American Express just sent out emails to their prepaid cardholders on Serve, REDcard, and Bluebird that starting October 28 we will no longer be able to add funds to the prepaid using a linked bank account.
Important points:
- You’ll still be able to withdraw money to a bank account
- If you already have a bank attached before October 28, you’ll be ‘grandfathered’ in and can continue to use it even for adding money.
- All other add-money methods will remain, including credit and debit card online loads, in-store loads, and direct deposit.
Obviously, the withdraw money feature is more important to most of us than the add money feature, but you’ll be surprised to hear that many people have used the bank-load method for one reason or another.
If you think you may use the feature in the future, be sure to link now the bank that you want to use – once it’s linked you’ll be able to continue using it, but you won’t be able to switch linked accounts to add money from a different account after October 28.
