Last Updated on September 22, 2023
Not that you can’t transfer money from Netspend to bank account, but Netspend does not provide a one-click button for this action. Nevertheless, directly transferring money from NetSpend to a traditional bank account is possible. Do not get confused, I will guide you through the steps to make this Netspend to bank transfer a success.
Can I Transfer Money from Netspend to US Bank?
I would have said “no” but that won’t be correct. So, let’s say it is a bit complicated. Also, while it works for some banks, it does not for some. Also, some banks that reportedly interface or work with Netspend are Chase Bank, Ally Banks, and Incredible Bank.
Having answered this complicated question, let me show you how you can make the Netspend to bank account transfer.
How to Transfer Money from Netspend to Bank Account
So, I will be brief about this guide – that’s because there is not so much to talk about. Also, I am dividing it into two sections, one for Chase Bank and the other for Ally Bank and Incredible Bank. It also seems that while this method works for some people, it may not for others. Whatever the case, below are the proven steps to transfer money from Netspend to bank account.
1. Let’s Use Chase Bank
- Open your Chase bank account.
- Go to “Pay & Transfer” and select “Transfer Money.”
- Choose “External Accounts” and then “Add External Account.”
- To find Netspend’s routing number, search for it on Google.
- Log into your Netspend account to find your account number and enter it in the form.
- Let Chase know it’s a personal Checking account.
- Wait for Chase to link the accounts. This might take a few days. They’ll send small trial deposits for verification.
- Once linked, you can transfer money from Netspend to bank account using Chase. Be careful not to overdraft on Netspend to avoid extra fees.
Also, you should switch your direct deposit to Chase soon. You can keep your Netspend account active without fees by transferring a small amount (like $2) every few months. If you’re using Netspend’s 5% savings, remember to take this action.
Here’s my personal experience:
I use the Chase Banking website to send $2 from Chase account to Netspend account. This helps avoid a $9.95 fee every three months. You can connect Chase with Netspend by setting it up as an external transfer. Just enter Netspend’s routing and account numbers.
I keep $1000 in my Netspend savings because it earns 5% interest and is FDIC-insured. Every three months, I move the interest to my Netspend debit and then transfer it to my Chase account.
2. Let’s Use Ally and Incredible Bank
Transferring money from Netspend to a Chase bank account isn’t that easy – as I have indicated again and again in this post. By the way, some users claim that Chase does not directly connect with Netspend. However, there’s a workaround:
- Use banks like Ally Bank or Incredible Bank.
- Link your Netspend account to one of these banks as an external account.
- Confirm the small trial deposits they send for verification.
- Once verified, use Ally or Incredible Bank to pull money from Netspend.
- Then, transfer the money from Ally or Incredible Bank to Chase.
This process can be lengthy. Expect:
- 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, moving your money might take nearly a month.
Once you transfer your funds, consider closing your Netspend account. Ensure you get written confirmation of its closure. Netspend has multiple fee structures, and some can be costly. They might not always be transparent about their charges. Avoid unnecessary fees by not using Netspend as your primary checking account.
Note: The transfers themselves won’t have fees, but Netspend might charge you for other services.
While Netspend is a predatory company, if you play their game, you get a 5% savings account on $,1000. I’ve never used my Netspend card once except to read the numbers off of it.
Meanwhile, you won’t find it difficult to transfer money from one Netspend card to another.
Which Bank is Netspend in USA?
Netspend Visa and MasterCard Prepaid Cards are issued by The Bancorp Bank, Pathward™, National Association, and Republic Bank & Trust Company, Members FDIC.
Netspend is a registered agent of The Bancorp Bank, Pathward, NA, and Republic Bank & Trust Company. These banks provide banking services for Netspend, and funds deposited with Netspend are FDIC insured through these banks.
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