Four million U.S. residents who are eligible for economic impact payments under the CARES Act will receive them through prepaid debit cards, which the Treasury's financial agent began distributing via mail last week.
2. Debit cards will arrive at the recipient's place of residence in the mail. According to the Treasury Department's May 18 announcement, its financial agent, MetaBank, is responsible for handling the cards' distribution. That means recipients should expect a parcel from the bank rather than the Treasury.
3. Specific instructions regarding each EIP card's activation and use will arrive by mail alongside the card itself. The Treasury has already said debit card recipients can use the funds to pay bills and make purchases in-store, online or by phone at any location that accepts Visa. 4. Recipients can also use their EIP cards to withdraw cash from in-network ATMs and transfer money into their personal bank accounts without additional fees. The cards' accompanying instructions will provide more information about how to check balances online, over the phone or using a mobile application, according to the Treasury. Recipients will not incur fees for those actions.
Economic impact payments have been issued to more than 140 million Americans under the Coronavirus Aid, Relief, and Economic Securities Act. Four million individuals eligible for relief money will receive theirs through a prepaid Economic Impact Payment debit card, according to the U.S. Department of the Treasury.5. EIP cards provide recipients with financial protections generally offered to anyone who owns a bank account, like safeguards against fraud, loss and other security breaches.
6. There are some added fees associated with using the EIP card for certain actions, including over-the-counter cash withdrawals from bank tellers or ATMs considered out of network. More details about these actions and resulting fees isreached out to the U.S. Department of the Treasury and MetaBank for updates regarding the prepaid EIP cards' distribution but did not receive replies in time for publication.
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