Fintech companies like Netspend that issue debit accounts and prepaid cards have to partner with traditional banks to offer these services.
Throughout the years, Netspend has partnered with several banks, including Bancorp and Regions Bank. At the moment, though, its prepaid cards are issued by Pathward, National Association, and Republic Bank & Trust Company. It’s best to see the back of your Card for its issuing bank.
How to Set up Direct Deposits With Netspend
Direct deposits are convenient and generally a typical way to add money to your prepaid or debit cards. Most people think you need to know the bank’s name to set up direct debits; however, you only need the routing and account numbers.
You can also reverse-search the bank name from the routing number if needed.
Direct deposits also get the money up to two days earlier into your account than with a conventional bank. With Netspend, if you get more than $500 direct deposited in one month, you are eligible to enroll in a relatively useful Premier account that has a $10 purchase cushion (overdraft), a free custom card, and a reduced monthly plan for only $5/m.
Direct deposits are inherently free and are available as soon as they clear. They’re much faster than paper check deposits, for example, which is one of the slowest methods.
How to Get Netspend Routing and Account Numbers
If you want to set up direct deposits, you have to know the Netspend routing and account numbers. You can get them only if you’ve activated your Netspend card and verified your identity.
There are several ways of getting these numbers:
- If you text “DIRECT to 22622” and you’re registered for Anytime Alerts, Netspend will text you back the routing number and account numbers
- Log in to your Netspend Online Account Center. From the main menu, choose ‘Direct Deposit.’ The account information will appear on the right side in the grey box
- Call 1-866-387-7363 and pick “Other Services” to receive your direct deposit info
What can you Direct Deposit with Netspend?
Netspend allows you to deposit different types of income and benefits:
- Social Security benefits
- Work paychecks
- Tax refunds
- Defense Finance and Accounting Service Payments
- Veterans’ benefits
- Railroad Retirement Benefits
- Supplemental Security Income
- State unemployment benefits (varies by state)
- Government Disability Benefits-SSDI or Workers Compensation
When you set up direct deposits, you can decide whether you want just a part of your check deposited or your whole check. You will also get notified when the funds arrive if you sign up for Anytime Alerts.
Although Netspend doesn’t charge for these alerts, your carrier may charge you for data or messages.
About Pathward, National Association
Pathward was, until very recently, known as MetaBank. It’s a nationally chartered traditional bank that has physical locations in Iowa and South Dakota. The original founding name of the bank was Storm Lake Savings and Loan Association.
Pathward was notably directed at issuing debit cards with up to $600 on them that were sent to many millions of Americans in the 2nd round of COVID-19 Economic Impact Payments in 2021.
MetaBank sold the rights to its name to Meta Platforms Inc. (formerly Facebook) for $60 million and changed the name to Pathward afterward, reflecting the firm’s dedication to providing a path forward for people and companies that want to move toward the next stage of their financial voyage.
About Republic Bank & Trust Company
Republic Bank & Trust Company was established in 1977 by the acquisition of an old Shelby County, Kentucky bank. The bank now has banking branches in 5 states Florida, Kentucky, Indiana, Tennessee, and Ohio.
Although the bank has had recognition and awards that acknowledged its leadership in the community, it has also been somewhat controversial because it was promoting high-interest loans to people that were already on the brink.
About The Bancorp Bank
The Bancorp Bank has been a banking partner of Netspend, but also many other neobanks and fintechs such as SoFi, Oxygen, Venmo, Uber, and others.
Although Bancorp doesn’t have a rich history like some other banks on this list, it does very well for itself. It manages a whopping $6.8B in assets and has more than 150 million active cards in circulation.
Bancorp’s Fintech Solutions side of the business is a true pioneer in prepaid card-issuing support, and today, the company is even the number one prepaid card issuer. It’s also the 8th largest debit card issuer in the US.
About Regions Bank
Regions Financial Corporation is a bank holding company founded in 1971 and headquartered in Birmingham, Alabama. It was formerly known as First Alabama Bancshares.
Like many other traditional banks, it too had to settle with the SEC and was even fined by the Consumer Financial Protection Bureau (CFPB) for charging clients with inappropriate or illegal overdraft fees.
Netspend, in its relatively long history, has partnered with four established banks. They are only working with two banks now, Pathward, National Association, and Republic Bank & Trust Company. You can see which bank issued your card on the card itself.
This information is generally used for direct deposits; however, you only need to know the routing and the unique account number, which you can easily obtain from Netspend.