Stimulus Check Update: IRS issues EIP DEBIT CARDS
STIMULUS CHECK UPDATE AND STIMULUS PACKAGE UPDATE FOR MAY 19TH. THIS IS INTERESTING THE IRS AND TREASURY ISSUE A NEW STIMULUS DEBIT CARD, THE EIP CARD. WHAT DOES THIS MEAN FOR A SECOND ROUND OF STIMULUS CHECKS. WILL THERE BE A SECOND STIMULUS CHECK?
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Alright so If you're one of those 4 million Card recipients... you will be able to use this debit card to make purchases with it, get cash from in-network ATMs, and even transfer funds to your personal bank account without incurring any fees. You can also check your card balance online, by mobile app, or by phone without incurring fees.... when did they get this all set up... very strange... You can also use this card to make purchases online, or at retail stores... anywhere that visa is accepted... They're thinking that this is better against fraud because it will have the same benefits of a regular debit card which means your card has protections against fraud, loss and other issues...
secretary steven mnuchin said the 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,” “Recipients can immediately activate and use the cards safely.”
The news release also says that the Treasury has already delivered more than 140 million Economic Impact Payments worth $239 billion to Americans by direct deposit to accounts at financial institutions, Direct Express card accounts, and by check. But now The Treasury-sponsored EIP Card is another method to provide money efficiently and securely to eligible recipients and their families... EIP just means economic impact payment which is just another way of saying stimulus money or stimulus check... . EIP Cards are being distributed to qualified 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 EIP Card is part of Treasury’s U.S. Debit Card program, which provides prepaid debit card services to federal agencies for the electronic delivery of non-benefit payments. MetaBank was selected as Treasury’s financial agent for the U.S. Debit Card program in 2016, following a competitive selection process conducted by the Treasury’s Bureau of the Fiscal Service
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