Treasury is Delivering Economic Impact Payments by Prepaid Debit Card
This week, the U.S. Treasury and the IRS are starting to send nearly 4 million Economic Impact Payments (EIPs) by prepaid debit card. Until now the payments have been sent by direct deposit or paper check. The latter is being substituted with the EIPs.
The press release posted in the Treasury’s website says that EIP Card recipients can make purchases, get cash from in-network ATMs, and transfer funds to their personal bank account without incurring any fees. They can also check their card balance online, by mobile app, or by phone without incurring fees. The EIP Card can be used online, at ATMs, or at any retail location where Visa is accepted.
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One of the reasons mentioned for sending these free prepaid cards, is that they provide consumer protections available to traditional bank account owners, including protections against fraud, loss, and other errors.
“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,” said Secretary Steven T. Mnuchin in the press release. “Recipients can immediately activate and use the cards safely.”
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.
HT: Chuck on Twitter
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