Sci-tech

US Treasury to send stimulus payments on debit cards

US Treasury to send stimulus payments on debit cards”

Since there are about 20 million people in the US who haven't received their stimulus check, the Treasury announced on Tuesday that they will be sending four million stimulus payments via prepaid debit cards with the remaining payments will be made by paper check.

"Those who wish to know the status of their Economic Impact Payment are reminded to check Get My Payment regularly; the information is frequently updated as the IRS continues to process the remaining payments for delivery", it said. They can also check their card balance online, by mobile app, or by phone without incurring fees.

The card will allow users to make purchases, get cash from in-network ATMs and transfer the funds to their personal bank accounts without additional fees.

The cards can be used like any other Visa debit card and have the same protections for loss and fraud, officials said.

The CARES Act was signed by president Donald Trump and it is a bill to provide a $1,200 Economic Impact Payment for Americans who lost their jobs during the outbreak and for those that have been struggling financially during the quarantine period.

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Until now, payments had been either directly deposited in an individual's bank account or sent as a paper check.

According to the statement from the IRS, which is overseen by the Treasury Department, recipients will immediately be able to activate and create a PIN number in order to use their prepaid card by following the instructions mailed with it.

To date, the Treasury has sent out more than 140 million stimulus payments worth some $239 billion. The Treasury-sponsored EIP Card is another way to distribute the money efficiently and securely to eligible recipients and their families.

[Screenshot: eipcard.com] Mysteriously, the Treasury specifies that the cards are also being distributed to "individuals whose tax return was processed by either the Andover or Austin IRS Service Center".



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