Stimulus Debit Card Warnings & FAQ
People are having issues with their stimulus check debit card, mistaking them for trash, and not understanding how they work. Here's everything you need to know.
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There has been a warning put out to make sure to thoroughly check your mail if you are still expecting to receive a stimulus check from the first round. There have been a few reports in the past of people accidentally throwing away their stimulus debit cards thinking they are regular old junk mail.
People are saying the debit card letter is especially easy to mistake for junk male because the envelopes are not from the U.S. Treasury. The letter may be addressed from "Money Network Cardholder Services," with a return address in Omaha, Nebraska.
The reason for this is that the authorized providers of these cards is Money Network Cardholder Services / MetaBank. The IRS contracted this company out to deal with all things stimulus debit cards.
Expect to be asked your social security number, name, and address as a part of activation.
With these cards looking so similar to junk mail or scams this is going to no doubt spring up actual scams trying to pose as these cards to collect personal information. I will give you a few tips to look out for to ensure the card you receive is legitimate.
-The card will arrive in an all white envelope with the words “Money Network Cardholder Services” on it
-The front of the card will have the Visa logo
-The back will have the words MetaBank
-The legitimate card will only direct you to the website eipcard.com. If you receive a debit card that directs you to any other site even small variations of eipcard.com be very careful.
-The only phone number you should be directed to to enter in your personal information is 1.800.240.8100. Be very wary of any other numbers. One easy way to check a phone number is legitimate is simply Google the number. You will see what sites are displaying that number and usually it is very easy to tell if it is a real phone number.
Tips to ensure you avoid fees when using the stimulus card.
-Use it like any other debit or credit card in stores, online or over the phone. If a store accepts Visa there will be no charge for use.
-If you want to pull just a little bit of cash from your card you can get cash back with a PIN debit purchase at no fee.
-If you want to pull cash using an ATM make sure you use one that carries the AllPoint® brand name. There are 55,000 of these ATMs so odds are you are near one. If you need to find the nearest ATM go to allpointnetwork.com/locator
-Finally if you don’t want to hold the cash on the debit card you can transfer funds to a personal bank account free of charge. You can do this online at eipcard.com
Here’s some more interesting questions and answers about the stimulus debit card:
Q: Will the Treasury Department be able to see how I spend my Economic Impact Payment?
A: They will not because of the Right to Financial Privacy Act which states the federal government is not allowed to ask the card issuer about your Card account and the card issuer is not allowed to give the government information about your Card account without your written permission, except under very limited circumstances. Looking at this act the exceptions pretty much are subpoenas and search warrants
Q: Can you use the stimulus debit card for Peer to Peer payment apps?
A: Yes you actually can! In most of these apps like Venmo and CashApp you can actually use the card as a source of funding.
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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.