As the Treasury website points out, EIP card recipients can make purchases, get cash from in-network ATMs, and transfer funds to their personal bank accounts.
In a statement, U.S. Secretary of the Treasury Steven T. Mnuchin stated, “Treasury and the IRS have been working with unprecedented speed to issue Economic Impact Payments to American families. Prepaid debit cards are secure, easy to use, and allow us to deliver Americans their money quickly. Recipients can immediately activate and use the cards safely.”
The card will arrive in a plain envelope sent from Money Network Cardholder Services, according to AS.com.
In order to activate your EIP card, you must call 1-800-240-8100 to set a 4-digit PIN and get your account balance. You must then sign the back of your EIP Card. Those who receive an EIP card can click here to learn more about setting it up.
The Cards Are Issued by MetaBank
EIP cards are issued by MetaBank and will be sent to those who did not provide the IRS with banking information, according to CBS. That includes individuals from low-income households without bank accounts or those who do not typically receive a tax refund through direct deposit.
The card payments of $1,200 are for individuals who earn less than $75,000, while married couples who earn less than $150,000 will receive $2,400, according to the IRS.
According to AS.com, people can also use their EIP card for online shopping.
EIP cards will be accepted at any store where Visa cards can be used, CBS reports.
You Can Now Call the IRS Directly
On Monday, the IRS announced they will be adding 3,500 phone representatives to answer questions about Economic Impact Payments. Those who have not received their stimulus payments can call the IRS 1-800-919-9835 for updates.
According to CBS, the IRS has issued 140 million stimulus checks to eligible individuals, but the process has not come without difficulties. Payments have been sent to taxpayers who have died, while others have been put into accounts that are not active.
Given that most eligible Americans have received stimulus payments, many are now wondering about the prospect of a second round.
Last Friday, the $3 trillion HEROES (Health and Economic Recovery Omnibus Emergency Solutions) Act passed a vote in the House of Representatives. While the bill would include another round of stimulus payments, it has been dismissed as “dead on arrival” by many Senate Republicans, according to NewsWeek.
A recent poll from One Poll showed that 82 percent of Americans want a monthly stimulus check.
To become a law, the HEROES Act would need to pass in both Houses of Congress, and the president would also need to sign the legislation. In the words of NewsWeek, the “chance of a further coronavirus relief bill looks likely, with high-profile GOP figures indicating it is a only matter of when one will come.”