Over 140 million Americans have received stimulus payments so far, most via direct deposit. Checks have started going out and even more will be going out next week. However, for 4 million recipients of stimulus money, this week the Treasury Department started sending out prepaid debit cards. It is just for a specific group of people – here is how to know if you will be getting one.
4 Million Debit Cards with Stimulus Money – Who Gets Them?
These prepaid debit cards are issued by Metabank and are used through the Visa network (so they can be used as payment anywhere Visa is accepted). They are in the mail even now and some people may have already received them. So, who gets them?
The people that will receive the debit cards fit BOTH of the following parameters
People Who Did Not Have Bank Information on 2018 or 2019 Tax Return
If you had owed money or had not had your bank account information on your 2018 and 2019 tax return (maybe you did for 2019 but it has not been processed yet), the time to give the IRS your bank information for direct deposit payments through the Get My Payment tool has passed for early recipients.
Instead, the prepaid debit cards will go out to the address that the IRS has on file for these recipients. These debit cards will be mailed out by Metabank on behalf of the Treasury Department so keep an eye on your mailbox for such an envelope! It “will arrive in a plain envelope from “Money Network Cardholder Services”.”
People Who Had Their Returns Processed By the Andover or Austin Processing Centers
For people to receive these debit cards, they also needed to have had their returns processed by the IRS processing centers in Andover, MA or Austin, TX. Those processing centers cover taxpayers in several states including Texas, Louisiana, Mississippi, as well as from foreign locations.
If you have had to send your returns to the processing centers in those locations and you do not have bank account information on file with the IRS, be looking for this prepaid debit card!
What Do I Need to Do with the Stimulus Debit Card?
Link: Stimulus Debit Card FAQ
When you receive it, there will be instructions with the debit card on how to activate it. Not only will you be able to activate it but you can also set up an account online so you can view your transactions and be able to check your balance quickly online for free.
What Does It Cost to Use the EIP Debit Card?
There are no fees to withdraw your cash from the card as long as the ATM is an in-network ATM. Out-of-network ATMs will charge a fee for the withdrawal.
To get your cash, simply enter your 4 digit pin and withdraw the money – that simple! Inside the packet you will receive, there will be information about daily limits and such so keep those limits in mind.
Here are the only other times you would have fees for using the card:
Hopefully, if you fit the profile for this, you will get your debit card soon! The IRS says that these will get to those recipients that it is for quicker than receiving a check so that is good news. Plus, you can withdraw money with it or use it for shopping.