Faq: Bank Of America Prepaid Debit Card
You can choose to have your benefit payments issued to a convenient and secure prepaid Bank of America debit card. Here are answers to common questions about how the card works.
When will I receive my debit card?
If you havent applied for Unemployment, Temporary Disability, or Family Leave Insurance benefits before, your debit card will be mailed within 10 days after we review your application. The card will arrive before you find out if your application was approved, so no funds will be available. Benefit payments are only issued to the debit card account if your claim is approved.
If you received a debit card for prior Unemployment, Temporary Disability, or Family Leave Insurance benefits within the past four years, your benefits will be issued to that same debit card account. If the previously issued debit card has expired or you no longer have it, call Bank of America toll-free at 866-213-4074 to request a new one.
Will I get a new debit card every time I apply for benefits?
If you previously received a debit card for a prior Unemployment, Temporary Disability, or Family Leave Insurance claim, your benefits will be issued to that same debit card account. If the previously issued debit card has expired or you no longer have it, call Bank of America toll-free at 866-213-4074 to request a new one.
How long does it take for money to be on my card?
Once a payment is posted, funds should be available on your debit card within two business days of the payment date.
Direct Deposit To Your Own Bank Account Or Prepaid Card
Similar to how you may have used direct deposit to receive your paycheck, you can have your money automatically sent to your checking or savings account or a prepaid card that you already own.
What you need to know
- Benefits go directly to your own bank or credit union account or prepaid card
- Access your benefits same as you already do with other money in that account
- Benefits are sent to your account for free
What to watch out for
- Look closely for this option when filling out unemployment forms
- People without their own bank account or prepaid card must open one to take advantage of this option
With direct deposit, you receive your money quickly and safely, and you can manage your unemployment benefits just like any other funds in your account. It also eliminates the risk of paper checks getting lost or stolen, as well as the need to physically deposit or cash it at a bank or credit union.
If you prefer to use a prepaid card, direct deposit is generally an option, but youll want to check first with your card provider to find out if your card is eligible to receive direct deposit. If you dont already have a bank or credit union account or prepaid card, youd need to open a new account first, which many financial institutions are allowing you to do online.
No matter what state you live in, the following information is typically whats required for signing up:
You Have Options For How To Receive Your Unemployment Benefits
Millions of workers have filed for unemployment insurance benefits as a result of the coronavirus pandemic. If youve lost your job or a portion of your income, you can apply for benefits through your state unemployment program, and if you qualify, you have options for how you can receive this money.
In most states, you can receive your money either on a state-issued prepaid debit card or by having it directly deposited into your own bank or credit union account or onto an existing prepaid card. In some states, receiving paper checks is also an option. While the majority of workers who are eligible for unemployment benefits have already filed as a result of COVID-19, many states will allow you to make changes to the way you receive your benefits.
Recommended Reading: What Is The Current National Unemployment Rate
Key2benefits Prepaid Mastercard Questions
14. If I select a Key2Benefits prepaid card, when will I get my card?
If you elect a Key2Benefits card, the card will be mailed by regular first class mail two business days after you make the election. Please allow 7-10 days for mail time. The card will not be funded yet when you receive it as it typically takes DWD 21 to review and approve an unemployment insurance benefits claim. If you have not received the card, you can check the status on Key2Benefits.com, click on Check Your New Unemployment Card Status Here.
15. Can I request the card by next day mail?
You can request an expedited replacement card, but there is a $15 fee. To prevent needing this service, be sure to keep your address updated in CSS at all times.
16. What happens to my debit card if it is mailed to the wrong address?
Please keep your address updated in CSS to prevent this from happening. If the card is returned to KeyBank, it will be destroyed. A new card will be issued after you update your address in CSS. Once your address change has been processed, please contact Key2Benefits customer service center at 1-833-459-3452 to request a replacement card.
17. Will I get an alert when a deposit is made on my Key2Benefits card?
Yes. Deposit notification alerts are available. When you receive your card, you will need to create a login to the KeyBank cardholder website at key2benefits.com. Once logged in, you will be able to choose various alerts that can be sent by email or text message.
What To Do If You Dont Receive Your Payment
If your payment is more than a few days late, call your unemployment office. They will be able to provide you with information as to whether or not your payment has been processed and what to do if your payment is delayed or thereâs been some kind of issue.
Most states have a special number to call for debit card problems.
