Nearly four million people will receive their Economic Impact Payment by prepaid debit card instead of paper check, according to the Internal Revenue Service.
The determination of which taxpayers will receive their payment by prepaid card was made by the Bureau of the Fiscal Service, a part of the Treasury Department that works with the IRS to distribute the payments.
According to the official website for the cards, this method will be used to deliver the payments of taxpayers whose bank details the IRS didn’t have.
Keep This Information in Mind
If you receive your Economic Impact Payment by prepaid card, you will be able to do some operations without paying fees. This includes making purchases online or at any retail location where Visa is accepted, get cash from in-network ATMs, transfer funds to your personal bank account, and check you balance card by mobile app or by phone.
These are some points worth keeping in mind about the cards:
- The prepaid cards arrive in a plain envelope from Money Network Card Holder Services
- The Visa name will appear on the front of the card, while the back of the card has the name of the Issuing bank, MetaBank®, N.A.
- Information included with the card will explain that the card is an Economic Impact Payment.
- Users who receive their Economic Impact Payment by prepaid card will have to activate their cards calling the number 1.800.240.8100 and validating their identity providing at least their name, address and social security number.
In addition, the cards also offer the same consumer protections available to traditional bank account owners, such as protection against fraud and loss.
You can get more information about the Economic Impact Payment prepaid cards by visiting www.eipcard.com.
Get Advice From a Reliable Expert
As you can see, the IRS’ response to COVID-19 changes constantly, so it’s important to stay updated. You can check the IRS website or this blog. It’s also a good idea to get advice from a reliable expert who can help you get advantage of the relief initiatives unrolled by the government.
At Meadville Tax Services we have the know-how and the drive to assist you so you can file your taxes efficiently, limiting your tax liability while staying compliant with federal tax regulations.