Last Updated on September 23, 2023
How to get money off an expired debit card? Perhaps, your expired debit card is still usable but the chance is quite low. Let us find out if you can use it for transactions.
You may not be able to get money off your debit card because it does not hold the money. A debit card merely functions as the key to your account, which needs to be renewed from time to time.
Your money is not saved in your debit card, it sits in the account registered in your name, which you have the number for.
When your debit card is due, the bank typically mails you a new card. Otherwise, you may have to request a new one from your bank.
Also, your online subscriptions will no longer be processed because the expired debit card will be declined.
What is an expired debit card?
A debit card is expired when it reaches or exceeds its specified expiration date. An expired debit card will no longer process payments. Thus, you cannot make purchases – you will always receive a “declined” notification.
Most debit cards expire on the last day of the month. You will receive an email or SMS regarding this development, which also stops your card from being active. The Capital One debit card, for example, runs until the end of the month specified for its expiration.
A new debit card is automatically sent to your specified mail during the month of the expiration. If you do not receive a new debit card, you may have not updated your new address at the bank. You can also request a new card through the bank’s app or visit your nearest bank branch.
Three Ways to get money off an expired debit card
An expired debit card does not mean the end of your bank account. Below are some of the ways your debit card still works:
1. Reuse your old PIN for bank transfers
When a debit card expires, you can still use the transaction PIN you set with it earlier. This means you can make bank-to-bank transfers and use other services that do not require your debit card.
Your debit card is a payment token issued against a savings or current account, and we have issuers such as Visa and MasterCard. In this case, you do not have to transfer money from an expired debit card to a new one.
A new debit card automatically replaces your old debit card, which is when you can change the PIN.
2. Get a new card
When you order and activate a new debit card from your bank or any financial institution, your money/balance remains the same. However, the financial institution may charge you for the new debit card.
As mentioned earlier, some banks typically mail you a new debit card some days or weeks from the date your card expires. Not all banks offer this service since account holders may not have a private mailbox. If you do not automatically receive a new debit card, you may have changed your address without notifying your bank.
You can request a new debit card from your mobile banking app. The new card uses different card information, including the card number, expiration date, and, perhaps, the CVV. You have to manually update your card on any online subscription you may have.
3. Transfer money to another person’s account
Since your account PIN does not expire with your debit card, you can still make bank transfers. When you need money while awaiting a new debit/ATM (Automated Teller Machine) card, make transfers to other people and collect cash from them.
An expired debit card only prevents you from completing online transactions. You are not able to use the ATM, POS (Point of Sales), or order items online from any merchant.
What to do when your debit card expires
When your debit card expires, request a new card if your bank does not automatically issue a new one. Make sure your address or mail is correct so that your debit card is not sent to the wrong destination.
You will also be notified by any online service you use to update your debit card. If you do not update the old debit card information, future transactions and renewals will be declined.
Do not try to use an expired debit card to withdraw money. The bank can penalize your account for fraud. In rare cases, your account can be overdrawn, and you have to pay expensively for it. Moreover, returning an expired card too many times can result in your bank account being blocked.
Why does your debit card expire?
Your debit card expires for a number of reasons. The major reason is fraud protection. Major networks such as Visa and MasterCard mandate issuing banks or credit unions, for instance, to add expiration dates on debit cards. The expiry date also serves as an additional data point or security layer the account holder must provide to verify ownership of the account. For example, when using your card online, you are asked to provide the card number, name, CVV, and expiry date.
The expiration feature on your debit card also makes it harder for someone to complete transactions using stolen card credentials. If someone has your card number, but no expiry date, they cannot use your card. Of course, they also need your debit card PIN.
The bank or any financial institution also benefits from your card expiring. They earn from the renewal and also use the opportunity to update the card logo and design.
Also, the bank is able to add new card technology when issuing new debit cards. For example, if your old debit card is non-EMV, the new debit card you receive from your bank will use a newer and more secure magnetic chip such as EMV.
Can I still transfer money if my card is expired?
You can still transfer money from your bank account to another account if your debit card is expired. You only need to supply your correct account PIN. This is possible because the debit card does not contain your money, it is only a key for web transactions in your account.
Can you use an expired debit card online?
You cannot use an expired debit card online, the card number, expiry date, and CVV become invalid. If you attempt any online or web transaction from an expired debit card, it will be declined.
In essence, once your debit card expires, it becomes invalid for any web transaction or transactions that require a debit card. You do not also have to transfer money from your old/expired debit card to the new card because it does not house your money.
You may return your old debit card to the bank or destroy it when you receive a new one. Do not give your old debit card to anyone.