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Home / Tips and Tricks / What is an EIP card and would you get one instead of a second stimulus check?

What is an EIP card and would you get one instead of a second stimulus check?



eip-prepaid-debit-card-stimulus-check

Approximately four million people received their stimulus payment through a prepaid debit card called an EIP card, which looks like this.

Money network; Screenshot by Jessica Dolcourt / CNET

On the first round of Coronavirus Stimulus payments around four million were sent in April skilled Americans I received an Economic Impact Payment (EIP) card instead of a check or direct deposit. EIP cards are prepaid prepaid debit cards that you can either transfer to your bank account or use for any type of debit transaction.

When a second stimulus test materializes as part of a Stimulus package For an executive order, the Internal Revenue Service could use the same EIP card system that was used in the first round of payments.

Read on to find out everything you need to know about EIP cards, including how to find out if you might get one this year and have a look at this CNET’s Stimulus Check Calculator to estimate the amount of money you may receive. This story is updated frequently.

What is an EIP card?

An EIP card is a prepaid debit card that the finance department used to distribute stimulus payments under the EIP card CARES Actinstead of an electronic transfer or check. The cards were made available to a few eligible US citizens for whom the government did not have banking information. These Visa debit cards allow you to make purchases, get cash from ATMs on the network, and transfer money to your personal bank account for free.

If you get one after the card arrives, visit the EIP card website to activate it and learn more about how to use it.

Who is eligible for stimulus payments through an EIP card?

Those eligible would receive the first stimulus payment via an EIP card instead of a check if they filed their taxes but the IRS did not have bank account details and if the tax return was processed by the IRS service centers in Andover Massachusetts or Austin, Texas, according to a Treasury Department press release. It is not clear what the significance of these special service centers is, but we have asked the Treasury Department for more information.

If a second stimulus bill is approved, you can Receive your payment the same way You did it for the first time. So if you received an EIP card, you will likely get another one. You may receive your check in a different way if you need to provide new banking information.

How would my EIP card be received?

If you are eligible, your EIP card will reach the address given on your last tax return in an unmarked envelope from “Money Network Cardholder Services”. Because it wasn’t clearly marked, some people allegedly threw away the letter without opening it during the first round of stimulus payments.

Payment cards are often sent in plain envelopes to deter fraud and thieves. It’s unclear whether the IRS would also send a second payment in an unlabelled envelope.

If a second stimulus payment is approved, how soon could I get an EIP card?

If another coronavirus relief bill is handed over with a second stimulus payment, it can likely take longer to receive your EIP card than direct deposit. When the CARES law was passed in March, the first EIP cards did not run out until mid-May. However, it is possible that it will be faster this time because the infrastructure is already in place. We just don’t know yet.

Once a second stimulus check has been approved, you can track your money (in whatever form) with it Track my payment Tool from the IRS. If you haven’t received an initial stimulus check yet, you can do so too Track the status of your stimulus check, learn How to report your missing check to the IRS and find possible Reasons why your stimulus check has not yet arrived.

Could I avoid getting a second EIP card?

If you have a bank account, you can try signing up for a direct deposit with the IRS now through the Get My Payment portal. That way, if another stimulus package is passed and another payment is issued, the IRS will have your bank account details, so you can likely get the payment by direct deposit instead of an EIP card. Direct deposit may not be available to everyone, but the portal allowed me to enter my bank details and log in (I received my first check by email).


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How much stimulus money could I get on an EIP card?

Once an invoice has been submitted, the amount of money you would receive if you made a second economic payment (whether by direct deposit, mail check or EIP card) depends on your AGI or the adjusted gross income from your tax returns, registration status (single versus joint) and how many relatives you have. (Learn How to find your AGI for your taxes here.) The maximum amount a single taxpayer can receive is $ 1,200. Find out How do you calculate how much you can get with a second stimulus payment?.

Receiving your payment through an EIP card doesn’t change the calculation or the amount you might receive – just the form in which it will be received.

Will I be notified if I should get an EIP card?

For the first stimulus payments, the IRS would send a letter about your money to your last known address within 15 days of receiving the payment. The letter provided information about how you received the money (check or direct deposit or EIP card) and how to report it if you haven’t received the payment. But watch out: there were many Stimulus Check Fraud Walk around. Before giving your information to anyone, visit IRS.gov to make sure your letter is legitimate.

What should I do if my EIP card is lost or destroyed?

Don’t worry: if you’ve lost or destroyed your EIP card, you can request a free replacement through MetaBank Customer Service. The replacement fee does not apply the first time.

You don’t need to know your card number to request a replacement. Just call 800-240-8100 and select the second option from the main menu as per the IRS website.

Find out if it’s you qualified for a second stimulus test and when you can expect a second stimulus payment.


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