While we are not a financial institution, we have compiled a list of helpful tips to help ensure you can utilize the funds sent to you from the IRS. Chief among those questions is: “When will I … You can also use your card to pay rent or make a mortgage payment if your landlord or mortgage company accepts Visa debit card payments. © 2021 Forbes Media LLC. The Treasury Department says EIP cards will be sent to people who don’t have bank account information on file with the IRS from the 2018 or 2019 tax years and have had their tax returns processed by the Andover, Massachusetts or Austin, Texas IRS Service Center. The debit cards, called Economic Impact Payment (EIP) Cards, will be sent to 4 million taxpayers instead of a paper check or direct deposit. Here's what you need to know about them. The COVID-19 pandemic puts millions of people into vulnerable, emotional positions—and scammers are bound to try and capitalize on it. I've been featured as a personal finance expert in outlets like CNBC, Yahoo! Connecticut Spares 110,000 Covid-19 Telecommuters From Double Taxation For 2020, But What About 2021? If you receive federal benefits (such as Social Security or Veterans Affairs benefits) on a Direct Express card, don’t let this other prepaid debit card confuse you. Expect to pay a fee, though. However, there's been confusion around the cards, which arrive in a plain envelope from "Money Network Cardholder Services," with the name of the issuing bank, MetaBank, N.A., on the back. If you earn more than $75,000 as an individual or $150,000 as a couple, the total amount you're eligible to receive starts to decrease. This week, the Treasury and the IRS began sending out nearly 4 million payments using a new method: A new prepaid debit card. If you mistake your card for junk mail and toss it, or if it's lost or stolen at any time, you can get a replacement by calling customer service at 1-(800)-240-8100. Look for the names "MetaBank," the retail banking arm of the Treasury Department, and "Money Network" in the letter to ensure it's a legit card. You’ll need your 16- or 19-digit card number, its expiration date and other identifying information. Email us by completing the "Contact Us" form below. Walmart, for example, will cash a government check of up to $5,000. Both Venmo and Cash … More than 30,000 banks use their credit cards. You can also cash check balances up to $5,000 at the aforementioned stores, just be sure you are calling ahead if your stimulus check is larger than this amount. If you're eligible for an Economic Impact Payment and didn't receive it via direct deposit or paper check, you could be among the approximately four million Americans getting a card. If you don’t use PayPal, Cash App is a popular alternative. The IRS has so far delivered about 140 million stimulus checks, mostly by direct deposit. No check … Sending the EIP card instead of physical checks will help deliver money quickly and safely, and the funds will be available for use immediately after activating the card, according to the Treasury. Those two service centers process tax returns from Florida, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, Oklahoma, Texas, Vermont, foreign countries, U.S. territories and military addresses. Previously, I covered personal finance at other national web publications including Bankrate and The Penny Hoarder. For questions about Economic Impact (“stimulus”) Payments, please click here. 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To date, the federal government has issued payments via direct deposit, Direct Express card (used for paying federal benefits like Social Security) or physical check. $150,000 for heads of household. The EIP Cards are mostly free to use and have no monthly maintenance fees. Invest for the Future. Anything that fails to provide this information very well could be a scam. Before using your card, you have to call 1-(800)-240-8100 to activate it. You can use it to make purchases anywhere Visa debit cards are accepted, and you can pay in-store, online or over the phone. Recently, as part of an emergency coronavirus relief package, the U.S. Federal Government began delivering Economic Impact Payments, also referred to as “stimulus checks” to eligible Americans. The debit cards loaded with stimulus payments will be delivered in ... You can also withdraw cash from the debit card for free at an in-network … If you have an existing Direct Express card, you can still expect to receive your stimulus payment on that card. Watch Out for Scams. You may opt-out by. You can check your card balance online (you have to register as a new user on eipcard.com, which provides information on how to use the cards) or … Chances are, you won't be alerted ahead of time that your payment is coming in the form of a prepaid card: The decision to mail them out wasn't widely known before the first batch was sent in May. Global Cash Card Login with your username and password. May 13 was the last day that Americans could submit direct-deposit information to receive stimulus checks, which means payments will arrive as either checks or debit cards moving forward. Your first reissued card will be free — after that, a $7.50 fee will be applied for each additional reissued card. Finally, you can transfer funds from your card to an existing bank account online at eipcard.com or using the Money Network Mobile App. But there are certain fees associated with the cards that consumers need to be aware of. Since the federal government announced in late December 2020 that millions of Americans would be receiving stimulus checks to combat the economic impacts of the coronavirus pandemic, Team Clark has received a ton of questions about the payments. All Rights Reserved, This is a BETA experience. