Money transfer is an important financial activity in todays world since it lets users move funds from one account to next and also, transfer money within any part of the world.
Prepaid cards such as Emerald card let you send money to other, pay for your goods and services or pay bills. However, the card holders are wondering how to transfer money from Emerald card to their bank accounts.
The US-based tax preparation business H&R Block offers a prepaid debit card called the Emerald card.
Customers who file their taxes with H&R Block get their refunds deposited into their account, which may be accessed using the Emerald card.
Once you receive your tax refund, you'll want you'll surely ask yourself how to transfer money from Emerald card to my bank account. This will help you use the funds for more important transactions and even save it.
Transferring money from Emerald card to a bank account is a fairly straightforward process.
That said, this article focuses on showing you how to transfer money from Emerald card to a bank account.
Table of Contents
What is the Emerald Card?
The Emerald Card is a reloadable prepaid debit card issued by MetaBank that you may use all year long with quick access to your money and direct deposit of your tax return.
Up to $3,500 in tax refund advance loans are available through H&R Block. Unlike other competitive companies, the loans have a 0% APR.
Customers must file their taxes and pay the associated expenses through H&R Block, but the loan is only deposited onto the Emerald card.
The Emerald Card can be used anywhere Debit Mastercard is accepted.
It carries FDIC insurance because it was issued by a bank. The FDIC insurance makes sure that you won't lose your money if the financial institution in question fails.
Every bank is required by law to guarantee any account that is open with them.
The MyBlock mobile app lets you manage your account online with an Emerald card. This enables you to quickly access your money so that you may complete transactions with a few touches.
How to Apply for the Emerald Card
The Emerald Card application process is simple, and you can complete it online. The you'll need the following documents in order to apply.
- Personal contact information
- Social security number
- Previous year tax refund amount
Your phone number, postal address, and email address make up the personal details. With Emerald, depending on your credit score, you may be able to access an advance of $350 to $1000.
Applying for the card would be easier if you were around the age of eighteen. In the event that the application is approved, you watch for delivery at your actual address.
You must activate the card by phoning their support at 1-866-353-1266 after getting it. To use the mobile app to manage your finances, you must first register an online account.
Can I Transfer Money from Emerald Card to my Bank Account?
Yes, you can transfer money from Emerald card to your bank account by downloading a transfer request form from the H&R Block bank website, filling it and then submit it to H&R Block bank.
Additionally, you have the option of making up to $3,000 in daily ATM withdrawals and subsequent bank deposits.
With the Emerald card, you have the easiest access to your money and can complete transactions quickly. Despite the fact that it simplifies transactions, it is best for tax refunds and settling accounts with the IRS.
Your tax returns will be instantly deposited into your bank account as a result, making banking simple for you. The H&R Emerald card does, however, have a number of drawbacks.
A small number of locations will load cash into an Emerald card.
Emerald cards have high transaction fees as well, and customers frequently end up in collections.
How to Transfer Money from Emerald Card to my Bank Account
You can transfer money from your Emerald card to your linked bank account. Keep in mind that when you apply, you need link your card to a bank account. You typically use this checking account for day-to-day transactions.
To link a bank account to your Emerald prepaid Mastercard, go to the add bank area and enter the account and routing numbers for your bank. You can transfer money to the account whenever you need to once your bank account has been successfully linked.
Here are the steps to submitting a transfer request form in order to transfer money from Emerald card to bank account:
- Start by downloading the transfer request form from the H&B Block website.
- Now you'll need to fill out the form. You'll need your personal details such as your SSN, telephone number and even your Emerald card number.
- Follow and complete all the instructions on the form.
- Once you're done with the form, mail it to H&B Block.
- They will call and verify once they receive the form and send your money to your preferred bank account.
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How to Withdraw Money from Emerald Card
There are different ways to withdraw money from the Emerald card which include;
1. Withdraw to a Bank Account
You can withdraw money from the Emerald card to a bank account as seen above. However, you'll need to link your bank account to the Emerald card and submit a transfer request.
2. Through an ATM
Any ATM that displays the Maestro, Mastercard, or Cirrus brand marks accepts Emerald Prepaid MasterCard transactions. Some ATMs may charge a $3 withdrawal fee. When a need for cash occurs, it is possible to access money at an ATM location.
3. Request check or one time ACH
If you need to withdraw huge amounts that you cannot withdraw from an ATM, you can ask the card service provider for a check to cash out at a bank.
By asking for a one-time ACH, the business guarantees that funds will be transferred from your card account to a bank account.
4. Cashback at a store
Any store that accepts the card will give cash back when you use it there. You can be assessed certain costs by the POS for the transaction.
