Stimulus Check Debit Card Why
Debit card dfw news envelope irs stimulus check.
Stimulus check debit card why. Formally called eip economic impact payment cards the debit cards are an alternative to receiving a paper check. According to the irs millions of the debit cards are being sent out to speed delivery of the. Instead it s a pre paid debit card.
These new cards are being distributed only to qualified individuals without bank. About 4 million americans received debit. Starting the week of may 18 eligible recipients began receiving eip cards in the mail.
Most americans are receiving their much awaited stimulus checks also known as economic impact payments via mail and direct deposit but there s actually one other way the money is arriving in people s hands. Some aren t getting a direct deposit or a check. An economic impact payment card is a prepaid debit card that the us treasury used to distribute some stimulus payments under the march cares act instead of.
Last week in a press release from the treasure department secretary steve mnuchin said the prepaid cards allow the government to send out stimulus payments more quickly than checks. Stimulus check or debit card is in the mail. For some reason issuing debit cards helps the irs get stimulus payments out to the public sooner than sending everyone a check.
Stimulus checks will be sent out around memorial day 2020 via a new prepaid debit card. What is the stimulus check debit card. As such you may receive a debit card this time even if you got a.
What does it mean for stimulus checks. Eip cards are visa branded debit cards issued by the government and stocked with your stimulus check money.