Green Dot is an American financial technology and bank holding institution with headquarters in Pasadena, California. Green Dot Corporation is the largest prepaid debit card issuer in terms of market capitalization in the world. With a Green Dot card, you can transfer money to a bank account with ease. I will show you how to transfer money from the Green Dot card to a bank account later.
Since its foundation in the year 1999, the company has grown to match the market demands. It has already acquired various technology companies such as AchieveCard, Loopt, AccountNow, UniRush Financial Services, and Santa Barbara Tax Products Group. Currently, Green Dot is the payment platform of Amazon, Apple Pay, Walmart, Uber, and Intuit. When Steve Streit started the company, it offered prepaid debit cards for teenagers for online shopping. Later in 2001, the company started focussing on serving the unbanked and underbanked communities.
Green Dot has around 1200 employees in total. In terms of income, the company is also doing good. Early this month (May), the company management announced that it expects to make between $1.27 billion and $1.29 billion in the 2021 financial year before taxation. The excellent performance is probably a result of Visa and Mastercard debit cards that many people prefer.
Which prepaid cards does Green Dot offer?
Green dot has three main types of prepaid debit cards, which are available at various select stores. They include the following.
1) Green Dot Visa Debit Card
The card allows you to save money by transferring it to the Money Vault. Money in the Vault is not available for withdrawals unless you move it back to your card account. The card also allows you to set aside emergency funds to use when you get emergency issues such as accidents, illness, or urgent need to travel, among other urgent issues.
With the Green Dot Visa Debit Card, you can withdraw money at ATMs. You can also make payments online at shops such as Amazon and Walmart. The card comes with various fees, which you must part with. When reloading at the participating retailers, you must part with $4.95.
ATM and teller withdrawals cost $3 per transaction. If you inquire about your balance via ATM, you part with $0.50. Furthermore, in case you want to replace your card, you have to part with $5. A 12 pack paper check cost $5.95. All these fees are not avoidable, and so long as you have the card, you will have to part with them.
There are other fees that you may avoid in one way or the other. For example, you can avoid a $7.95 monthly maintenance fee if you make a direct deposit of at least $500. You can also prevent a one-time inactivity fee of $7.95 if you use the card within the first ninety days of application.
2) Green Dot Cash Back Visa Debit Card
The card gives you a 2% back on mobile and online purchases. The cashback has no caps, and you can earn as much as possible. You will also get a fee-free savings account that makes a 2% interest per year. With the card, you will also be able to deposit funds for free at participating retailers. Again, ATM withdrawals are free of charge. To benefit from the free ATM withdrawals, you must use the in-network ATMs.
Unlike the Green Dot Visa Debit Card, the Green Dot Cash Back Visa Debit Card does not have access to Money Vault, and thus you cannot save. There are various fees associated with the card, which you must be aware of. The card purchase fee is $2.95.
When withdrawing out of the network ATMs, you will part with a $3 fee per transaction. Out of net balance, inquiry costs $0.50. Teller withdrawals cost $3 per transaction, while card replacement costs $5. A 12 pack paper check costs you $5.95.
Moreover, the card has a monthly maintenance fee of $9.95 that you cannot avoid in any way. You can prevent the inactivity fee of $9.95 if you make a transaction at least once in the first 90 days of getting the card.
3) Green Dot Pay As You Go Visa Debit Card
Just as the Green Dot Visa Debit Card, the Green Dot Pay As You Go Visa Debit Card offers free bank transfers so that you can save as much as possible. Also, you can make free direct deposits to your card account and also set aside some of your money in a Money Vault.
The card has various fees, including $1.50 per transaction, $3 per ATM and teller withdrawals, and $0.50 for balance inquiries. You will pay $5 for card replacement and an inactivity fee of $9.95 of which you can avoid by using the card regularly.
How to transfer money from Green Dot Card to a bank account
Green Dot allows you to transfer money from your account to a bank account by using ACH transfers. The Automated Clearing House network does ACH transfer processing. It is a secure way to move funds from your Green Dot account to a bank account and vice versa.
First of all, you should have the routing and account number of the bank you are transferring money to. The following steps are necessary when transferring funds.
- Log into your Green Dot card account online
- Navigate to Add money or transfer money
- Select transfer money
- Add the bank details where you want to send the money
- Follow the other instructions
You can also use the linked bank account to add money to your Green Dot card account and use it for various transactions. Green Dot to bank transfers takes up to 4 business days to complete. Moreover, Green Dot allows you to transfer funds to other payment platforms such as PayPal and Cash App.
Is it worth having a Green Dot debit card?
