With a majority of stimulus checks being distributed already, according to the Department of Treasury, around four million Americans will now receive their stimulus money by prepaid debit (EIP) cards instead of a paper check. The recipients of the debit card are those without bank information on file with the IRS and who are eligible for the stimulus payment.
Reports of people mistaking their EIP Cards for ‘junk mail’ have been escalating across the country and in some cases, have been thrown away by mistake. Reason being is because these VISA cards are being mailed in plain envelopes from Money Network Cardholder Services, which is not how people are expecting to receive their long awaited stimulus money.
The IRS issued a press release on Wednesday which answered several “frequently asked questions” about the prepaid cards. These questions answered how to use the cards and how to avoid fees. Recipients of the cards can withdraw cash from ATM’s, make purchases from stores or businesses that accept VISA cards, and transfer money to their bank account. Fees include a $7.50 replacement charge if the card is lost.
So if you are eligible for the all-awaited stimulus check, before you go throwing away any “junk” mail, be sure to look closely as your check just may be a prepaid debit card!