A GreenDot card is a prepaid debit card that allows you to deposit money and use it for purchases and ATM withdrawals. If you have a balance on your GreenDot card that you want to transfer to your bank account, there are a few easy ways to do so. In this article, we’ll walk you through the steps for transferring money from a GreenDot card to a bank account.
Overview of GreenDot Cards
GreenDot cards are prepaid debit cards that you can purchase at retail stores like Walmart, CVS, and Walgreens. You can add money to the card by depositing cash at the store, setting up direct deposit, or transferring money from a bank account or another debit card. The card can then be used anywhere that accepts major debit cards.
Some key things to know about GreenDot cards:
- They are not linked to a bank account – the balance is stored on the card.
- You can only spend the amount that is loaded onto the card.
- There are fees for certain transactions like ATM withdrawals.
- The cards expire after a certain period if not used.
- You can purchase different types of GreenDot cards including branded cards like Visa and Mastercard.
Ways To Transfer Money From GreenDot Card To Bank Account
If you want to move your funds off of your GreenDot card and into your bank, you have a couple options:
1. Transfer to Bank Account Through Website
The easiest way is to use the GreenDot website to transfer money directly to your bank account. Here’s how:
- Log into your GreenDot account online.
- Go to the “Transfers” section.
- Enter your bank account information – routing and account numbers.
- Enter the amount you want to transfer. Note there is a $4.95 fee per transfer.
- The money will usually hit your bank account within 1-2 business days.
This method allows you to quickly transfer any amount from your GreenDot card to your connected bank account. Just keep in mind the nearly $5 transfer fee each time.
2. Use ATM Withdrawal
You can withdraw cash from your GreenDot balance at an ATM and then deposit that cash into your bank account. Here are the steps:
- Locate an ATM that is part of the MoneyPass ATM network. This avoids ATM fees.
- Insert GreenDot card and enter PIN.
- Select withdrawal amount and take dispensed cash.
- Go to your bank branch and deposit the cash into your account.
This allows you to transfer money at no cost besides potential ATM fees if it’s not a MoneyPass ATM. Be aware that daily ATM withdrawal limits apply based on your GreenDot card type.
3. Mobile Check Deposit
Many banks offer mobile check deposit through their app allowing you to remotely deposit checks. To use this with a GreenDot card:
- Write yourself a check from your GreenDot card. Put it “Pay to the order of” yourself.
- Endorse the check by signing the back.
- Use your bank’s mobile app to take a picture of the front and back of the endorsed check.
- Submit the deposit through your bank’s app.
- The GreenDot funds will transfer to your connected bank account within a few business days after the check clears.
While this process takes a few extra days, it does avoid transfer fees. Make sure to verify any deposit limits with your bank.
4. Paypal Transfer
If you have a PayPal account connected to your bank, you can transfer money from GreenDot to Paypal and then from Paypal to your bank:
- Transfer money from your GreenDot card to your PayPal balance.
- Once money is in PayPal, transfer it to your connected bank account.
- The money will be withdrawn from PayPal and deposited into your bank account within a few business days.
While this involves a few extra steps, it is a free way to move money from GreenDot to your bank as PayPal does not charge transfer fees.
Tips for Transferring From GreenDot Card
Here are some tips to make sure your GreenDot to bank transfer goes smoothly:
- Check your GreenDot balance first to ensure you have enough funds to transfer.
- Verify your bank account number and routing number before setting up any transfers.
- Transferring directly to a bank account is fastest. Mailing a check takes much longer.
- Be aware of maximum daily ATM withdrawal amounts if using cash.
- Know that GreenDot transfers and checks usually take 1-3 business days to process.
- Set up alerts so you are notified when money hits your bank account.
- If the transfer fails or gets rejected, contact GreenDot customer support for help.
- Always use a secure internet connection when accessing your GreenDot account online.
By following the steps and tips outlined above, you can seamlessly move money from your GreenDot prepaid card to your regular bank account. This allows you to access and spend your funds in the way that is most convenient for you.
Frequently Asked Questions
There is a $4.95 fee when you directly transfer funds from your GreenDot card to a bank account using the website. ATM withdrawals and mobile check deposits do not have a fee.
Yes, you can transfer money from your GreenDot card balance to your PayPal balance at no charge. However, PayPal may charge a fee when sending money from PayPal to your bank.
Transfers directly to a bank account take 1-2 business days. Transfers through PayPal or checks take 2-3 business days. ATM cash withdrawals are immediate but have daily limits.
Daily ATM withdrawal limits depend on your card type but are typically $500-$1000. Monthly withdrawal limits are higher around $3000-$5000.
Yes, you can transfer your entire balance minus any fees. Some transfer methods have per transaction limits, so you may need to do multiple transfers to move your full balance.
Transferring money from your GreenDot prepaid card to your regular bank account is easy to do through the website, ATM withdrawals, mobile check deposits, or PayPal. Following the step-by-step processes outlined above, you can smoothly transfer money between accounts and access your funds. Just make sure you are aware of any fees and transaction limits based on the method you choose.