Also Check: Is Unemployment Taxable In 2020
Ways To Transfer Money From Edd Card To Cash App
Cash App didnt allow linking prepaid cards to its app until recently. The company had to make an exception for Employment Development Department prepaid debit cards because they were being used for depositing federal unemployment benefits during the pandemic.
You can transfer money from your EDD card to Cash App by tapping the Banking tab and pressing Add Cash. After that, just follow the simple instructions to link the EDD card.
The whole process of transferring money would look something like this:
Digital Banking Brands Worth to Know About
Get 4% Cashback Paid in XRP on Every Purchase
As a banking affiliate, I get a commission at no cost to you if you decide to sign up through my links
Ensure Youre Taking Taxes Out Of Benefit Payments
Unemployment benefits are considered taxable income by the federal government, though you can defer to having no taxes taken out and pay at the end of the year instead. However, that should only be done in extreme circumstances where you dont have savings and are struggling to pay monthly bills: You dont want to be saddled with a large tax bill when filing season comes around.
Rather, you can fill out IRS Form W-4V and allocate 10% of the benefit payment towards taxes though even then, you might want to set aside more funds for taxes owed at the end of the year.
SNAP Benefits: How Long Do They Last?
Don’t Miss: How Can You Get Unemployment If You Quit
How Bank Of America Makes Money From People Accessing Unemployment Benefits
Commonly referred to as a convenience fee, a swipe fee, or an interchange fee, all credit card companies are allowed to charge merchants a fee for accepting electronic payments, and these fees are often passed on to the consumer. Swipe fees currently run between 21 and 24 cents per transaction. These fees total about $20 billion dollars a year for big banks. Additionally, banks are allowed to charge merchants .05 percent of a total transaction as a fraud loss recovery charge.
And while Bank of America did not pay California for the contract or vice versa, the bank makes $408,000 in convenience fees if every Californian on unemployment swipes their debit card just once or pays one bill via the internet with their EDD Visa debit card. Two swipes each and BofA makes $816,000 in convenience fees three swipes and BofA makes over $1.2 million dollars in convenience fees. How convenient indeed!
These figures do not include fraud loss recovery charges or Californians who are on state disability and paid family leave. It only includes the 1.7 million Californians who are unemployed. Nice one, BofA.
If you happen to be a Californian receiving unemployment benefits, disability, or paid family leave, you must refrain from using the EDD debit card, whether by swipe or bill paying via the internet.
Be Sure to Activate Your EDD Card by PhoneDont Activate It Online!
How Does Direct Deposit Workdirectdeposit
If you select direct deposit, your unemployment benefits will be deposited in your personal checking or savings account. Most applicant use direct deposit because it is the quickest way to get paid.
- Once you set up direct deposit, payments should reach your account within three business days after you request a payment.
- When you complete a new application for benefits, you must also complete a new direct deposit request.
- If you change your bank or bank account, remember to update this information in your benefit account to avoid a delay in payment.
You May Like: How To Get Unemployment Tax Information
Types Of Primary Identification
Primary identification is any current, valid government-issued identification with photo and signature. Some examples of government-issued photo identification include:
- a valid driver’s license Notes:
- Several states, such as Indiana, provide residents with a temporary, interim ID when they apply for new or renewed drivers licenses. An interim driver’s license of this type is valid for a short period of time, allowing the issuer time to mail out the permanent license. An interim drivers license is an acceptable form of primary identification, as long as it has not expired and contains both a photo and a signature.
- IDs from the five inhabited U.S. territoriesPuerto Rico, Guam, US Virgin Islands, Northern Mariana Islands, and America Samoaare accepted like any U.S. state ID and are permitted as a primary form of ID.
Apply For Unemployment Benefits As Soon As Possible
Also Check: How To Track Your Unemployment Check
How To Transfer Money From An Unemployment Card To Bank Account
Every State has guidelines regarding who qualifies for unemployment benefits. To apply for one, you need to be unemployed for reasons beyond your fault. Therefore, in most States, a person should have been separated from their last job due to the unavailability of job opportunities even if they meet work and remuneration requirements. Suppose you qualify to receive unemployment compensation. When the benefits are allocated to you, you can be paid through a debit card, which can be an electronic payment card or direct payment card. The card will be issued to you by the unemployment office in charge of your State. It will be mailed to your address once everything is sorted and your claim is sanctioned. But how can you transfer these benefits to your bank account? That is what this article is about to guide you.