5. Over the counter
Any financial institution that accepts the card will allow you to withdraw money from your account using your card. You will have to pay a transaction fee of $35, though. You can save about $32 by using an ATM to make a withdrawal.
Emerald Card Transaction Limits
A number of limits have been set by the card's issuer to prevent excessive spending. At the ATM, a daily maximum withdrawal of $3,000 is permitted.
When compared to other well-known prepaid debit cards, the Emerald allows only a daily withdrawal cap of $1,000. Due to its popularity, many individuals pick Emerald.
For PIN transactions (POS authorization and ATM withdrawals), the upper limit is $3500. The maximum amount that can be spent on signature transactions is also $3500.
Emerald Card Account And Routing Numbers
For all Emerald users, the Emerald card routing number is the same. For direct deposits, only divulge your account information and routing number to reputable businesses and people you can trust.
Your debit card information (account and routing number), which they can use to make purchases and order checks, can be used fraudulently by some persons.
You must sign in to your Emerald online account in order to view your account and routing number.
You can also contact customer service to get your routing number. You need to know the Emerald card holder's account number in order to pay money to them.
You only need the recipient's name and account number to instantly send money to them using a checking account. Using the name, you can determine if account is correct.
Why is the Emerald Card Necessary?
For those who want to apply for H&R Block tax refund advance loans, the card is very helpful. Every year at the start of tax season, the corporation makes these loans available, but to apply, a person must have an Emerald Prepaid MasterCard. The loan cannot be obtained with a cheque or direct deposit.
Five loan sums are available from H&R Block: $250, $500, $750, $1,250, and $3,500. The fact that H&R Block charges a 0% APR on loans is by far its greatest benefit.
We are all aware that many lenders frequently add interest to the loans they provide. Some lenders charge exorbitant interest rates because they are so greedy, draining the borrowers' finances.
However, you have to submit your taxes via H&R Block and pay the necessary fees to qualify for the advance loans.
Despite being so important, the Emerald card has a number of costs when used as a standard debit card. Each ATM withdrawal costs $3.00, and each balance check or decline costs $1.50. You can be assessed additional costs by the ATM service provider.
If you stay for 60 days without using the card, a $4.95 monthly fee will be assessed. You may also be charged a cash reloading fee of up to $4.95 by the card issuer. You will have to pay 95 cents if you use the card to pay bills.
Is my Money Safe in the Emerald Card?
Thanks to FDIC insurance, your funds are safe at Emerald Card. Therefore, even if the company fails, you will still get your money back. Money up to $250,000 per account is insured by the FDIC.
You can still keep your money if the firm fails. Your funds are held by MetaBank on your card, and as the bank is FDIC-insured, your funds are secure from any unforeseen circumstances.
Furthermore, since the card has a PIN, no one can steal from it by using an ATM withdrawal. You should verify the card's PIN when you first receive it.
Even at an ATM, you can change it to your favorite one. However, since some persons can use the card information to make online purchases of products and services, you shouldn't disclose the card information to anyone.
Your card provider may block your card so that no one can withdraw cash from it if they discover fraud in your account. When you attempt to withdraw from an ATM, the message "Account restricted" will appear on the screen.
Nevertheless, that is typically a short-term problem created to prevent you from losing your money. Not just Emerald imposes these limits; other financial institutions including credit unions, bank accounts, and mobile wallets also frequently do so.
Does the Emerald Debit Card Expire?
The card has a similar expiration date as other debit cards. You must order a new one after it expires because you can no longer use the old one.
The brand-new card has a unique card number. Call customer service at 1-866-353-1266 to place your order for an Emerald Card. To minimize any hassles, it is always a good idea to order a new card before the old one expires.
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Frequently Asked Questions on Emerald Card
Can i withdraw money from Emerald? How much is the limit?
Your Emerald card lets you withdraw larger amounts of money unlike other prepaid cards either at an ATM, or at POS. The Emerald card lets you withdraw up to $3000 from ATM daily.
Can i transfer money from Emerald card to Cash App?
No you can't. However, Cash App lets users add supported prepaid cards to Cash App account and use to transfer money on Cash App.
Can i transfer money from Emerald card to Chime?
Unfortunately, you cannot transfer money from Emerald card to Chime.
Can i transfer money from Emerald card to Venmo?
No. Venmo does not support transfers from prepaid cards such as Emerald card to Venmo accounts.
Can i transfer money from Emerald card to PayPal?
Yes, you can transfer money from Emerald card to PayPal by linking your card to your PayPal account.
Final Thoughts
The Emerald Card is a prepaid card that lets you receive your tax refunds.
There are many ways to withdraw money from the Emerald of which one of them is to withdraw the funds to a bank account.
The process of transferring money from Emerald card to bank account is fairly straightforward. However, this article compiles everything you need to transfer your funds to your preferred bank account.