Taxes and refunds are a complicated matter when it comes to personal finances. There are multiple factors involved in the process of understanding and managing your funds. Around the year, it is difficult to keep track of your spending’s, taxes, and expenditures. The part where you have to access your refund amount from the tax returns in the previous year is a particularly difficult hassle. You have to cross a lot of hoops to accomplish the task. If you are amongst those people, then here is some great news for you! Banks often issue special debit cards known as Emerald cards that can be swiped at an ATM and the amount of refunds can be withdrawn at any given point in time.
If you have just come into the possession of an Emerald card, there might be some functionalities that you are unaware of. Accessing and working with Emerald cards is slightly different from debit cards. But, if you are a regular user of MasterCard, then the usage of Emerald card will not be a hassle for you. The real confusion with Emerald cards arises when there is a transaction that is about to happen. In this blog, we will discuss how to transfer money from Emerald card to my bank account.
How to Transfer Money from Emerald Card to My Bank Account
Before we dive into the specifics of transferring money from an Emerald card to your bank account, it is important to understand what Emerald card is, how it works, and what its purpose is when it comes to cashing out different refund values.
What is an Emerald Card?
An emerald card is a prepaid card that is used by people like every other debit card offered by different banks to access the accounts. It is easily reloaded from time to time. You can utilize the services of an Emerald Card whenever you want and wherever you want provided that the ATM in that region accepts a MasterCard. By inserting your Emerald card in the ATM machine, you get instant access to the funds available in the account.
Why is the Emerald Card Necessary?
You must be wondering why should anyone keep an Emerald card and how is it necessary in our day to day life. The truth is that Emerald Cards are vital for all the taxpayers. In the scenario that you do not own an Emerald Card, your ability to access the tax refunds becomes easy. This is why it is necessary to have the ownership of an emerald card.
Apart from the withdrawal benefits, there are other benefits as well. For example, there are a number of loans that you can apply for at the beginning of every tax season. This loan amount can only be received via Emerald card accounts.
Sure, there are different types of fees involved in the process of withdrawing the amount. But they are quite insignificant and if you have larger amounts of refunds available then these fees are next to nothing. As an example, there is a withdrawal charge imposed on every transaction at an ATM. It amounts to $1.95 every month. Or, if you do not use your Emerald card at all throughout the month, then they will charge you around $4.95 at the end of each month. Considering all the taxes and charges imposed on other debit cards, this amount is quite reasonable.
Can I Transfer Money from My Emerald Card to a Bank Account?
Yes, it is possible to transfer money from your emerald card to a bank account. The process is quite simple. In fact, there are several different ways to transfer money from your Emerald cards.
Before you begin the process of transferring money from your Emerald card to a bank account, it is important to get access to the Emerald card. Here is how you can accomplish this:
Applying for the Emerald Card
Here are the things that you need to apply for the Emerald card.
- Social Security Number
- Email Address
- Residential Address
- Contact Number
- Last Year’s Tax Refund Amount
After acquiring all these details, the bank will make a personal delivery to your provided residential address. Once you receive the card, you have to call the activation number. Once your account becomes active, you can also access and perform different tasks on the account via the MyBlock mobile application. All your funds are manageable online from that platform.
Transfer Money from Emerald Card
You can transfer money from your Emerald Card to any other bank account. But it is important to link both of these accounts together before making the transaction. As soon as you apply for an Emerald card, the organization will most likely ask you to provide them with another bank account that is usable and active. Make sure that the bank details are accurate. If for some reason, you have not added another bank account previously or if you want to add another one, here is how you can accomplish the task:
- Open the online banking section of the application.
- Go to the section of Add Bank Account.
- Enter the details of your bank account in the application. The account and routing numbers are crucial. Make sure you enter them correctly because otherwise, the transaction will fail to happen.
- Once you have entered all the information, it is time to transfer your money to the account in question.
The remaining steps are simple. All you have to do is simply send them the amount by going into the Transfer section of the application. Select the bank account number that you want to send the amount to and press the transfer button present at the end of the screen. And voila! Your transaction is complete.
How Do I Get Funds Out of My Emerald Card?
Following are the several different ways that you can get funds out of your Emerald card.
As discussed in the beginning of this blog, you can get the funds out of your Emerald card at ATMs. All you have to do is find an ATM that allows the usage of Mastercard’s in their machine. If you find such an ATM, insert your Emerald card and enter the secret PIN on the machine like you would with any other debit or credit card while using the ATM. Enter the amount that you would like to withdraw. Once the input information is complete, the ATM will give you the required amount.
Withdraw via Bank Account
You can withdraw funds from your Emerald card without any hassle through your bank accounts. All you have to do is make an online transaction from the Emerald card to the linked bank account. Once you receive the money in the bank account, you can use any method you would like. For example, you can take out the money via your debit or credit card. If you have a checkbook, and want to write a check to withdraw from the bank account, you can use that method as well. The money once transferred from the Emerald card to your bank account is no different from any other money present in the bank account.
There are many different stores that offer cash back offers if a person uses their Emerald Card. While not every store will accept the Emerald card, those that will have one or another offer attached with it. You can use those points to purchase different products in the store.
Over the Counter
Any place that accepts the use of Emerald card will allow you to get the funds out of the Emerald card. This form of transaction is heavily taxed and will deduct around $35 additionally from the account. This is why this method should only be used in case of emergencies.
Via Request Check
If the funds that need to be withdrawn are too high, then it will not be possible to use your Emerald card at an ATM and get the required amount. You will have to write a check to the company and they will provide you with the cash that you can submit at another bank or utilize in any manner that you want. In most cases, this type of fund transfer is only possible if the transaction amount is quite hefty. In other cases, ATMs are the recommended places to withdraw funds from the Emerald card.
How Long Does it Take to Transfer?
If you have applied for an Emerald card at the tax office, then you will receive it on the spot. Otherwise, if you have applied online for an Emerald card and all your information is complete and the application is approved, you will have to wait 7 to 10 business days to receive your Emerald card.
The answer of how to transfer money from an Emerald card to your bank account is quite simple. All you have to do is apply for the card at a tax office or any other service provider. Once you receive the card, there are multiple options and benefits that you can avail through it. In this blog, most of the topics related to Emerald card and the transfer of money to the bank account are discussed in detail.
Frequently Asked Questions
Here are answers to some of the most common questions.
Is My Money Safe in the Emerald Card?
There is FDIC insurance in the Emerald card, that is why it is safe in the Emerald card.
Does the Emerald card have limits?
You can withdraw $3,000 from an Emerald card at an ATM.
How to Transfer Funds from Old to New Emerald Cards?
You can transfer funds from an old to new emerald card via an ATM or the online application that is attached to your account.
Is It Safe To Use This Card For Money Transfers?
Yes, it is safe to use this card for money transfers because there is a pin involved as well as an insurance.
Can I Purchase Online with Emeralds?
Yes, there are many different online businesses that accept Emerald cards for their payments. You can use it to purchase different things online.
What Happens When I Lose my Emerald Card?
If you lose your Emerald card at any point in time, immediately report it to the customer support service to prevent any frauds and illegal transactions.