What is a Transfer of Value?
A Transfer of Value is any purchase that converts your card balance into another asset, balance, or item that can store or move money. Instead of buying a good or service, you are effectively moving funds somewhere else.
Why are these purchases declined?
The Financial Crimes Enforcement Network (FinCEN) prohibits these transactions on prepaid cards. Because prepaid cards can be anonymous, transfers of value can be abused for money laundering. Any attempt to move your Laso balance into another account, asset, or resellable item will be declined.
Examples of Transfers of Value
Money transfer and wallet apps
Adding money to a PayPal, Venmo, or Cash App balance
Sending money with Zelle, Apple Cash, or Google Pay
International remittance services like Western Union, MoneyGram, or Wise
Debt and bill payments
Paying off a credit card
Making a mortgage payment
Paying rent (directly or through rent payment services)
Paying down auto, student, or personal loans
Bank and cash equivalents
Transferring funds to a bank account
Wire transfers
Money orders, cashier's checks, or traveler's checks
Investments and crypto
Buying cryptocurrency
Buying gold, silver, or other precious metals
Purchasing stocks, bonds, or other securities
Gambling
Depositing onto casino, sports betting, or poker platforms
Buying lottery tickets
Resellable items
Buying gift cards or other prepaid cards
In-game skins, points, or currency that can be resold or traded
What happens when you try one of these purchases?
The transaction may be declined by the merchant before it is attempted, or blocked by the card issuer after it is attempted. Either way, the purchase will not go through and your balance stays on your card.
What you can do
If any product in your cart can be used to store or transfer value, remove it and try the purchase again. Everyday purchases of goods and services are not affected.