Take Proactive Steps With Creditors
As mentioned above, credit cards should be a lower priority bill than housing or food. While you never want to miss a payment and be put into collections, you might want to temporarily pay the minimum amounts due until you regain financial stability.
Another thing you can do is call your credit card companies and explain the situation as it relates to your unemployment. You might then ask for a forbearance or hardship agreement. In many cases, some kind of provision can be considered. According to Fox Business, credit card companies may be willing to defer payments or reduce your interest rates temporarily, especially if you have a positive payment history.
Also Check: How To Apply For Unemployment In Ga Online
Will The Maximum Benefit Amount Be On The Card When I Receive It
No, only weekly payments authorized by TDLWD will be added to your card. The first week, also known as the waiting period, is paid after four consecutive weeks of certifications. Once a claim is approved, money will be added to your debit card. Keep in mind: You must certify each week to initiate payment.
Ways Of Receiving Your Unemployment Cards
When your unemployment card reaches you, you have three options to select to get your cash. Firstly, you can go to an ATM near you and use the card to withdraw your money using your PIN. Secondly, you can visit your bank, bring the card with you, and either ask any available teller to transfer the cash allocated to your card to your bank account. Alternatively, you can appeal to the teller to hand you the money directly. The third and last option is to bring the card to a store that offers cashback services and make a purchase.
Recommended Reading: Can I Get An Auto Loan While On Unemployment
Transferring Balances To Your Bank Account
You can electronically transfer funds directly from your ReliaCard to your personal bank account by using the ReliaCard web site at www.usbankreliacard.com. See the U.S. Bank fee schedule for all applicable fees and transaction limitations.
If you want TWC to deposit your benefits directly into your personal checking or savings account at no charge, log on to Unemployment Benefits Services and select Payment Option. For information about direct deposit, go to Receiving benefit payments by direct deposit.
|
Text HELP to 90831 |
Although U.S. Bank does not charge for this service, standard messaging charges apply through your mobile carrier, and message frequency depends on your account settings.
You can manage your account using your smart phone with the ReliaCard Mobile Banking app to check your account balance, enroll in and manage text alerts, view your most recent transactions, or search for the nearest in-network ATM location. Search for U.S. Bank ReliaCard in the App Store or Google Play. The U.S. Bank ReliaCard Mobile App is free to download. Your mobile carrier may charge access fees depending on your individual plan. Check with your carrier for specific fees and charges.
Can I Pay Bills With My Unemployment Debit Card
An unemployment debit card comes with spending flexibility. If you need to pay bills online, like your utilities or phone bill, you can do that with your unemployment debit card. When you use your card, it wont be apparent to the vendor that its an unemployment debit card, as the payment will be made just like a personal debit card.
If the debit card offers it, you can also set up online bill pay.
You May Like: How To File For Unemployment
Reasons People Transfer Money To A Bank Account
Why would you even want to transfer money to a bank account in the first place?
Here are some common reasons why people move their funds.
- Moving money into a higher-interest account
- Moving money to an account that can be accessed via a bank machine
- Paying back a friend or acquaintance
Whatever the reason may be for you wanting or needing to transfer funds between bank accounts, you can do so in a few different ways, some of which dont require you to leave the house. The method that you choose to transfer money to a bank account is ultimately up to you, as well as where you want to send it and how quickly you need the money moved.
Can you transfer money from a credit card to a bank account? Find out here.
How Unemployment Debit Cards Work
After you sign up for benefits, your card will be mailed to you. Once itâs received, you will need to activate it and set up a PIN in order for it to receive funds from the government. Youâll receive your funds according to a schedule determined by your local unemployment office.
If your state unemployment office provides a debit card, it will work just like any other bank debit card. You will be able to withdraw cash at an ATM machine of your choice and use your card for purchases at stores.
You can also pay bills with your debit card. For example, you may be provided with a Chase Visa card, a KeyBank debit card, a Bank of America Mastercard, or another bank-issued card. When you use your card, it wont be apparent to the department store or your dry cleaner that its an unemployment payment card. Your card will be similar to a personal debit card.
In addition, you may be able to transfer funds from your unemployment debit card directly to your bank account via a direct deposit transfer if you want to pay your monthly bills that way. Check with your local bank to see if they provide this service.
Also Check: Can You Apply For Credit Card If Unemployed
