Most people had the government stimulus money go directly to their bank accounts. The people who didn't had to wait for checks. Now the U.S. Treasury is sending stimulus money on federal prepaid debit cards. It's known as the "Economic Impact Payment Card" and will contain money you are receiving as a result of the Coronavirus Aid, Relief, and Economic Security Act also known as the CARES Act. This "EIP Card" is sponsored by the Treasury Department’s Bureau of the Fiscal Service as part of the US Debit Card Program.

According to a press release by the U.S. Department of the Treasury "The  Treasury and the IRS started to send nearly 4 million Economic Impact Payments (EIPs) by prepaid debit card, instead of by paper check. EIP Card recipients can make purchases, get cash from in-network ATMs, and transfer funds to their personal bank account without incurring any fees. They can also check their card balance online, by mobile app, or by phone without incurring fees. The EIP Card can be used online, at ATMs, or at any retail location where Visa is accepted. This free, prepaid card also provides consumer protections available to traditional bank account owners, including protections against fraud, loss, and other errors."

One of the main factors in going to the debit card platform according to the statement is speed and efficiency.

“Treasury and the IRS have been working with unprecedented speed to issue Economic Impact Payments to American families. Prepaid debit cards are secure, easy to use, and allow us to deliver Americans their money quickly,” said Secretary Steven T. Mnuchin. “Recipients can immediately activate and use the cards safely.”

CLICK HERE to read the full press release.

Enter your number to get our free mobile app


KEEP READING: These are the top 6 scams connected to the pandemic