Great question! Many prepaid card providers have their direct deposits underwritten by larger banks that must be used as the bank name for redemptions. What Do I Use for the Bank Name if I'm Sending my Redemption to a Prepaid Card? Payable on Death (POD) accounts where the customer is beneficiary Joint accounts where one of the owners is a minor
There are a few account types and banks that we CANNOT send to: Account Types: We can send redemptions to savings and checking accounts and prepaid cards, so long as the institution accepts ACH deposits. You most likely CAN redeem to your bank or institution, but to find out for sure, either contact your institution or search them online to see if they accept ACH deposits. How Do I Know if I Can Redeem to My Bank or Institution? This includes most banks, credit unions, and even many prepaid cards!Īn ACH transfer is an electronic, bank-to-bank transfer processed by the Automated Clearing House network, including external funds transfers, person-to-person payments, bill payments, and direct deposits from employers and government benefit programs. We accept almost any bank in the United States (except for Washington State) with ACH transfer capabilities. What Kind of Bank / Bank Account Type Can I Redeem My Prizes To? And are Prepaid Accounts Okay?
