Did you receive a pre-paid debit card in the mail? If your answer was “yes,” don’t throw it away or cut it up. The IRS is sending out Economic Impact Payments (Stimulus Payments) in the form of prepaid debit cards to some people.
According to the US Treasury News Release, “[the] Treasury and the IRS are starting to send nearly 4 million Economic Impact Payments (EIPs) by prepaid debit card, instead of by paper check. EIP Card recipients can do the following:
- Make purchases online or at any retail location where Visa is accepted.
- Withdraw cash from in-network ATMs.
- Transfer funds to their personal bank account without incurring any fees.
- Check their card balance online, by mobile app, or by phone without incurring fees.
This free, prepaid card also provides consumer protections available to traditional bank account owners, including protections against fraud, loss, and other errors.” If you receive a card, please refer to the disclosure included with the card in regard to fees associated with the card.
See below for more information or click on the question to view all the FAQs from the IRS Website.
Q45. Will IRS be sending prepaid debit cards? (added May 20, 2020)
A45. Some payments may be sent on a prepaid debit card known as The Economic Impact Payment Card The Economic Impact Payment Card is sponsored by the Treasury Department’s Bureau of the Fiscal Service, managed by Money Network Financial, LLC, and issued by Treasury’s financial agent, MetaBank®, N.A.
If you receive an Economic Impact Payment Card, it will arrive in a plain envelope from “Money Network Cardholder Services.” The Visa name will appear on the front of the Card; the back of the Card has the name of the issuing bank, MetaBank®, N.A. Information included with the Card will explain that the card is your Economic Impact Payment Card. Please go to EIPcard.com for more information.”