Direct Deposit automatically places your teen’s hard-earned paychecks onto their Greenlight card (The Greenlight card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by MasterCard International). It is convenient, secure and saves you a trip to the bank.
Direct Deposits is available in all Greenlight plans, so it has to be greater than $0.99 and the maximum deposit per family per month is $5,000.
They refer to the deposit of funds electronically into a bank account rather than through a physical, paper check. Direct deposit requires the use of an electronic network that allows deposits to take place between banks.
This network is called the Automated Clearing House (ACH) because the funds are transferred electronically; recipients’ accounts are credited automatically, so there is no need to wait for the money to clear.
Direct Deposit is a safe and convenient way to receive payment. Funds are deposited into a recipient’s account directly through the electronic network.
However, for the funds to be transferred from Greenlight App, the customer must provide the name of their bank, their account number, and the bank’s routing number to the company making the deposit.
How to Verify your Bank Account on Greenlight
To verify your account, you will need to input the 2 micro deposit amounts into your Greenlight app when prompted. These micro deposits will each be less than $1.00 and should be viewable in your bank account within 1-2 business days.
How to Set Up Greenlight Direct Deposit
- Access the child’s profile
- Parents: Tap on the gear icon on the Parent Dashboard to access Parent Settings. Select ‘Family’ to choose a specific child.
- Teens (13+): Tap the profile icon at the top left (next to your name)
- Select ‘Direct deposit’
- Follow the prompts to set up direct deposit. This will include entering the employer’s name.
- Share the account and routing information with your child’s employer.
Once you and your child have completed direct deposit setup with both Greenlight and your child’s employer, your child’s paychecks will typically begin automatically depositing within 1-2 pay periods into your Greenlight card.
Want to stop Greenlight Direct Deposit?
If your child wants to stop receiving their paychecks onto their Greenlight card, contact their employer and provide updated paycheck preferences or account and routing information. You can also delete the employer from the ‘Direct deposit’ page.