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, © 2021 CNBC LLC. But not everyone who qualifies has received money. That’s because the Non-Filers tool only let users select a bank account for direct deposit; if you left it blank, you will receive your money via paper check in the mail. Around 4 million Americans will be sent their stimulus payments via prepaid debit card. This not only makes it easier for cardholders to access their account information, but it can help cut back on the fees associated with checking account balances at ATMs. Cash a check on your mobile device. Some large retailers will cash your stimulus check for you. It depends on how much you earn. If you're waiting on your stimulus payment, you cannot request to receive a debit card instead of a check. But keep in mind that if you usually get your benefits on a Direct Express card, but updated your information using the Non-Filers tool, you won’t receive your stimulus payment and dependent money on your Direct Express account. Cashing Fee: Varies. If you are in the US, cashing checks is easy, but if you are residing abroad, it may prove difficult in some cases. Previously, I covered personal finance at other national web publications including Bankrate and The Penny Hoarder. Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns. There are 3.4 billion Visa cards alone in circulation! The prepaid debit cards, issued by MetaBank and on the Visa network, are called Economic Impact Payment (EIP) Cards. If you’re still awaiting your economic impact payment, you could potentially receive one of these cards in the mail. The new stimulus checks are part of a $1.9 trillion pandemic relief bill that's headed for crucial votes in Congress. The company reported good news on the liquidity front, too, with $1 billion in cash available as of Dec 31, up 2.5% the prior year. J610, Irvine, CA 92606 Phone: 866-395-9200 Outside the U.S. 949-751-0360 Outside the U.S. 949-751-0360 Once their accounts are activated, customers are assigned a routing and account number to set up direct deposit. Cash App. In general, Americans who qualify for a stimulus check are taxpayers earning an adjusted gross income of less than $99,000 if single or $198,000 if married filing jointly. In March of 2021, a bill in the Senate contained an order for a third economic stimulus check for citizens of the United States. For the $1,200 stimulus check associated with the CARES Act, the IRS set a deadline of May 13th if you wanted to enter your direct deposit information. If you missed that deadline, your check … The … There’s also an app for both iOS and Android devices associated with the EIP Card called the Money Network Mobile App. Most of those who don’t have a bank account on file, or didn’t update their information with the “Get My Payment” tool on time, have been sent physical checks. This week, the IRS began sending nearly 4 million individuals an EIP Card with their stimulus funds loaded onto it. Nearly two-thirds of Americans have already received the government’s second round of stimulus checks as part of the latest $900 billion Covid relief bill. ©2021 Global Cash Card, Inc. 3972 Barranca Pkwy, Ste. Deposit to a bank account if they accept US checks … You may be charged a fee for: The EIP Card comes with online account access options. Call MetaBank at 866-550-6382. A welcome packet accompanying the card offers more information to help you verify the card is real. CVS, Walmart And Home Depot Join Fight Against Rampant Social Security Scams, House Tax Committee Chides IRS About Slow Start To Tax Season, Urges Tax-Day Deadline Delay, IRS Delivers Covid-19 Surprise To Workers:  A Chance To Redo Their 2021 Health Plan And FSA Choices, Dollar Cost Averaging Vs. I'm a Personal Finance Reporter for Forbes Advisor. Welfare recipients who are on the controversial cashless debit card will have their $750 stimulus payment quarantined, as the government bucks … A stimulus check is a payment authorized by the U.S. government to help cope with the financial impact of coronavirus. AD. The second round of prepaid economic impact payment cards started going out to recipients in January. If you receive a debit card claiming to be your economic impact payment, make sure to verify the plain envelope it comes in is from “Money Network Cardholder Services.” The front of the card will have the Visa name on it, and the back of the card will have the issuing bank, MetaBank, listed. And if you earn $99,000 or more as an individual or $198,000 as a couple, you aren't eligible to receive a stimulus payment. "Prepaid debit cards are secure, easy to use and allow us to deliver Americans their money quickly," Treasury Secretary Steve Mnuchin said in a statement last month.
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