Closing accounts
PayPal, Venmo and Cash App after a death
Money can sit in these accounts, and they don't close themselves.
Payment apps can hold a balance, and they're easy to forget because they don't send paper statements. Each has its own process after an account holder dies.
How each one usually handles it
- PayPal: the executor or estate administrator, not other family members, can ask PayPal to close the account through its help center. Once the death is verified, the account is usually closed and any balance is paid to the estate, often by check.
- Venmo: owned by PayPal, Venmo has a similar process through its support team. Any balance usually goes to the estate.
- Cash App: Cash App's support handles deceased accounts. Families usually contact support through the app or website.
Searching "[app name] deceased account" usually finds the current process.
What they usually ask for
- A death certificate
- The executor's ID
- Proof of authority, such as letters testamentary
Things families commonly check
- Any balance sitting in the account
- Linked bank accounts and cards, which may need updating
- Automatic payments or subscriptions paid through the app
- Bitcoin or stocks held in Cash App, which may be handled separately from the cash balance
Good to know
Payment app balances usually aren't FDIC-insured the way bank deposits are. According to the CFPB, some may be covered by pass-through insurance when the app holds the money at a partner bank, for example with an app debit card or direct deposit. Crypto held in an app isn't covered. Moving the balance to the estate account sooner rather than later is common.