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U.S. Government Sends Millions of Economic Impact Payments by Prepaid Debit Card

In May 2020, the IRS sent Economic Impact Payment (EIP) prepaid VISA debit cards to individuals who qualified for a stimulus payment under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and didn’t receive a payment via direct deposit.

 

 

How is the card activated?

The Economic Impact Payment Card (EIP Card) arrives in a plain envelope from Money Network Cardholder Services, along with card information and instructions for its activation. Only one card is issued per household, and it must be activated by phone or online by the primary cardholder, who needs to create a 4-digit PIN to access the funds. Once a card is activated, it can be used immediately.

 

How can the card be used?

EIP Cards can be used to get cash, request a check, or make purchases anywhere VISA debit cards are accepted. Each time the card is used, the amount will be deducted from the balance until the funds are depleted. Balances can be checked for free online, by phone, or via the Money Network® Mobile App. Individuals who do not use all their money before the three-year expiration date embossed on the card can contact customer service to request a refund check for the remaining balance. Most of the transactions allowed under the card are free, although some fees may apply.

 

What if the card is lost or stolen?

If a card is lost, stolen, or even accidentally thrown away, individuals should immediately contact customer service at 1-800-240-8100. The card will be deactivated to prevent anyone from using it, and a replacement card can be ordered. The first replacement card is free and additional cards are $7.50.

 

For more information on Economic Impact Payment prepaid debit cards, visit EIPcard.com.

 

Link to PDF:      US Government Sends Millions of Economic Impact Payments by Prepaid Debit Card

 

IMPORTANT DISCLOSURES

ERB FINANCIAL is an independent contractor who offers Investment Advisory Services & Securities through Excel Securities & Assoc., Inc. member FINRA, SIPC, 200 Canal View Blvd., Rochester NY 14623, 585-424-1234.

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

This communication is strictly intended for individuals residing in the state(s) of NY. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Advisor Solutions Copyright 2020.

Filed Under: Articles, Budget Spending Finance, Consumer Alerts, Credit Cards, Govt-Legislation

Call: (585) 426-8190

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Copyright 2019 - ERB FINANCIAL is an independent contractor who offers securities and advisory services through Excel Securities & Associates, Inc., 200 Canal Park Blvd, Rochester, NY 14623, 585-424-1234 • Excel Securities & Associates, Inc. and Erb Financial are separate entities; There is no common ownership between the two. Excel Securities & Associates, Inc. is a Member of [FINRA] and [SIPC]
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  • Home
  • About
    ▼
    • Our Company
    • Our Team
  • Tax
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  • Investment
    Services
  • Resources
    ▼
    • Helpful Links & Websites
    • Financial Calculators
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    • Tax Preparation Checklist
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