Cardholder Frequently Asked Questions

General Prepaid Debit Card Program Information

Your school offers a Prepaid Debit Card as an alternative to checks and direct deposit for receiving financial aid payments conveniently. You do not need to have a bank account to get the Higher Education Prepaid Debit Card. Contact your school to enroll in the Prepaid Debit Card program.

With the Higher Education Prepaid Debit Card, you’ll have access to your funds 24 hours a day, 7 days a week. Make purchases everywhere Visa® or Mastercard® debit cards are accepted, and access cash via PIN-based point-of-sale (POS) terminals and ATMs.

Here's how the cards will work:

• Once you select to receive your financial aid payments on the Prepaid Debit Card, Bank of America will create an account in your name.
• Whenever you are due to receive a payment, your school will send the funds by Electronic Funds Transfer to your Prepaid Debit Card.
• You can then use the Prepaid Debit Card to make purchases or withdrawals until the funds are exhausted.
• You can't make any additional deposits to the account. Only your school can fund your card.
• This is not a credit card and attempting to use your card for purchases that exceed your balance may result in the transaction being declined.

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Prepaid Debit Card Benefits

Convenience and Flexibility for Students
This new prepaid debit card is a particularly useful option for students who don’t have bank accounts. The cards are convenient, easy-to-use, and provide many options for making purchases and withdrawals.

Benefits of the card include:

• Use everywhere Visa or Mastercard debit cards are accepted - in-stores, online or over the phone
• Get access to cash at point of sale* terminals, ATMs and at banks and credit unions that accept Visa or Mastercard
• Use your cards to pay bills in person or online
• Improves control over money - use your card for purchases or withdraw only what you need, when you need it
• Account information and customer service is available 24 hours a day, 7 days a week
• Mobile text and e-mail alerts for deposits and balances

* Point of sale: retail merchant that accepts debit cards.

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How to Activate your Prepaid Debit Card

You must activate your card before use. Activation is simple and secure. You’ll receive your prepaid debit card along with instructions on how to activate and use it. Once you receive your card, you can activate online or by calling 1.855.532.2822 toll-free. Once activated, you may use your card.

• For security reasons you'll need:
  • the 16-digit number that appears on the face of your card
  • the 3-digit card security number that appears on the back of your card
  • the last four digits of your social security number (or ITIN)
• During the activation process, you must create a personal identification number (PIN). The PIN can be used to make ATM withdrawals and PIN purchases
• Once your card is activated, you’ll be given the account balance and may begin using it immediately.

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How to Use your Prepaid Debit Card

Purchases

You can use your card everywhere Visa or Mastercard debit cards are accepted.
To conduct purchases with a signature:

1. Present or swipe your card.
2. Choose “credit.”
3. Sign, take your card and receipt.

To conduct purchases with a PIN:

1. Swipe your card.
2. Choose “debit” and enter your PIN.
3. Many grocery stores, convenience stores, and U.S. post offices offer cash back without a fee.
4. If you want cash, select the amount and it will be added to your purchase.
5. Take your card, cash, and receipt.

Special Transactions

Gas stations – Paying at the pump may cause a hold of up to $75 for Visa cards and $100 for Mastercard cards; consider paying inside, saying how much you want to purchase, and signing the receipt.

Restaurants – Restaurants may verify you have enough in your account for the bill. Make sure you have enough funds to cover any added tip.

Hotels – The hotel may hold the amount of your estimated bill, making that amount unavailable for other purchases. When you check out, the hold may take a few days to be removed.

Auto rentals – You may use your card for final payment for a rental car, but a credit card may be necessary to reserve a rental car.

Returns – Store return policies vary. You may receive a credit to your account or a store credit. A credit to your account may take a week to process before funds are available for use.

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Pay Bills

Pay bills online, in-person, or over the phone.

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Balance Inquiries

Know your balance

Merchants are generally not able to determine the balance on your card, so you should always verify the balance before using your prepaid debit card. Attempting to use your card for purchases that exceed your balance may result in your card being declined.

You can check the balance on your card and review all your account transaction activity 24 hours a day online or by calling 1.855.532.2822.

