No stimulus money yet? Maybe be on the lookout for a debit card in the mail
If you haven’t yet received your Economic Impact Payment (EIP) – or stimulus money – from the U.S. Government in the form of a paper check, or via direct deposit, you may want to be on the lookout for something else in the mail – a debit card.
EIP debit cards are being now being distributed to some qualified individuals without bank information on file with the IRS, in an attempt to speed up the process.
The Treasury Department has said it already delivered more than 140 million Economic Impact Payments worth $239 billion to Americans, but some 4 million Economic Impact Payments will be sent out in the form of these prepaid (EIP) debit cards.
The government has largely failed to communicate the issuing of these debit cards, which has led some people to throw the cards away, or to cut them up assuming they are a scam. Authorities across several states have already reported consumers inquiring about the legitimacy of the cards and their presentation.
You will know the debit card is legitimate if it features the VISA logo on the front, as well as the name the name of the issuing bank, MetaBank, N.A on the back. Inside the envelope you should also find information explaining that the card is an Economic Impact Payment Card with instructions on how to activate it.
You can activate the card by calling the number on the card or in the accompanying instructions. Be prepared to give the automated service your name, address, and your Social Security number.
The EIP debit card will work just like a regular debit card and will provide consumer protections against fraud and loss.
With the prepaid debit card you can withdraw cash from ATMs, transfer funds into your personal bank account, or use it anywhere that VISA cards are accepted. You can even check the balance of the card online or by phone.
If you lose the card, (or accidentally cut it up) you can get a replacement at the cost of $7.50, by calling Money Network Cardholder Services customer service or visiting https://www.eipcard.com/support.
Learn more about the Economic Impact Payment debit card at www.eipcard.com.