Prepaid cards like Netspend have gained popularity over time, as they allow underbanked individuals to enjoy certain perks of a conventional checking and savings account without any credit check.
Netspend is one of the most credible names in the prepaid debit cards market, mainly due to its accessibility and ease of use, despite a varying monthly fee.
There are various ways to add money to a Netspend account and then use the cash balance anywhere Debit Mastercard or Visa debit cards are accepted.
Among the numerous ways to reload or receive money in your card account is ACH deposits, better known as Direct Deposits.
Yes, NetSpend accepts ACH deposits. One of the two types of ACH transfers, ACH Direct Deposit, is a cost-free way to receive money on Netspend prepaid cards. Since Netspend accepts ACH deposits, it makes transferring money simpler than writing checks – not to mention it is often cheaper.
Read on to learn everything you need to know about adding money to your Netspend card account through ACH Direct Deposit and why the service is so popular.
- How To Allow ACH Deposit To Your Netspend Card Account?
- How Do You Enroll For Free ACH Direct Deposits For Your Netspend Account?
- What Is an ACH Transfer?
- Does Netspend Allow Wire Transfers?
- Different Ways To Transfer Money to Your Netspend Card
- Bottom Line
How To Allow ACH Deposit To Your Netspend Card Account?
Now that we know that Netspend accepts ACH Direct Deposits let us get into the details of how funds sent this way are made available on your card.
When money is directly deposited into your prepaid card account, you can get faster access to the funds (up to two days). However, you should meet a few conditions for ACH direct deposits to be credited to your account.
Your card must be in use in the past 90 days; actions like card reload, ATM withdrawal, a purchase, or an incurred balance inquiry fee all render your card account active.
Processing the ACH deposit requires that the card holder’s name be the same as on the direct deposit.
Please note that the quicker access to funds claim is as per the expected time taken for fund processing through traditional banking.
How Do You Enroll For Free ACH Direct Deposits For Your Netspend Account?
To enroll for Direct Deposit, you will need your account number and routing number, allowing your employer to transfer money to your prepaid card account electronically. Apart from paychecks, you can also have government benefits and tax refunds directly deposited into your account.
You need to submit a Direct (or ACH) deposit form to enroll, usually from your financial institution but sometimes from your workplace. You need to provide basic personal information, your financial institution, routing, and account number.
Please note that your routing number is sometimes referred to as the ABA routing number.
To get the account number and the routing number, you can log onto the Online Account Center and select Direct Deposit to get the required information.
If you have Anytime Alerts, you can text DIRECT to 22622, and the same information will be messaged to you.
Alternatively, calling 1-866-387-7363 and selecting Other Services will also serve the same purpose.
1. For Paychecks
You can have all or some percentage of your pay directly deposited into your account by providing the information mentioned above to your employer.
2. For Government Benefits
Various government benefits can be directly deposited to your Netspend prepaid debit card. Your benefits provider’s site will have information on how you can enroll in the service.
3. For Tax Refunds
Select the direct deposit option on your tax form or online for tax refunds to be directly deposited in your prepaid card account.
Enter your prepaid card account number and routing number in the required fields and select “Checking Account” and account type.
What Is an ACH Transfer?
An ACH transfer is used to transfer money electronically through the Automated Clearing House (ACH) network. Almost 94% of Americans receive their wages through ACH transfers, informally called Direct Deposits.
From employers paying their workers to the government giving out pensions and benefits, ACH transfers are an effortless and cost-effective way to transfer money. Netspend allows ACH deposits for cardholders to receive money on their prepaid card.
There are two ACH Transfers; ACH Direct Deposit and ACH Direct Payment.
1. ACH Direct Deposits
ACH direct deposits refer to money transfers into your prepaid debit card or traditional bank account. This includes funds like your pay, government benefits, and tax refunds.
2. ACH Direct Payments
ACH Direct payments refer to outgoing money from prepaid debit cards or traditional bank accounts, for example, electronic bill payments.
Does Netspend Allow Wire Transfers?
ACH transfer and wire transfer both fall under the EFT umbrella, along with other types of digital payments. Netspend accepts wire transfers along with several different payment methods.
Different Ways To Transfer Money to Your Netspend Card
There are various ways apart from ACH direct deposits to send money to your Netspend prepaid card. You can:
- Go to Netspend card reload location, where you may be charged a fee of up to $3.95 for cash reload. This fee is subject to change depending on the retailer. There are over 130,000 such locations. You can find the one near you by using the Location finder option on the website.
- You can receive money through bank transfer from any bank in the US. If you have a bank debit card or a checking or savings bank accounts, you can send money to your prepaid card.
- If you have a PayPal account, you can use it to transfer money to your card account.
- You can also quickly transfer money from other Netspend cardholders. Account-to-account transfer requires only the name and FlashPay ID, which you can get from the online Account Center.
ACH Deposits are a famous payment method with people swiftly switching to electronic transfer of money rather than using paper checks, which can get destroyed or stolen.
Prepaid cards like Netspend, like ACH deposits, have gained popularity despite steep monthly fees at times because of how easy they are to use.
Accessible as ever, Netspend allows ACH deposits, through which you can receive your payroll, tax refunds, and benefits directly into your card account without any fees.
Moreover, ACH direct deposits are available quicker than traditional checks. At the same time, Netspend also allows bank transfers, card to card transfers, cash reload at numerous locations, and money from PayPal accounts.