Updated Information About Stimulus Payments
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Updated Information About Stimulus Payments

Some recipients now getting a prepaid debit card

The IRS has begun sending prepaid debit cards to nearly 4 million U.S. taxpayers as an additional way to deliver federal stimulus payments as part of the Coronavirus Aid, Relief and Economic Security Act. This new payment method joins direct deposits to taxpayer financial accounts and mailed paper checks.

Like the paper checks, the debit cards will arrive in the mail. The cards will be in plain envelopes labeled ‘Money Network Cardholder Services.’ The card inside each envelope will have the Visa name on the front and the issuing bank name - MetaBank, N.A. - on the back.

At this point eligible taxpayers will not be able to choose how they get their CARES stimulus payment. The IRS, along with the Treasury Department’s Bureau of the Fiscal Service, will decide on the format.

As tens of millions of Americans continue to receive their payments during the coronavirus pandemic, there are questions about where that money comes from, how it is being distributed, and who is eligible.

Here is some important information about the Economic Impact Payments:

Where are the payments coming from?

The Internal Revenue Service is responsible for distributing the stimulus payments and has already started the process. Payments to qualifying individuals or families will come either as a direct deposit, a check in the mail, or a prepaid debit card by mail. For most eligible recipients, direct deposits will be made to the financial account used for their most recent federal tax refund or their Social Security payments. If the IRS does not have that account information, a paper check or debit card will be mailed to their address on file with the IRS.

The Internal Revenue Service is responsible for the timing, amount and distribution of these payments, and indicates that payments will be sent in waves over the course of multiple weeks into July 2020. Financial institutions do not have information about how much you might be eligible to receive or when that money will be distributed.

I don’t have my payment yet, what should I do? 

Direct deposit payments have already begun but it may take multiple weeks into July for all payments types to be distributed. Here are a few things you can do in the meantime: 

  • To check on your payment, the IRS has created the ‘Get My Payment’ website so eligible recipients can check on payment status and amount, whether it is scheduled to come as a direct deposit, check or debit card, and whether more detail is needed.
  • If you are not required to file a tax return, you can use the IRS’s ‘Non-Filers: Enter Payment Info Here’ page to provide the necessary information. Non-filers who are eligible for stimulus payments include U.S. citizens or resident aliens who have a Social Security number, could not be claimed as a dependent of another taxpayer, and had an adjusted gross income under certain limits. 
  • For a list of questions and answers about the stimulus payments, including account information and any changes that have occurred, visit the IRS’s ‘Get My Payment Frequently Asked Questions’ page.

Have a child but are in certain groups that didn’t need to file a tax return?

The federal government has set different eligibility guidelines for some recipients who qualify for a $500 payment per eligible child but are not required to file a tax return. These groups include those who receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn't file a tax return in 2018 or 2019. READ THIS IMPORTANT INFORMATION HERE.

How will I know if my money has been deposited?

You can regularly monitor your account to see if the payment has been directly deposited from the IRS by using our online or mobile banking tools, which are available to you 24/7. You can even set an alert to notify you when a direct deposit has been posted.

What if I’m receiving a paper check?

Once you receive your paper check in the mail, you can deposit it directly into your account by using mobile deposit through our free mobile banking app or at one of our drive-thru windows during scheduled hours.

How can I access and monitor my money?

Once the stimulus money has been deposited to your account, you can access it quickly by using your debit card or visiting one of our ATMs to withdraw cash.

You can also monitor your accounts, transfer money, send payments, or set up a variety of alerts with our mobile banking app or through online banking.

What if I receive my money as a prepaid debit card?

If your money comes as a Visa prepaid debit card, you will receive the card in the mail inside an envelope labeled ‘Money Network Cardholder Services.’ The IRS is advising people to be on the lookout for this envelope, as there have been some reports of people mistaking these envelopes for junk mail and either throwing them away without looking at them or cutting the cards up after opening the envelope and thinking the cards are a scam.

How do I get started with my prepaid debit card?

The envelope you receive your card in will also contain a cardholder agreement and information on any possible fees. Be sure to read those documents. You also need to activate your card and set a PIN by calling 800-240-8100. You’ll also be able to get your balance at that time. You will then be able to register your card online at EIPCard.com.

How can I use my card?

You’ll be able to shop online or in stores that accept Visa debit cards, get cash back at the register with PIN debit purchases, or get cash without charges at in-network ATMs.

Can I transfer the funds from my debit card to my financial account?

Yes. That can be done after activating your card by calling 800-240-8100 and then registering your card at EIPCard.com. Once registered, you can select the ‘Move Money Out’ option to set up your transfer.

Will my debit card funds expire?

No, your funds will not expire but you will need to take action if you have not used all the money. There is a 'valid thru' date on the front of the card. Once that date passes, you will need to call customer service to request of refund check for any remaining funds.

How can I find out more about the prepaid debit card and what I can do with it?

Visit EIPCard.com/faq for a full list questions and answers about the card, how it can be uses, any potential fees and much more.

Protect yourself against fraud

Scams surrounding the stimulus payments have already been reported. To protect yourself, set up account alerts through mobile or online banking, and be on the lookout for unsolicited email, texts and phone calls that ask for personal or account information, usernames and passwords, or access codes.