Economic Impact Payments Arriving via Debit Card

Posted on May 28, 2020

As outlandish as this may sound, if you receive a debit card in the mail with a note saying it’s your stimulus payment, it may not be a scam.

The Treasury Department has recently confirmed it is distributing some Economic Impact Payments through prepaid debit cards mailed to taxpayers. They estimate nearly four million Americans will receive their economic relief payment via this method.

What to Look For

If you are expecting a payment and have not yet received it, take a closer look at the mail you collect in the coming days – or check your recycle bin.

Last week, the Treasury Department began issuing the Economic Impact Payment Cards. The payment will arrive in a plain envelope from Money Network Cardholder Services. The card itself will be issued by MetaBank, N.A., with a Visa name on the front of the card. Information included with the card will explain how to transfer the funds to a personal bank account without incurring any fees. Additionally, the prepaid debit card can also be used for purchases (wherever Visa is accepted) or for cash withdrawal from in-network ATMs.

These Economic Impact Payments are a result of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Previously, the Treasury Department has been electronically depositing the stimulus payments to some taxpayers and issuing paper checks to others.

More information can be found in the IRS COVID Tax Tip 2020-61. Be sure to contact your tax advisor or bank with any questions.

© Clark Nuber PS and Developing News, 2020. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Clark Nuber PS and Developing News with appropriate and specific direction to the original content.

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