The Internal Revenue Service and the U.S. Treasury Department are issuing Economic Impact Payments to some taxpayers in the form of prepaid debit cards. In the following post, Optima Tax Relief reviews what taxpayers need to know about their Economic Impact Payment debit cards.
While most Economic Impact Payments were issued in the form of either direct deposit or paper checks, some taxpayers are receiving their payments as prepaid debit cards. The payment cards are being sent in the mail in an envelope marked “Money Network Cardholder Services.”
Approximately four million taxpayers either have been or will be issued Economic Impact Payment prepaid debit cards. The Bureau of Fiscal Service determined which taxpayers would receive a debit card, based largely upon which taxpayers had their banking information on file with the IRS.
Each card must be activated before it can be used. To activate your prepaid card by phone, call 1(800)240-8100. You must provide your identifying information, including your Social Security Number, and create a 4-digit PIN number so that you can use an ATM to withdraw funds. If you need to check your balance, you can call the number used to activate your card, download the Money Network Mobile App, or use the EIPCard.com website. There is no fee for checking your balance using the above resources.
Economic Impact Payment prepaid debit cards may be used to perform the following financial services:
- Purchase goods and services at any retail outlet in-store or online that accepts Visa.
- Withdraw cash using an in-network ATM.
- Make cash transfers to a personal bank account.
To find an in-network ATM near you, visit the EIPCard website. You can use any of the AllPoint brand ATM terminals to withdraw cash without paying a fee.
If you need to pay a bill or for a service that only takes paper checks, you can transfer the balance to your regular bank or credit union account at no charge by initiating a transfer at the EIPCard website. You also have the option of requesting a Money Network Check by calling their customer service line.
The prepaid card provides all of the standard consumer protections – including protections against loss and fraud – offered by standard banking services.
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