How Economic Impact Payments arrive? The Internal Revenue Service (IRS) is successfully delivering Economic Impact Payments across the nation. As the process continues, the IRS reminds taxpayers that some payments are being sent by prepaid debit card, contrary to the usual check method. Furthermore, the IRS also instructs taxpayer to pay attention on the junk mails they receive as the debit cards arrive in a plain envelope from “Money Network Cardholder Services.”
Economic Impact Payments in Prepaid Debit Cards
The Internal Revenue Service is sending Economic Impact Payments in record time and most of the taxpayers have already received their payments in their bank accounts. The agency just announced that almost 4 million Americans are being sent their Economic Impact Payment by prepaid debit card, instead of paper check, that’s how Economic Impact Payments arrive. The Bureau of the Fiscal Service is a part of the Treasury Department and is involved in the determination of which taxpayers received a debit card. The same department is working in collaboration with the IRS for the distribution of Economic Impact Payments in the United States.
Those taxpayers in USA who receive their Economic Impact Payment by prepaid debit card can carry out the following activities without any additional fees charges:
- Make purchases at any retail location where Visa is accepted.
- Make purchases online where Visa is accepted.
- Get cash money from in-network ATMs.
- Transfer funds to their personal bank accounts anywhere.
- Check their card balance online, by mobile app or by phone.
With the help of Economic Impact Payments in prepaid debit cards, the traditional bank account owners get consumer protections. Free Economic Impact Payments prepaid cards also provide protection against loss, fraud and additional related errors.
How Can I Receive My EIP Into My Prepaid Debit Card?
How can have your economic impact payment sent to your prepaid debit card? It depends on the type of your prepaid card as well as whether your payment has already been scheduled. Most of the reloadable prepaid cards have account as well as routing numbers. You can provide these details to the IRS through the Get My Payment application or Non-Filers: Enter Payment Info Here tool. In to obtain the routing number and account number that may be different from the card number, you can contact the financial institution.
Not only this, financial institution also ensure that whether the card is re-usable or not. Economic Impact Payments in prepaid debit cards come with a variety of benefits, discussed above. The IRS urges the individuals not to use the routing number and account number shown on the copy of the tax return filed. Furthermore, the agency instructs them to contact the financial institution if they obtained their prepaid debit card through the filing of a federal tax return. In such a case, financial institutions that issued their prepaid debit card provide the correct routing number and account number. While giving this data to the IRS, you ought to show that the account and routing number given are for a checking account except if your financial institution demonstrates something else.
Will IRS Send Me EIP In Prepaid Debit Cards?
Some Economic Impact Payments will be sent on a prepaid debit card known as ‘The Economic Impact Payment Card.’ The Economic Impact Payment Card is sponsored by the Treasury Department’s Bureau of the Fiscal Service, managed by Money Network Financial, LLC and issued by Treasury’s financial agent, MetaBank®, N.A. The IRS says that nearly 4 million Americans will receive their stimulus payments in the form of prepaid debit cards. If you are among those who receive an Economic Impact Payment Card, it will arrive via mail in a plain envelope from “Money Network Cardholder Services.” On the front of the Card, the Visa name will appear while on the back of the Card, the name of the issuing bank, MetaBank®, N.A will be mentioned. The Card will be included with further information that indicates that the card is your Economic Impact Payment Card. For more information of Economic Impact Payment Card (EIP Card), please visit Money Network Economic Impact Card Website.
Can I Specifically Ask IRS To Send My Economic Impact Payment?
No, you cannot ask the IRS at this time to send you the Economic Impact Payment to you in the form of prepaid debit cards. The IRS will send payment by paper check to those individuals who do not receive their Economic Impact Payment by direct deposit. Only a few of them will receive Economic Impact Payment by debit card. The Bureau of the Fiscal Service (BFS), a part of the Treasury Department that works with the IRS for stimulus payment distribution, will decide that which taxpayers receive a debit card. For now, nearly 4 million debit cards will be sent by the BFS from the beginning of mid-May. At present, taxpayers cannot make a choice to receive their Economic Impact Payments in prepaid debit cards.
Tax deadline has also been extended to July 15 for U.S. taxpayers as well as U.S. expatriates. If you need a professional tax preparation service near you in Brooklyn, click the link for a free inquiry.