• There is no fee for online and telephone balance inquiries.
• Sign up for free balance alerts (mobile text message and e-mail) by logging in to your account.
• ATM balance inquiries:
  • No fee for balance inquiries made at a Bank of America in-network ATM.
  • For inquiries made at ATMs other than Bank of America in-network ATMs, the owner of the ATM may charge a fee. Bank of America won’t charge a fee.

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Cash Withdrawals

ATM withdrawals

You must activate your card and create a PIN in order to make ATM withdrawals. The amount that can be withdrawn from an ATM cannot be more than $1,000 during any 24 hour period and also depends on limits set by the ATM owner. Some ATM owners impose limits on how much can be withdrawn in a single transaction or in a day.

In-network withdrawals:
There’s no fee for withdrawals from ATMs owned by Bank of America

• There are thousands of ATMs providing free access nationwide.
• ATM locators are available for ATMs owned by Bank of America. Links to these locators are available on the ATM Locator page of this website.

Out-of-network withdrawals:
For withdrawals from ATMs that aren't owned by Bank of America, there will be a $2.00 fee charged by Bank of America, plus an additional charge by the owner of the ATM.

ATM Safety Tips

• Be aware of your surroundings at ATMs. If you notice anyone or anything suspicious or unsafe when you approach an ATM, use another ATM or return later.
• At enclosed ATMs, close the door completely. Don't open the door while you are making your transaction.
• When you use a drive-up ATM, be sure passenger windows are closed and doors are locked.
• If you must use an ATM at night, consider taking someone with you.
• Always protect your card by keeping it in a safe place. If your card is lost or stolen, contact us immediately.
• Be discrete when entering your PIN at the keypad. After completing your transaction, carefully put away your card, cash and receipt before leaving the ATM area.
• Never give your PIN to anyone and never write it anywhere, especially on your card.
• Never give information about your card or PIN over the telephone. If someone is asking for this information, refuse and immediately contact us.
• Call 911 if you need emergency assistance. Immediately contact your local police if you experience or suspect a crime related to your account. If you have a concern about security at a Bank of America ATM, please call us at 1.800.222.7511.

Bank withdrawals

If you choose to withdraw cash at a bank teller, you will be able to do so without paying any additional fees by visiting any bank that is in the Visa or Mastercard bank network, once per deposit. Afterwards, you will be charged $5.00 per transaction.

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Address Changes

Address changes may be completed online through the Profile page once you are signed on to this website. You can also contact the Prepaid Debit Card Customer Service Center at 1.855.532.2822.

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Card Upgrade

If you received a card directly from your sponsor that did not have your name on it, you may be eligible to receive a personalized upgrade card in the mail after a pre-determined number of deposits or calendar days.  If you receive a personalized upgrade card in the mail, please activate the card immediately.  You will have 30 days from the date of issuance to activate your new card.  Once activated, your current balance will transfer to the new card and your old card will become inactive.

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Prepaid Debit Card Account Closure

Because most ATMs dispense money in the form of $20 bills, if the balance on a card falls below that amount, you won't be able to use an ATM to close out your account. The account can be closed out by:

• determining your balance and using your card to make a purchase in that amount; or
• using your card to make a partial payment, and using a secondary means for the remaining purchase amount as you would do with a retailer’s gift certificate; or
• making a final withdrawal from a bank or credit union.

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Lost or Stolen Prepaid Debit Cards

If your card is lost or stolen, the Bank of America "Zero Liability" Policy protects you against fraudulent transactions if your card is lost or stolen (subject to certain conditions). You need only contact the Prepaid Debit Card Customer Service Center at 1.855.532.2822 to report your card lost or stolen and to request a replacement card.

• Fees may apply.
• If your card has been used, the bank will issue the replacement card in the amount of the remaining balance.

If the post office is unable to deliver a prepaid debit card, it will be returned to the bank. Please call the Prepaid Debit Card Customer Service Center at 1.855.532.2822 to correct your address and have a new card sent to you.

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Card Expiration

One month prior to the expiration date listed on the front of your prepaid debit card, you will receive a new card with a new expiration date. Please be sure to activate your new card and destroy your expired card. Your balances and payments will be accessible on your new card after activation.

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Glossary

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