What to Do With Your Equifax Settlement Pre-Paid Card

Your Equifax settlement money arrived on a pre-paid card, not a check

If you received a pre-paid card in the mail from a settlement related to Equifax, that card holds money you are may have access to to from a data breach settlement. The card works like a debit card — you can use it to spend the balance, move it to your bank account, or withdraw cash. You do not have to do anything immediately, but the card will eventually expire, and you need to know your options before that happens.

The card is issued by a specific bank (usually MetaBank or a similar processor) and comes with a customer service number printed on the back. That number is your direct line to check your balance, set up a PIN, and understand the card's rules and fees.

Key Takeaways

• Pre-paid settlement cards work like debit cards and let you spend, transfer, or withdraw your settlement money.
• The card has an expiration date printed on the front; after that date, you may not be able to use it, though you can usually request a replacement or cash-out.
• Calling the customer service number on the back of the card is the fastest way to check your balance and learn what fees apply to your specific card.
• You can transfer money to your bank account through an ACH transfer or ATM withdrawal, though some cards charge fees for these moves.
• If you lose the card or it is damaged, contact the issuer immediately to freeze it and request a replacement.

How to check your balance and activate the card

When the card arrives, call the customer service number on the back. You will need to verify your identity — usually with your Social Security number or the last four digits of your card number. The representative can tell you your current balance and walk you through setting a PIN if you have not already.

Some cards activate automatically when they arrive; others require you to call or visit a website to activate them. If you try to use the card and it is declined, activation is usually the reason. The customer service line can confirm whether your card is active and activate it on the spot if it is not.

Moving money from the card to your bank account

The most common way to move settlement money off the card is an ACH transfer to your checking or savings account. You provide your bank's routing number and your account number, and the card issuer pulls the money into your account — usually within one to three business days. This method is often free, but check with your card issuer first.

Another option is to withdraw cash at an ATM. Most pre-paid cards allow ATM withdrawals, though the issuer may charge a fee per withdrawal (typically $1 to $3). If you withdraw all your money this way, you will pay a fee for each transaction, which adds up. Transferring to your bank account is usually cheaper if the option is free.

Some cardholders use the card like a regular debit card to pay bills or make purchases directly, which avoids any transfer fees. If you choose this route, keep track of your balance so you do not overspend.

Understanding fees and expiration dates

Pre-paid settlement cards often come with a fee schedule. Common fees include monthly maintenance fees (if the card sits unused), ATM withdrawal fees, balance inquiry fees, and replacement card fees. The fee structure varies by card issuer, so ask customer service for a complete list when you call.

Every card has an expiration date printed on the front. After that date, you will not be able to use the card to make purchases or withdraw cash. However, you usually have options: you can request a replacement card (which may cost a fee), or you can contact the issuer to request a check or direct deposit of any remaining balance. Do not wait until the expiration date to act — contact the issuer at least 30 days before expiration to understand your choices.

What to do if the card is lost, stolen, or damaged

If your card goes missing or stops working, call customer service immediately. The issuer can freeze the card to prevent unauthorized use, just like a bank does with a debit card. You can then request a replacement card, which usually arrives within 7 to 10 business days.

If the card is damaged but you still have it, you can also request a replacement. Some issuers will mail a new card at no charge; others may charge a small fee. Ask about the cost and timeline before you agree to the replacement.

If you never received the card

Settlement cards are mailed to the address on file from the settlement claim. If you moved or the address was incorrect, the card may have gone to the wrong place. Contact the settlement administrator (the organization that ran the claims process) with your current address and ask them to reissue the card or provide an alternative payment method.

The settlement administrator's contact information should be in any settlement notice or claim confirmation you received. If you cannot find it, search online for the settlement name plus "claims administrator" to locate their phone number or website.

Frequently Asked Questions

Can I transfer the money to someone else's bank account?

No. Pre-paid settlement cards are issued in your name and can only transfer money to a bank account in your name. If you want to give the money to someone else, you would need to withdraw it as cash or transfer it to your account first, then send it to them separately.

What happens to the money if I do not use the card before it expires?

After the expiration date, you typically cannot use the card, but the money does not disappear. Contact the card issuer before the expiration date to request a replacement card, a check, or a direct deposit to your bank account. If you do not act, you may lose access to the funds, so do not ignore the expiration date.

Does using the card affect my taxes or benefits?

Settlement money is generally not taxable income, and receiving it should not affect most government benefits. However, if you receive means-tested benefits like Supplemental Security Income (SSI) or TANF, the money may count as income or assets depending on when you receive it and how quickly you spend or transfer it. Contact your benefits administrator if you are unsure.

Can I use the card internationally?

Most pre-paid settlement cards work only in the United States. If you try to use it abroad, it will likely be declined. Check with customer service before traveling if you think you might need to access the money outside the U.S.

What if the card issuer goes out of business?

Pre-paid card issuers are required to hold settlement funds in a separate account protected by FDIC insurance, similar to how banks protect deposits. If the issuer fails, your money is protected up to the FDIC limit. Contact the settlement administrator if you have concerns about the issuer's stability.