How can you transfer money from Emerald Card to your bank account? Like any other prepaid debit card, Emerald card makes it possible for you to make online purchases, send money, pay bills, and deposit to bank accounts.
With the Emerald Card, you can spend your money on purchases without using a credit card. That means that you can avoid getting into unnecessary debt that results from credit cards.
If you’re wondering “how to transfer money from Emerald Card to my bank account,” this article outlines a simple process to help you with that. Let’s delve right into it!
- Can I Transfer Money from Emerald Card to My Bank Account?
- How to Transfer Money from Your Emerald Card?
- How to Transfer Funds Between an Old and New Emerald Card?
- How Do I Withdraw Money from My Emerald Card?
- Why Do You Need an Emerald Card?
- What Are the Emerald Transaction Limits?
- How to Obtain an Emerald Card?
- How Safe Is Emerald Card?
- Frequently Asked Questions (FAQ)
- The Bottom Line
Can I Transfer Money from Emerald Card to My Bank Account?
Yes. You can transfer money from the Emerald Card straight to your bank account. Before you can do that, you should link the prepaid card to the bank account. That should happen when you’re applying for the card.
While you may open a new account to link to your Emerald Card, it is vital to use an account you use to make your daily transactions. Once you open the Emerald platform, you can click Add Bank to link to your bank account.
Some of the information required includes your bank account number and the routing number. Once you have linked the Emerald card to your bank account, you can quickly transfer funds to the bank.
Besides, you can transfer money from Emerald Card to your bank account via a transfer request form to an H&R Block bank. Similarly, you can make ATM withdrawals from the card up to $3,000 per day before depositing into your account.
Emerald Card takes only a few steps to make a transaction, including access to your funds. Apart from making transactions more accessible, users love Emerald card because it makes it easier to balance IRS accounts and get tax refunds.
The IRS makes direct deposits of tax refunds automatically into your Emerald card. It also makes banking extremely easy, including making transactions.
How to Transfer Money from Your Emerald Card?
If you’re wondering “how to transfer money from Emerald Card to my bank account” online, the process is going to the ATM or logging in to your account online. Here is a step-by-step procedure to guide you through:
- Step 1: Go to the H&R website and download a funds transfer form.
- Step 2: Fill out the form and provide your phone number, Emerald card number, and social security number.
- Step 3: Check that you follow all the instructions given on the form while providing the most recent personal information. There is no need to fill out the form, only to be rejected.
- Step 4: Once you have filled out the form, email it to your H&R Bank branch.
- Step 5: Wait for the bank to receive the form. Once they do, they will call you to verify your request. H&R bank will then transfer money to your bank account.
If, for some reason, the transaction does not go through or you need additional help, call them on 1-866-353-1266, which is their customer care line.
However, there are several other ways through which you can transfer funds from your Emerald card to your bank account. They include the following:
- MyBlock mobile app
- Emerald Card online
How to Transfer Funds Between an Old and New Emerald Card?
Suppose you want to transfer funds from your old Emerald Card to a new one very quickly. After logging in to your old account, select Card-to-Card Transfer on the menu options. Enter the unique Emerald Card number to which you wish to transfer the funds.
Check that the card number is entered accurately and click to authorize the transaction. Compared to card-to-bank transfer, which can take a long time, a card-to-card transfer is faster and more straightforward. So, you should have the funds reflected on the new card within no time.
How Do I Withdraw Money from My Emerald Card?
Instead of only worrying about “how to transfer money from Emerald card to my bank account,” you also need to know how to withdraw the money. After withdrawing money, you can use the funds to purchase or pay for anything you want.
1) Via Bank Account
Getting funds through your bank account is one of the best ways to withdraw money from an Emerald account. It’s easier if the two are linked. Once you have created a link, you can transfer money to your bank account and use it to run some transactions.
2) Use an ATM
You can conveniently withdraw cash via an ATM with an Emerald card. It works with most ATM providers, including Maestro, MasterCard, and Cirrus. However, some ATM providers may charge you a $3 withdrawal fee. The good thing with an ATM is its convenience.
3) Over the Counter
You can withdraw cash from the Emerald card at a bank or financial institution that supports it. However, this is one of the most expensive ways of withdrawing funds from the card. You can expect to pay as much as $35 per transaction, which is much higher than the $3 for ATM withdrawals.
