Are you wondering if it’s possible to transfer money from your Netspend account to your regular bank account? The short answer is yes, but it’s not always straightforward. Don’t worry; I’m here to guide you through the steps to make this Netspend-to-bank transfer a reality.
- Netspend doesn’t offer a one-click solution for transferring money to regular bank accounts.
- Some banks like Chase, Ally Banks, and Incredible Bank can work with Netspend to facilitate these transfers.
- Netspend cards are issued by trusted banks, ensuring your funds are FDIC-insured.
Can I Transfer Money from Netspend to a US Bank?
This is a bit of a tricky question. While it works for some banks, it might not for others. Banks like Chase, Ally Banks, and Incredible Bank can work with Netspend to make these transfers possible.
Now, let’s dive into the steps for transferring money from your Netspend account to a bank account.
How to Transfer Money from Netspend to a Bank Account
I’ll keep this guide short and sweet because the process is relatively straightforward. We’ll divide it into two sections: one for Chase Bank users and the other for Ally Bank and Incredible Bank. Keep in mind that while this method works for some, it may not work for everyone.
Section 1: Transferring Funds to Chase Bank
- Open your Chase bank account.
- Navigate to “Pay & Transfer” and choose “Transfer Money.”
- Opt for “External Accounts” and then click “Add External Account.”
- Search for Netspend’s routing number on Google.
- Log into your Netspend account to find your account number and input it in the provided form.
- Inform Chase that it’s a personal Checking account.
- Wait for Chase to link the accounts; this may take a few days as they’ll send small trial deposits for verification.
- Once linked, you can transfer money from Netspend to your bank account via Chase. Be cautious not to overdraft on Netspend to avoid extra fees.
Remember to switch your direct deposit to Chase and keep your Netspend account active without fees by transferring a small amount every few months. This is essential if you’re using Netspend’s 5% savings feature.
My Experience: I personally use the Chase Banking website to send $2 from my Chase account to my Netspend account, preventing a $9.95 fee every three months. To connect Chase with Netspend, simply enter Netspend’s routing and account numbers. I maintain $1,000 in my Netspend savings account as it earns 5% interest and is FDIC-insured. Every three months, I transfer the interest to my Netspend debit card and then move it to my Chase account.
Section 2: Using Ally and Incredible Bank
Transferring money from Netspend to a Chase bank account isn’t always straightforward. But there’s a workaround:
- Consider using banks like Ally Bank or Incredible Bank.
- Link your Netspend account to one of these banks as an external account.
- Verify the small trial deposits they send to confirm the link.
- Once verified, use Ally or Incredible Bank to pull money from Netspend.
- Then, transfer the money from Ally or Incredible Bank to your Chase account.
This process may take some time:
- 3-5 days to set up the new bank account.
- Another 3-5 days for trial deposit verification.
- 3-5 days for each of the two transfers.
So, it might take nearly a month to move your money. After transferring your funds, consider closing your Netspend account to avoid unnecessary fees. Netspend has various fee structures that may not always be transparent, so using it as your primary checking account may result in extra charges.
Which Bank Is Netspend Associated With in the USA?
Netspend Visa and MasterCard Prepaid Cards are issued by The Bancorp Bank, Pathward™, National Association, and Republic Bank & Trust Company, Members FDIC.
Netspend serves as a registered agent for The Bancorp Bank, Pathward, NA, and Republic Bank & Trust Company, ensuring that funds deposited with Netspend are FDIC-insured through these banking partners.
So, transferring money from your Netspend card to your bank account is indeed possible with the right steps and connections. Make informed financial choices to manage your funds effectively.