Whether the card is worthy or not depends on an individual. If you want to improve your credit scores, do not expect any of the Green Dot debit cards to increase your scores. Debit cards do not impact your credit scores. In such a scenario, you need a credit card which you can get from a bank or credit union if you have a checking account plus favorable credit scores.
Green Dot Debit cards are helpful if you want to avoid carrying huge cash in your wallets and purses. Also, the cards are convenient when you want to purchase anything from an online shop. Again, if you get the Green Dot Cash Back Visa Debit Card, you can get cash back rewards if you buy goods and services at select stores.
In most cases, ATM withdrawals are free depending on the card you have and whether you use an in-net or out of network ATM. The only inconvenience you may get is when you travel to rural areas which have no ATMs.
Another advantage of having the card is the ability to save money in the Money Vault. Both the Green Dot Visa Debit Card and the Green Dot Pay As You Go Visa Debit Card allows you to lock funds in the Vault so that you cannot use them for your transactions. However, you can bring the money into the card account anytime. You can also save emergency funds.
How do I get the Green Dot card?
Getting the card is not difficult as you can get one from any registered retail store in the country. The first step is to find a nearby location on the Greendot.com website. You must enable a location finder in your card account.
Once you find a nearby location where you can apply for a Green Dot Prepaid Debit card, you can check on the eligibility requirements. You must have a social security number and be at least 18 years old. You will fill in;
- Your full name
- Phone number, and
- Physical address at the issuing center.
You will also enter the date of birth and your social security number. Furthermore, you must provide a federal id which may be a driver’s license or passport. You can also apply online.
Once you receive your prepaid debit card, the next thing is to activate and start using it immediately. As I had mentioned earlier, you can top up the debit card account using a bank account or PayPal.
Can I send money to another Green Dot card?
Yes. You can send money to another Green Dot cardholder instantly. You only need the recipient’s phone number, name, email address, and phone number. Follow the procedure below to transfer money.
- Log into your prepaid card account.
- Move to Pay Bills and People
- Select Pay People and send money.
- Enter the recipient’s details, including name, email address, phone number, and the amount to transfer.
- Tap on Continue to review the information
- Select send money to complete the transaction
The money is available as soon as the recipient accepts it.
Is my money safe at Green Dot?
It makes sense to worry about the safety of your money in any bank. Your funds at Green Dot are safe since they have insurance from FDIC. Remember that apart from being a prepaid debit card issuer, Green Dot is a bank. The law requires all banks to insure all the accounts with FDIC up to $250,000 per account.
However, you should keep your account safe by keeping crucial information a secret. I saw a question somewhere in one of the online Questions and Answer platforms where one had asked; can someone withdraw money with my account number?
There were all sorts of responses, some right, others wrong. The reality is that no one can withdraw your money with just the account number. They will need other details such as your ID, signature, and maybe your routing number.
Furthermore, someone can use your debit card to withdraw money at an ATM if they know your PIN. That is why you should never tell anyone your PIN. Also, someone can use your card number and the security code to purchase goods online. There is no need for a PIN when paying bills online.
What should I do if I lose my Green Dot card?
Losing your debit card can be devastating if it lands in the wrong hands. You should report to customer care as soon as you notice that you do not have your card. Green Dot has Zero Liability Protection which means that you will not be responsible for any unauthorized transactions in your account. You should call Green Dot at (866) 795-7597 to report any loss. If you do not notify Green Dot within two days, you will be liable for all the illegal transactions done by the fraudster.
After reporting, Green Dot will lock the card so that no one will use it. You need to understand that if Green Dot realizes that you have shared your PIN, the zero liability protection will become invalid, and you will be responsible for all transactions.
Does Green Dot impose spending limits?
There is a need to set daily limits to control the movement of money. Green Dot debit cards have certain spending limits that you should know. The daily maximum ATM withdrawal is $400, while the general daily spending limit is $3000. You cannot have more than $10,000 in your card account.
Does Green Dot issue credit cards?
If you want to grow your credit scores, then Green Dot issues secured credit cards that you can apply for and borrow against your deposit. You can get the Platinum Visa Secured credit card which requires you to make at least a $200 deposit to act as the collateral for your account. The more you deposit, the higher your borrowing limit.
To transfer money from your Green Dot prepaid debit card account to a bank account, you need the account and the routing numbers of the receiving bank account. The two sets of numbers will help you to set up an ACH transfer to your bank account. Moreover, you can load your Green Dot card with funds from your bank account. You can also transfer funds from your Green Dot card to another Green Dot card instantly.