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As more Economic Impact Payments continue to be sent out, the IRS has notified taxpayers that some payments are being sent by prepaid debit card instead of a paper check.
The debit cards arrive in a plain envelope from “Money Network Cardholder Services.” Nearly 4 million people are being sent their Economic Impact Payment by prepaid debit card. If you have not received your payment yet, be on the lookout and make sure not to mistake this for junk mail.
The determination of which taxpayers received a debit card was made by the Bureau of the Fiscal Service, a part of the Treasury Department that works with the IRS to handle distribution of the payments.
Those who receive their Economic Impact Payment by prepaid debit card can do the following without any fees:
- Make purchases online and at any retail location where Visa is accepted
- Get cash from in-network ATMs
- Transfer funds to their personal bank account
- Check their card balance online, by mobile app or by phone
This free, prepaid card also provides consumer protections available to traditional bank account owners, including protection against fraud, loss and other errors.
Our team will continue to monitor this for further developments and will update you with any added information. Feel free to contact your Whalen advisor with any questions.