating that the transfer is in progress. Take note of any estimated processing times or fees associated with the transfer. You may also receive an email or notification confirming the transfer details.
12. Monitor Your Bank Account
Once the transfer is initiated, monitor your bank account to ensure the funds are deposited correctly. Depending on your bank’s processing time, the funds may take a few business days to appear in your account. Keep an eye on your bank statements or use online banking to track the progress of the transfer.
13. Consider Tax Implications
When cashing out stocks, it’s important to be aware of any potential tax implications. Depending on your jurisdiction and the type of investment, you may be subject to capital gains tax. Consult with a tax professional or financial advisor to understand your specific tax obligations and how to report the sale of stocks accurately.
14. Keep Records of Transactions
Maintaining accurate records of your stock transactions is crucial for future reference and tax purposes. Take screenshots or save transaction details, including dates, stock names, number of shares sold, sale price, and any fees involved. Storing this information will help you track your investment history and provide documentation if needed.
15. Explore Additional Features
While cashing out stocks is the primary focus, Cash App offers additional features that may enhance your financial management. Take the time to explore features like the Cash Card, direct deposit, or Bitcoin trading if they align with your financial goals and interests.
Conclusion
Cashing out stocks on Cash App is a relatively straightforward process. By following these step-by-step instructions, you can sell your shares, convert them into cash, and transfer the funds to your linked bank account. Remember to review the order details, consider tax implications, and keep records of your transactions for future reference. With proper attention to these steps, you can efficiently manage your stock investments on Cash App and access your funds when needed.
