IRS Sending Stimulus Payments on Prepaid Debit Cards
If you qualify for a stimulus payment from the IRS and have not yet received it, make sure you check all your mail in the coming weeks/months as they are now sending the Economic Impact Payments (EIP) as prepaid debit cards with the funds rather than a regular check. Many payments have already been dispersed through direct deposits into checking accounts. The IRS and Treasury Department are mailing the funds to the personal address they have on file for the remaining taxpayers who have yet to receive theirs. Paper checks will still be utilized in some cases, but those take longer to process, and the goal is to find ways to deliver the funds as quickly as possible to help those in need.
These prepaid debit cards can be used like any other banking debit card – you can make purchases, receive cash from ATMs, and even transfer the funds to your personal bank account without fees. This card also has the same safeguards and protections as other traditional bank credit/debit cards, including protection against fraud, loss, and other issues.
If you need to check on the status of your stimulus payment, visit https://www.irs.gov/coronavirus/get-my-payment.
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