Walgreens is serious about penetrating the financial services space, and Scarlet is its flagship product at the moment.
Walgreens is in the perfect position to bring value to its customers that want to bank in-person (but also to market to them) because the drugstore has 8,000+ locations and a whopping 78% of the US population lives within 5 miles of a Walgreens or Duane Reade.
Because Walgreens’ digital bank is so novel (launched in September 2021), there are many questions surrounding it and its products and services. Today, we’re talking about five different ways of putting money on the Scarlet card.
- Add Cash
- Set up Direct Deposit
- Send Money From an External Account
- Add Money by Check
- Request Money From Another Scarlet Account holder
1. Add Cash
Most Walgreens and Duane Reade shoppers will probably use this easy method of adding money to their Scarlet accounts.
And why wouldn’t they, with so many locations, it’s easy to stroll in and add cash to your account, or even better. Why not do it while shopping and paying at the cash register?
Simply give the cashier your Scarlet debit card and the cash you want to deposit. You can alternatively generate a barcode in the Scarlet app that the cashier can scan to add the money.
You can add $20 or more to your account, and the funds will be available in a couple of minutes for you to use.
You need to be aware of the fees associated with adding cash to your account. The most affordable way of adding cash is to generate and scan a barcode in the app. This method is completely free.
Loading cash by swiping the card at Walgreens or Duane Reade costs $1.95. And loading cash outside of these two brands at one of the thousands of other locations will set you back $3.95.
|Barcode scan at Walgreens & Duane Reade||Card swipe at Walgreens & Duane Reade||Outside Walgreens & Duane Reade|
2. Set up Direct Deposit
Setting up direct deposit to your Scarlet account is a great way to get paid up to two days early. You can set it up with your employer, payer, and payroll department but also for Federal payments.
Federal payments include:
- Social Security payment
- Tax refunds
- Federal Employee payroll deposit
- Worker’s Compensation
- SSI payments
- VA compensation/pension
- Civil service retirement payment
To set up direct deposits, you will need to know your account and routing numbers. You can find them if you log into your Scarlet account under the My Profile tab. The numbers are listed under the Account Information section.
Here’s how to set up direct deposits:
- Log in to your Scarlet account
- Go to “Money In”
- Print out and complete the Direct Deposit Form
- Submit it to your employer or benefits provider to process the request
It generally takes 1-3 pay periods for direct deposits to kick in.
If, besides the routing number, your employer or payer needs the name of the bank as well, you can inform them that it’s Pathward, National Association (formerly known as MetaBank), Member FDIC.
Pathward is the bank that actually issues Scarlet’s debit cards, and it’s where your funds are stored and protected by the FDIC deposit insurance.
This is the typical arrangement in the fintech world of digital banks.
3. Send Money From an External Account
As with any bank or checking account, you can send or transfer money to it from other bank accounts.
This includes traditional bank accounts such as Chase, Bank of America, Wells Fargo, etc., but also mobile payment apps like Cash App or Venmo or digital bank accounts like Chime, MoneyLion, SoFi, or Current.
4. Add Money by Check
One of the great features of mobile banking apps is that you can add money to them by simply taking a photo of a paper check. The same is true for Scarlet and its Mobile Check Capture feature in the Scarlet Mobile App.
To add money with Mobile Check Capture, do the following:
- Open the Scarlet app
- Go to “Money In”
- Select “Mobile Check Capture”
- Sign the back of your check
- Take a photo of the front of the check by tapping the first check image labeled “Front”
- Take a photo of the back of the check by tapping the second check image labeled “Back”
- Enter the amount of the check
- Choose whether you want money in minutes or days
- Confirm the net amount
- If you selected “Money in Minutes” and your check is approved, write “VOID” on the front of your check and submit the photo
It’s important to note that you should NOT write VOID on the check until you’re prompted by the app.
The fee for getting money in minutes is 1% or 5% of the check amount, with a $5.00 minimum fee. The 1% fee is on payroll or government checks with preprinted signatures, and the 5% fee is for all other checks. To get money in up to 10 days is free.
5. Request Money From Another Scarlet Account holder
Lastly, you can request money from another Scarlet account holder in two ways:
- Via the Scarlet Mobile App
To do this, simply:
- Log into the Scarlet account
- Navigate to “Money In”
- Select “Request Money”
- Select the contact you want to request money from (existing or new)
- Type in the amount of money
- Add an optional note
- Select “Request” to confirm and send your request
- Select “Done”
The app will notify you via email when your request is accepted or canceled.
If you changed your mind and want to cancel the money request, do the following:
- Log into your Scarlet account
- Select ‘View all transactions’
- Select the “Send Money” transaction
- Click or tap ‘Cancel’
Eligible and Ineligible Types of Checks
To deposit checks via the app, all checks must be:
- Made out to you
- Endorsed by you
- Drawn on a bank account in the US or a US territory
Here’s what checks are eligible:
- Payroll checks with a pre-printed signature
- Government checks with a pre-printed signature
- Payroll checks with a handwritten signature
- Business checks
- Money orders
- Personal checks
- Attorney checks
- AmEx Travelers Cheques
- Cashier’s checks
- Insurance checks
- Rebate and refund anticipation checks
And then there are check types that generally aren’t accepted:
- Checks that are not made out to you
- Checks you write to yourself
- Gift certificates
- Credit card checks
- Travelers checks not issued by AmEx
- Conditional endorsement checks
- Checks that are post-dated
- Counter and starter checks
- Customer appreciation certificates
Scarlet app and card is geared toward baby boomers and Gen X mostly, with its friendly and straightforward app design and ease of use as well as access to thousands of retail locations.
Many current and future customers are and will be delighted to know that there are five different and uncomplicated ways of adding funds to the account.
Some of them are free, while others have a fee attached to them but are otherwise very convenient, and it might be acceptable to pay for the said fee.