The Turbo® Cash Account program will end on June 30, 2020. All accounts will be automatically closed and you’ll no longer be able to use the account or your Turbo® Cash Account Visa® Debit card. This means that you’ll need to spend or transfer out remaining funds in this account before June 30.
What you need to do now:
You need to spend or move all of the money in your account by June 30, 2020. Here are ways you can do that:
- Transfer your balance to another bank account through your Turbo® Cash Account in the Turbo app, or using your other bank.
- Withdraw your money in cash using one of our 19,000 in-network, fee-free ATMs. Use the app to find fee-free ATM locations.*
- Use your Turbo Visa® Debit Card to make purchases. It’s accepted everywhere Visa debit is accepted.
Follow the steps above to spend your funds, or move them out of your account before June 30, 2020. After that, there’s nothing more you need to do to close your account. This won’t impact your credit score.
No, this closure only applies to the Turbo® Cash Account and doesn’t affect the Turbo® Visa Debit Card (the black card), which will continue to work. Read more about the difference here.
You’ll no longer be able to get your paycheck or government benefits directly deposited into your account, so you’ll need to take immediate action to switch them to a different bank account. You’ll need to provide your employer or the government with the other bank account’s info. You can reach the government benefits line by calling 800-333-1795. This can take up to two pay cycles to take effect.
If you weren’t able to take action in time, since your Turbo® Cash Account is now closed, your direct deposit will be returned to your employer or the government, and your employer or the government will need to issue you a paper check. Please contact either your employer for more info, or if you have government benefits deposits, the government benefits line at 800-333-1795.
There are two ways to transfer money out of your Turbo® Cash Account: ATM withdrawals and the Transfer Money out option in the app.
For the Transfer Money out option, sign in to the Turbo app and send money to your connected external bank by selecting Money Out. If you don’t already have a connected bank, make sure you have the account number and routing number of the bank account you want to transfer the funds to. Follow the instructions to connect your other account and transfer the money out. There’s no limit on the amount of funds you can transfer out.
Note: If you have any money in the Savings Fund within the Turbo® Cash Account, you will first need to transfer the money from the Savings Fund to the main cash account to transfer that money to your other bank.
For ATM withdrawals, there’ is an in-network ATM finder located in the app to connect you with fee-free ATMs that are closest to you. You can withdraw up to $500 per day and up to $3,000 per month.
After June 30, 2020, you’ll no longer be able to get your tax refund or stimulus payment directly deposited into your account. If your refund or stimulus payment is sent after June 30th, 2020, the funds will be returned to the IRS and your tax refund or stimulus payment will be reissued to you as a paper check. For more info on tax refunds and stimulus payments, please visit this page.
If you have recurring transfers set up, sign in to your other bank account where you set up that transfer and cancel any recurring transfers.
If you weren’t able to take action in time, the bank will be unable to process your transfer and will likely notify you.
You’ll need to contact your bill provider and update them with your other bank’s account info.
We recommend finding another online banking and high yield savings account before Turbo® Cash Account goes away on June 30. Explore some options here.
After June 30, you’ll no longer see your Turbo® Cash Account within the Turbo app. If you need to obtain a bank statement after that date, you can call Green Dot at 800-417-5216.
* Banking services provided by and Turbo® Cash Account Visa® Debit Card is issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa International Service Association.