Direct deposit is the process of electronically transferring funds into your prepaid card account. It is a very safe and efficient way to have funds deposited into your account. Direct deposit allows you to authorize your employer or benefits provider to electronically send your payment directly to your prepaid account. Such payments could include, but are not limited to, pay checks, social security checks, child support payments, and tax refunds. Direct deposit really is a simple service that makes things cheaper and more convenient for everyone involved.
Advantages
- It saves time by giving you easy access to your pay without waiting in line to cash or deposit a check.
- You will receive your pay on pay day, even if you are out of town.
- Banks are required to credit your account by the beginning of the workday. The funds are available to you immediately.
- Your paycheck won’t get lost, destroyed, or stolen like paper checks
- You can control where and how much money goes into your various bank accounts
- Its Free!
And as an added benefit, many prepaid cards lower or even eliminate fees if you use direct deposit. For example, the Mango MasterCard (see below) eliminates a monthly fee if you have at least $500 a month added to the card via direct deposit.
How To Set Up Direct Deposit
Each prepaid card has their own process for setting up direct deposit. Many of them allow you to sign up online like the AccountNow Visa. Regardless of which card you have there are a few things your going to need. You need to know your prepaid account number and your routing number. This is provided to you when you establish an account. If you are going to have your employer use direct deposit for your paycheck you need to first verify with your employer they offer that option. Many times employers have their own form you need to fill out, if so you are still going to need your account number and routing number. Having your government funds directly deposited basically works the same way. First check with the agency to make sure they offer that option and again be prepared to provided your account and routing number.
There are somethings to keep in mind about direct deposit. It can sometimes take up to two pay cycles for the service to kick in. Make sure you know the limits on how much you can load onto your prepaid account. For example, if there is a $5000 limit and you try to get a $6,000 tax refund directly deposited to the account your going to have a problem.
Prepaid Cards With Direct Deposit Bonuses
- FREE Direct Deposit + Get $20 Signup Bonus
- FREE MasterCard Prepaid Card & FREE Shipping
- FREE Instant Virtual Card – Shop Online Today
- Earn High Savings Interest Rate!
- FREE Unlimited Purchase/ Signature Transactions
- FREE Check Your Balance With a Text Message
- Refer friends and family and make money
- $0 Activation Fee
- $0 First Monthly Fee – Try it For FREE
- $0 Monthly Fee When You Load at Least $500 Per Month (Otherwise Only $5!)
- $25 Cash Bonus when you use direct deposit
- Advance Line of Credit, No Credit Check Needed
- $0 ACTIVATION FEE – When You Load Your Card By Direct Deposit
- 100% Guaranteed Approval
- FREE Credit Builder
- FREE Online Bill Pay
- NO Overdraft Fees or Minimum Balance Required
- Re-loadable With a $10,000 Balance
Account Now Prepaid MasterCard
- $25 Cash Bonus when you use direct deposit
- $0 ACTIVATION FEE – When You Load Your Card By Direct Deposit
- 100% Guaranteed Approval
- FREE Credit Builder
- FREE Online Bill Pay
- NO Overdraft Fees or Minimum Balance Required
- Re-loadable With a $10,000 Balance
- $10 Bonus with Direct Deposit!
- No Credit Check. No Bank Account Required
- Use it Everywhere MasterCard® Debit Cards are Accepted
- No Penalty Fees. No Overdraft Fees. No Minimum Balance.
- FREE Direct Deposit and Online Bill Pay – Like a Checking Account!
- FREE Withdrawals at over 15,000 Participating ATMs Nationwide