Apple Cash’s terms and conditions have just been updated, and Apple is notifying users about two upcoming changes in particular. Apple Cash will soon start requiring identity verification to reload balance, and could enable ‘Externally-Initiated Funding Transactions’.
If you use Apple Cash, you may have just received an email—or will soon—notifying you of changes to the terms and conditions for the service. Apple partners with Green Dot Bank to offer Apple Cash, and the bank’s revised terms page includes a couple prominent changes that Apple highlights in its email.
The first has to do with identity verification. Per Apple: Starting on November 9, Green Dot Bank will begin requiring users to verify their identity in order to reload their Apple Cash balance. You can do so at any time from your device by going to Settings > Wallet & Apple Pay > Apple Cash.
Another upcoming change involves “Externally-Initiated Funding Transactions.” It doesn’t have a date yet, but the new terms provide Green Dot the ability to offer the feature. Apple writes: In the future, Green Dot Bank may enable Externally-Initiated Funding Transactions, which provide you the ability to transfer funds directly from a bank or merchant to your Apple Cash Card, subject to certain limits.
Source: 9to5Mac · Summarized by HeadlinesBriefing