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Home / Tips and Tricks / What is an EIP payment and do you receive one instead of a stimulus check?

What is an EIP payment and do you receive one instead of a stimulus check?



eip-prepaid-debit-card-stimulus-check

About 4 million people received their incentive payment via a prepaid debit card called an EIP card, which looks like this.

Money Network / Screenshot by Jessica Dolcourt / CNET

When the first round of stimulus controls began to roll out below CARES Act In April, many people were surprised to learn that they would not receive their money through direct deposit or a check in the mail, but through a financial payment card or EIP card. EIP cards are debit cards that you can spend as cash or transfer to your bank. About 4 million people received these cards as of May.

Now with negotiations on a second stimulus bill stayed and Congress on recesses, many Americans wonder about and when a second check could come – and if they got their first through an EIP card, if the second comes in the same way.

Here is everything you need to know about EIP cards and whether you can get a second incentive payment in this form in the coming months.

What is an EIP card?

An EIP card is a prepaid debit card used by the Ministry of Finance to distribute incentive payments under the CARES Act, instead of an electronic monetary transfer or paper checks. The cards were provided to some eligible U.S. residents for whom the government did not have banking information. Visa debit cards can be used to make purchases, receive cash from ATMs in the network and transfer money to your personal bank account free of charge.

When the card arrived, you would go to the EIP card’s website to activate it and learn more about how to use it.

Who is entitled to incentive payments via an EIP card?

Those eligible were given the first incentive payment via an EIP card instead of a check if they left their taxes, but the IRS did not have their bank account information available, and if the tax return was processed by the IRS Service Center in any of Andover, Massachusetts or Austin, Texas. , according to a press release from Treasury. It is not clear what significance these specific service centers have, but we have reached out to the Ministry of Finance for more information.

If a second incentive bill is approved, you can get your payment the same way you did the first time – so if you got an EIP card, you’ll probably get another one. It may be that if you have new banking information to provide, you can get your check in another way.

How would my EIP card arrive?

If you are eligible, your EIP card will arrive at the address listed on your last tax return in an unmarked envelope from “Money Network Cardholder Services.” Because it was not clearly marked, some people threw the letter away without opening it during the first round of incentive payments.

Payment cards are often sent in regular envelopes to deter fraud and thieves. It is unclear whether the IRS would also send a second payment in an unmarked envelope.

How quickly would I get an EIP card with a second incentive payment?

If another coronavirus relief with a second stimulus payment is passed, it may probably take longer to get your EIP card than through direct deposit. When the CARES law was adopted in March, the first EIP cards did not expire until mid-May. But it is possible that it will go faster this time because the infrastructure is already in place. We just do not know yet.

Once a second stimulus test has been approved, you can track your money (in what form it will take) using the Track My Payment tool from the IRS. (If you still have not received an initial stimulus check, you can also 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 still not arrived.)

Can I avoid getting a second EIP card?

If you have a bank account, you can try to register for direct deposit with the IRS now via the Get My Payment portal. That way, if another stimulus package and check is passed, your bank account information will be available so you can probably get it through 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 register (I received my first check in the mail).






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How much stimulus money can you get on an EIP card?

Once an invoice has been sent, the amount of money you receive in a second incentive payment (whether it comes via direct deposit, email check or EIP card) depends on your AGI, or adjusted gross income, from your tax records, along with your filing status ( single versus joint) and how many addictions you have. (Learn how to find your AGI on your taxes here.) The maximum amount an individual taxpayer can receive is $ 1,200. Find out how to calculate how much you can get on a second incentive payment here.

Receiving your payment via an EIP card will not change anything about the calculation or the amount you can receive – just the form it will come in.

Will I be notified if I receive an EIP card?

With the first incentive payments, the IRS sent a letter about your money to your last known address within 15 days of making the payment. The letter contained information on how you received the money (check or direct deposit or EIP card) and how to report if you did not receive the payment. But beware: it has been a lot stimulus check walk around. Visit IRS.gov before giving someone your information to make sure your letter is legitimate.

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

Do not worry: If you have lost or destroyed your EIP card, you can request a free replacement via MetaBank customer service. The compensation fee will be waived for the first time.

You do not need to know your card number to request a refund. Just call 800-240-8100 and select option 2 from the main menu, according to the IRS website.

For more, find out if you are qualified for a second stimulus check and when you can expect a second stimulus check.


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