4) Store Cashback
It is also possible to get money via cashback as a store. You need to check that the store accepts Emerald cards. Expect to pay a fee to the Point of Sale for withdrawing money in this manner.
5) One-Time ACH or Check
You may also ask H&R bank to write for you a check, which you can cash out at your bank. A check is suitable when withdrawing a large amount, which isn’t ordinarily allowed at a bank. A one-time ACH H&R bank will transfer money from the card straight to a bank account.
Learn More: How Long Do ACH Transfers Take?
Why Do You Need an Emerald Card?
One of the significant reasons to have an Emerald Card is to advance loans from H&R Bank on expected tax refunds when the tax season begins. You need an Emerald prepaid card to get an advance tax refund loan. The company deposits the amounts for the advanced loan directly into the card account and not direct deposit or check.
Taxpayers can pick any fine loan amounts, which could be $250, $500, $750, $1,250, and $3,500. The loans attract 0% APR, making them the cheapest on the market. However, H&R Block requires loan applicants to file taxes through their system and pay fees.
Despite being functional, the Emerald prepaid card attracts $3 for every ATM withdrawal. There’s also a $1.50 fee for every decline and balance inquiry. There will likely be other fees from ATM service providers. A mobile balance inquiry on MyBlock costs $1.
Once you get an Emerald card, you should use it regularly. If you take 60 days without using it, H&R will charge you $4.95 monthly. Another fee is the $4.95 reloading fee charged by the card issuer. Every time you pay bills using the card, you’ll pay $0.95.
What Are the Emerald Transaction Limits?
There are several limits set by H&R bank to stop you from overspending. For example, you can draw a minimum of $3,000 at an ATM. That amount is much higher than other larger prepaid debit cards, which allow only $1,000 as the maximum daily withdrawal limit.
For transactions, such as ATM withdrawals and POS authorization, which require a PIN, the maximum amount is $3,500. Signature transactions are also possible with a $3,500 maximum amount.
Learn More: The Fastest Way To Transfer Money Between Banks
How to Obtain an Emerald Card?
You can obtain an Emerald card by making an application online, after which the H&R takes you through a prequalification process. The following are necessary:
- The amount received the previous year as a tax refund
- Personal contact information
- Social security number
When filling in the online form, you’ll need to provide personal information, including your physical address, phone number, and email address. Once you have the card, you can obtain an Emerald tax refund advance of $250 to $3,500, depending on your credit score. Only individuals above 18 years old can apply for the card.
After getting approved for the Emerald prepaid debit card, you have to wait for H&R bank to deliver the card to you within 14 days. Since you’re a first-time cardholder, you’ll have to pick it up from a local H&R office.
Joint cardholders who apply through the online platform can wait for 7 to 10 business days to receive the card. However, an application filed at the tax office resulted in instant card issuance. If you want the card to come via other bank documents and packages, the H&R bank will email it to you.
Once you receive your Emerald card, you can call 1-866-353-1266, the Emerald helpline, to activate it. You also need to create an online account for managing funds through the MyBlock app. The app is downloadable and installable on a mobile phone for easy and convenient use.
How Safe Is Emerald Card?
Emerald card has FDIC insurance and is, therefore, safe. With that, you can get your money when the company is in financial trouble or collapses. The company secures FDIC insurance for funds amounting to $250,000 for each account.
The money in the card is held by Metabank, which has FDIC insurance cover. That makes the funds in your account safe. Even so, your card has a PIN, which secures it against individuals who might want to withdraw your money fraudulently.
While insurance and PIN ensure that you are protected, you should also try to avoid sharing the card details with strangers. Remember, anyone with the facts can access your funds through an ATM.
In case of fraud, your insurer may restrict the card to prevent the withdrawal of funds. Every time you try to withdraw from an ATM, it will display Account Restricted. While that can be frustrating, it is a temporary issue that protects you from possible losses.
Frequently Asked Questions (FAQ)
The Bottom Line
Now that you know “how to transfer money from an Emerald card,” you should go ahead and acquire one. You can deposit money from the card to your bank account by filling in an online form via the MyBlock app and withdrawing through ATM before depositing into a bank account. Apart from enjoying tax refunds, you can use the card to make transactions when purchasing goods online and in-store. Its transaction limits are much higher than other prepaid cards, making it highly desirable.