How do I transfer money out of my Greenlight account? And other fund transfer FAQs

  • Only the primary account holder may transfer funds out of Greenlight to a bank account 
  • There is no fee for transferring funds from Greenlight to your bank account 
  • You can only transfer funds to a linked bank account. 
  • Funds may take up to 5 business days before they become available for transfer to your bank account 
  • The maximum amount you can transfer back to your linked bank account may not exceed the amount you have ever transferred from that bank account to Greenlight

To transfer money out of your Greenlight account into your bank account:

  1. On your Parent dashboard, tap the three dots next to your Parent’s Wallet 
  2. Tap ‘Transfer to bank account’ 
  3. Choose the amount you’d like to transfer and tap ‘Next’ 
  4. Confirm the bank account you’d like to transfer money to and tap ‘Transfer’ 
    • Once you tap ‘Transfer’ the request cannot be undone 
    • The transfer will take 1-3 business days to process

After completing a transfer, you will automatically return to your Parent dashboard and should see a notification of transfer. The funds will be debited from your Parent’s Wallet balance immediately and appear in your transaction history as a ‘transfer’ line item marked as ‘posted’. 


The following limits apply to transfers from your Parent’s Wallet to your bank account:

  • $5,000 per day 
  • $8,000 per week 
  • Maximum 3 transfers per week

Greenlight also imposes account-specific limits based on different factors, such as your account history and activity. We cannot disclose these limits due to Risk and Compliance reasons, but as you continue to use the Greenlight app, your transfer limits will increase. 

 

The ‘Available to transfer’ amount is determined on:

  1. You current Paren’ts Wallet balance 
  2. Any pending deposits reflected in your Parent’s Wallet balance 
    • While these funds may be available immediately for things like moving money to a child, they are not available to transfer out for up to 5 business days 
  1. Account specific limits 
    • Greenlight also imposes account-specific limits based on different factors, such as your account history and activity. We cannot disclose these limits due to Risk and Compliance reasons, but as you continue to use the Greenlight app, your transfer limits will increase.

If your ‘Available to transfer’ amount does not match your Parent’s Wallet balance, it’s most likely due to #2 or #3 above.

The maximum amount you can transfer back to your linked bank account may not exceed the amount you have ever transferred from that bank account into Greenlight. 

 

I have money in my Parent’s Wallet. Why do I see $0 available to transfer?
If you see $0 available to transfer, it’s most likely because your bank account is not yet eligible for transfers out. Your linked and verified bank account will be eligible for transfers after you’ve previously loaded funds from it without any disputes. 

The maximum amount you can transfer back to your linked bank account may not exceed the amount you have ever transferred from that bank account into Greenlight. 


Why haven’t my funds arrived in my bank account yet?
Transfers from your Greenlight account to a linked bank account may take 1-3 business days depending on your financial institution. This type of transfer (known as an ACH transfer) involves several parties, which can delay the transfer. If you don’t see your transfer appear within 1-3 business days (the standard time for a bank to process a transfer request), please contact your banking service provider directly and have them take a look at the status of your account. 

Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Community Federal Savings Bank (CFSB), Member FDIC. 

 

How do I cancel a load?
If there is ever a time when you made an accidental load or just want to cancel/void your funding load, please keep in mind that we can only void same-day loads before 9pm EST. 

For example, if you added $100 on 01/01/2024 to your Greenlight account from your funding source and wish to cancel the load, it must be done prior to 9pm on the same day. After 9pm the funds will have to settle into your Parent’s Wallet. Once settled, you can choose to leave them in the Parent’s Wallet, add to ‘Spend Anywhere’ or another spend control, or we can issue a refund upon request. 


Transfers of funds can take up to 7 business days to post to your funding account. 

This feature is available to all customers on app version 5.17.0 or later. If you still cannot access this feature, please update your Greenlight app and try again.

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