Nowadays, there are many options to avoid carrying cash, and one of them is the temporary Green Dot card. That’s why knowing how to get money off my temporary Green Dot card has become such a popular query online.
The Green Dot Card is a prepaid card, a banking product that is becoming more and more known- that only lets you spend the money you load onto the card. Like a debit card, a prepaid card works at any merchant that accepts its payment network, such as Visa, Mastercard, or American Express. It is safer and more convenient than using cash!
One of the essential information you should also handle is that the Green Dot card is issued by Green Dot Corporation, an American financial technology and bank holding company located in Austin, Texas. Currently, it is the biggest U.S. prepaid cards issuer. As a critical player profiled in this specific market, it has prepared strategies to increase the popularity of prepaid cards among the young or unbanked population, so it is expected to see market growth from now on to 2030.
via Unsplash
As a prepaid debit card, the Green Dot card is FDIC-insured, which keeps your funds protected if the issuer goes bankrupt. The interesting aspect of the FDIC insurance is that only financial institutions can have it, so a prepaid card is either managed by a bank or by a prepaid card company, such as Green Dot Corporation, that partners with a bank to offer that insurance. This protection for your funds makes this product safer and more competitive.
Additionally, issuers must provide free and easy access to prepaid cardholders’ account information. Those issuers who give prepaid-card consumers the option of spending more money than they have deposited in the account must provide protections similar to those who do to those on credit cards. Remember that the FDIC does not necessarily ensure the temporary Green Dot card.
If you got a temporary prepaid card at a retail store, you have to register, recharge and start using it. However, if you have ordered it online, you can receive it in your mailbox within two weeks and activate it online at the Green Card activation page.
The temporary Green Dot card is of a general-purpose but not reloadable type (GPRs). Still, keep reading and find out the other common types:
- Gift cards: they’re perfect for gifting! These cards come in specific currency denominations to purchase for a limited amount at a store. The only bad thing is that they are not reloadable.
- Payroll cards: these cards are some replacement for paychecks. Some companies give prepaid cards to their employees with their salary amounts. They can use the cards to purchase goods and services and pay bills.
Depending on your card, you can usually track your balance 24/7 via a phone call, text alert, email alert, a website, a phone app, or an ATM so that you can skip the trip to the bank. Just be careful because you may be charged a fee for specific methods.
This type of financial product could be ideal in case you…
Reload at least $1,000 monthly (no fees).
Don’t use paper checks.
Want access to banking features without the need for a credit check.
Sometimes, these prepaid debit cards may lack free ATM or branch networks, checks, and others that checking accounts offer. But that does not necessarily have to be a deal-breaker.
How to get money off your temporary Green Dot card
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- Pay bills: when you pay your bills, you get money out of your Green Dot card account, which means the amount you pay is automatically deducted from your card account.
- Withdraw at a member Visa bank: you can quickly get money from over 90,000 Visa members out of your card. You need to present your card to the cashier and instruct them to get a particular amount of money off your card.
- Transfer to a bank account: you can also transfer money from a GreenDot card to your bank account. Go visit your Green Dot card online, select “Bank Transfer”, and follow the steps. Then, your money will reflect onto the related bank account you have associated with.
- Buy goods and services: You can buy goods and services online using your temporary card. All you need is your PIN to make purchases. You can also enter the card details on an online store’s website when checking out.
Other transactions you might be interested in can be transferring money to PayPal or putting money on your Green Dot card.
So when you add the card to PayPal, you can transfer money ($20 – $500) from your Green Dot to the mobile wallet. The way to do it is by downloading the PayPal app from the relevant site, generating a barcode that you can show on your phone, and finally scanning at the register. After that, log in to your PayPal account and select a retailer to get started.
Also, it is possible to transfer money from one card to another, be it a debit card or a credit card. Therefore, you can transfer money from your Green Dot card to another debit card online. Here, you will need the routing and account numbers of the concerned debit card.
If you transfer money from your Green Dot to another Green Dot debit card, you need your friend’s mobile number or email. The recipients will receive their funds as soon as they accept the money.
Add cash at the register using the Green Dot App. To do so, generate a secure deposit code, hand your money and the code to the cashier, and the funds will be deposited automatically (typically available on the card within 10 minutes) – no card required! Consider that the retail service fee of up to $4.95 applies.
Your receipt is proof of your recharge. So if you want to send money to another Green Dot card, these are the steps you have to follow:
- Log into the Green Dot app. Go to the menu and select options Pay, Send money, and Add Recipients. Must be another Green Dot cardholder not to be charged with fees.
- Enter the info requested.
- Select option “Next” to confirm the info, then Send money to complete the transaction.
- Then let’s recap the pros and cons of using a temporary Green Dot card:
Green Dot Card Pros
- It is easy to get.
- You are allowed to make free online and mobile bill pay.
- You are allowed to make free mobile and direct deposits.
- Visa and MasterCard are widely accepted among merchants.
- You can use it to make payments and purchases and withdraw cash.
- Minimizes the risk of overspending as they have limited spending to no more than the card balance.
- It provides facilities to load the card via multiple platforms, including bank account transfers, direct deposit, or cash, online and in person.
- This prepaid debit card, the Green Dot Prepaid MasterCard or Visa, has a lower monthly fee than some other Green Dot cards.
Green Dot Card Cons
- Money stored on prepaid cards does not accrue interest.
- You won’t have a credit-history boost, nor will it help you to build credit.
- Lack of Customer Service.
- Paper checks cost $5.95 per dozen.
- Withdrawing cash through a bank teller costs $3, even if you don’t complete the operation.
- Loading cash on your card at retailers costs up to $5.95.
- There is a steep $7.95 monthly fee (waived with deposits of at least $1,000 a month).
- No free ATM network. There is a $3 ATM fee, in addition to any fees the ATM owner charges.
- Beware of possible bill payment fees, additional card, inactivity, stop payment, decline, card-to-card transfer, or foreign transaction.
Final Lines
Several studies have shown that advisers have witnessed a surge in demand for cashless transactions from clients looking for low-risk investments and higher returns than traditional cash-based accounts. That has represented a significant growth to the prepaid card market in the past few years.
Even though there has been a decline in the last year due to the outbreak of the COVID-19 pandemic, businesses are approaching e-commerce tools and offering discounts on vouchers, including free “add on” items to vouchers. These reasons are expected to boost the prepaid card market growth during the forecast period.
Currently, the end-user of prepaid cards is segmented based on unbanked and underbanked rates, reported since 2018. Such rates are integrated by lower-income households, less-educated households, or younger households. Thus, this population opts for prepaid cards as these cards are safe, inexpensive, and essential banking substitutes to cater to their financial transaction needs.
Anyhow, there are other alternatives for people considering prepaid cards, like money orders, cashier’s checks, and certified checks. In addition, some banks offer a checkless checking account, also known as e-checking, which allows you to do online banking and use a debit card to make purchases and get cash.
*In case you are not already a user of the Green Dot Card you can find it at nearly 100,000 retailers, such as CVS, Rite-Aid, Dollar Tree, and Wal-Mart.
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