Yes, you can transfer money from your EIP card to a checking account
An Economic Impact Payment (EIP) card is a prepaid debit card the U.S. Treasury sent to some people during the pandemic to deliver stimulus payments. If you received one and now have a checking account, you can move that money over. The process is straightforward: you can transfer funds online, by phone, or at an ATM, depending on which card you have and which bank issued it.
The main thing to know is that EIP cards work like prepaid debit cards, not bank accounts. They don't earn interest, and they may charge fees for certain transactions. Moving the money into your checking account means you'll have it in a place designed to hold money long-term, and you'll avoid ongoing card fees.
Key Takeaways
- You can transfer money from an EIP card to a checking account through your card issuer's website, mobile app, or by calling customer service.
- Most EIP card issuers allow free transfers to a linked bank account, though some may charge a small fee for certain methods.
- The transfer usually takes one to three business days to show up in your checking account.
- If you've lost or damaged your EIP card, you can still access the money by contacting your card issuer or the Treasury's EIP card program.
How to transfer money online or by app
The easiest way to move money is through your EIP card issuer's website or mobile app. The major issuers are MetaBank, The Bancorp, and Pathward (formerly Metavante). Each one has its own portal where you can log in and manage your card.
To set up a transfer, you'll need your checking account number and routing number. Your bank can give you both—they're usually printed on a check, or you can find them by logging into your checking account online. Once you've entered those details, you can transfer as much or as little as you want. Most transfers are free and take one to three business days.
If you don't remember which company issued your card, look at the card itself—the issuer's name is usually printed on the front or back. You can also call the number on the back of the card, and customer service can tell you how to set up a transfer.
Transferring money at an ATM
If you prefer not to use a computer or phone, you can withdraw cash from an ATM and deposit it into your checking account in person. This works but costs you time and carries a small risk—you're handling physical cash, and ATM withdrawals may have daily limits depending on your card issuer.
Some EIP card issuers also allow you to transfer money directly to another account at an ATM, though this varies by issuer. Call the number on the back of your card to ask whether your card supports this feature and where you can do it.
What happens if your EIP card is lost or damaged
If you no longer have your card but remember receiving one, you can still get the money out. Contact your card issuer directly—the phone number should be on any paperwork you received with the card, or you can search online for "[issuer name] EIP card customer service." They can verify your identity and help you access the funds, either by mailing you a new card, transferring the balance to a bank account you provide, or sending you a check.
If you can't find your issuer information, you can also contact the Treasury's EIP card program directly at 1-833-224-6779. They maintain records of which company issued your card and can direct you to the right customer service line.
Fees and limits to watch for
Most EIP card issuers don't charge a fee to transfer money to a linked checking account, but some may charge a small fee (usually $1 to $3) for certain transfer methods, such as transferring by phone with a customer service representative. Transfers initiated online or through a mobile app are typically free.
Your checking account may have its own deposit limits or policies, but these rarely affect transfers from a prepaid card. If you're depositing a large amount, your bank may place a temporary hold on the funds while they verify the deposit—this is normal and usually lasts one to three business days.
Why moving the money makes sense
EIP cards charge fees for things like balance inquiries, customer service calls, and out-of-network ATM withdrawals. If you're not using the card regularly, these fees add up and eat into your balance. A checking account doesn't charge you for holding money there (at least not at most banks), and it gives you access to other banking tools like bill pay and direct deposit.
Moving the money also means you have a clear record of it in one place. Checking accounts come with statements and online transaction history, which can be useful if you ever need to prove where money came from.
Frequently Asked Questions
How long does it take to transfer money from an EIP card to checking?
Most transfers take one to three business days. Transfers initiated online or through a mobile app are usually faster than those done by phone. Weekends and holidays may add extra time.
Can I transfer all the money at once or do I have to do it in smaller amounts?
You can transfer all of it at once. There's no limit on how much you can move in a single transfer, though your checking account bank may have its own deposit limits. Call your bank if you're moving a very large amount and want to check first.
What if I don't have a checking account yet?
You can open one at a bank or credit union. Bring a photo ID and Social Security number or ITIN. Once your account is open, you can transfer the EIP card money over using the steps described above.
Will transferring the money affect my taxes or benefits?
No. EIP payments are not taxable income, and moving the money from one account to another doesn't change that. It also doesn't count as income for means-tested benefits like SNAP or Medicaid.
Can someone else transfer money from my EIP card?
Only if they have access to your card and PIN, or if you give them permission to manage the account. If you're concerned about unauthorized access, contact your card issuer when ready and ask them to freeze or close the card.