Gary W. Pelletier, CLU, ChFC, AIF®

Northeast Planning Associates, Inc.

Corporate, Estate

& Financial Planning


Stimulus Payment Update – Debit Cards

| June 22, 2020
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In last month’s blog, we talked through the details regarding the stimulus payments, but there has since been a new development: Pre-Paid Debit Cards.

That’s right.  Even with all this talk of checks, for some it’s not going to be a reality.  Many citizens are receiving their stimulus payments via debit card, and it is causing some confusion and concern.

Below is information directly from the IRS:

Some payments may be sent on a prepaid debit card known as The Economic Impact Payment Card  The Economic Impact Payment Card is sponsored by the Treasury Department’s Bureau of the Fiscal Service, managed by Money Network Financial, LLC and issued by Treasury’s financial agent, MetaBank®, N.A.

If you receive an Economic Impact Payment Card, it will arrive in a plain envelope from “Money Network Cardholder Services.”  The Visa name will appear on the front of the Card; 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 your Economic Impact Payment Card.  Please go to EIPcard.com for more information.

 

It’s always a good idea to be cautious when it comes to communications you receive and requests for your personal information.  If you receive a card that matches the description and image above, it should be legitimate.  In order to activate your card, you’ll follow the instructions provided.  Activation will require the last 6-digits of your SSN.  If there are any concerns about what you receive, you can visit the IRS site: https://www.irs.gov/coronavirus/economic-impact-payment-information-center, or go directly to the EIP card website: https://www.eipcard.com/

Once you activate your card, you can use it as a normal debit card for purchases in person or online, withdraw cash from participating ATMs, or you have the option to send the funds via ACH to your bank account.

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