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Prepaid Debit Cards Replace Stimulus Checks

Posted by Shannon Reichelt on
Prepaid Debit Cards Replace Stimulus Checks

If you still haven't received your stimulus check, don't worry that your neighbor has and you haven't, they are still rolling out. Everyone's tax situation is unique, which impacts when you'll get yours vs others. 

Here's the latest regarding a switch to prepaid debit cards replacing the paper checks.

 

Americans that still haven’t received a $1,200 stimulus check amid the coronavirus pandemic from the United States government may not get one at all. Instead, the U.S. Department of Treasury announced on Monday that it will begin sending prepaid Visa debit cards this week rather than checks.

The cards are expected to reach nearly 4 million people. Recipients can make purchases, withdraw cash from in-network ATMs and transfer funds to their personal bank account without incurring any fees.

“Treasury and the IRS have been working with unprecedented speed to issue Economic Impact Payments to American families. Prepaid debit cards are secure, easy to use, and allow us to deliver Americans their money quickly,” Secretary Steven T. Mnuchin said in a statement. “Recipients can immediately activate and use the cards safely.”

The cards are being distributed to individuals without bank information on file with the IRS, and whose tax return was processed by either the Andover or Austin IRS Service Center, the Treasury said. Each card will include instructions on how to activate and use it.

Recipients of the debit cards can also check the card balance online, by mobile app, or by phone without incurring fees. The debit cards can also be used online, at ATMs, or at any retail location where Visa is accepted. The prepaid card also provides protections available to traditional bank account owners, including against fraud, loss, and other errors, the Treasury said.

The Economic Impact Payments card is part of Treasury’s U.S. Debit Card program, which provides prepaid debit card services to federal agencies for non-benefit payments. The Treasury’s financial agent is MetaBank.

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