Can I Deposit My Stimulus Debit Card
You are welcome to transfer the funds from your government-issued debit card to your personal checking account without a fee by logging into your account at EIPCard.com to initiate a transfer. Those who receive their Economic Impact Payment by prepaid debit card can do the following without any fees.
Filing Tax Returns For 2020
Those who havent still received their EIP card may need to claim all or part of the missing amount when filing federal tax returns for 2020 through the Recovery Rebate Credit. This year, the tax season will start on Friday 12 February, when the tax agency will begin accepting and processing 2020 tax year returns. Individual income tax returns can be filed from that date until Thursday 15 April. Claimants will also be able to claim any additional money owed by the IRS from the first round of payments sent out earlier in 2020 as a credit.
How Do I Activate My Card
Before you can access your Economic Impact Payment, you will first need to activate your card, either online or by phone. You will receive only one card for your household and the primary cardholder must activate the card.
If you are the primary cardholder:
- Provide your name, address, and social security number to validate your identity
- Create a 4-digit PIN so you can get cash at the ATM. If you forget your PIN, you can call customer service to get a new one
- Check the balance to know how much you received
Once you activate your card, you can start using your card immediately. There is no monthly or inactivity fee and your money does not expire. You do not need to pay this money back and do not have to pay taxes on this money.
Also Check: What Else Is In The Stimulus Bill
Can I Get Into Debt By Using The Visa Debit Card
No. Your card is a prepaid Visa Debit Card, not a credit card. You will only be able to spend the amount that is stored on the card. You will not be able to purchase anything with your card that you do not currently have the funds in your account to cover. Use of the Visa Debit Card will have no effect on your credit rating.
Calculating Your Utilization Ratio
You can quickly calculate your own utilization ratio, for all of your cards, and for each one individually.
Start by making a list of all your credit cards. Write down the credit limit and the balance of each credit card . Then, for each credit card, divide the credit card balance by the credit limit. Multiply by 100 to convert the answer to a percentage.
Any credit cards with balances over 30% could be affecting your credit score. Work to reduce those balances for a better credit score.
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How To Use Your Economic Impact Payment Prepaid Debit Card Without Paying A Fee
This blog was originally posted on May 20, 2020 and was updated on June 1, 2020.
If you recently received an Economic Impact Payment prepaid debit card from the government in the mail, this is money for you under the Coronavirus Aid, Relief, and Economic Security Act.
Do not throw this card away. You will need this card to access your Economic Impact Payment. You must first activate your card by phone before you can use it. Once activated, your money is safe and secure on the card. Be sure to immediately report if your card is lost or stolen.
Here are some common questions and tips to help you access your money and use your card, including how to do so with limited fees. While most transactions are free, small fees can add up, so know how you can make the most of your money.
You May Be Able To Use Your Prepaid Debit Card To Pay Your Rent
More stimulus payments will hit peoples bank accounts on March 24, while other taxpayers will soon receive checks and prepaid debit cards in their mailboxes.
This money, a financial lifeline for many families, represents the third round of economic relief tied to the coronavirus pandemic. The American Rescue Plan provides payments ofup to $1,400 for eligible individuals and $2,800 for couples filing a joint federal return. Eligible taxpayers meeting the income thresholds will receive an additional $1,400 for dependents. These payments are technically an advance payment of a 2021 tax credit.
The IRS is sending most payments by direct deposit because it is the easiest and fastest way to get this money to tens of millions of Americans. When that isnt possible, the agency is mailing checks and prepaid debit cards.
About 20 million paper checks and debit cards are expected to start arriving soon, but the delivery could run into nationwide mail delays at the U.S. Postal Service.
Here are some answers to questions you may have about the delivery of stimulus payments by check or debit card.
Recommended Reading: When Does The Stimulus Checks Go Out
How Much Stimulus Check Money Can Be Loaded Onto An Eip Card At One Time
Getting your stimulus payment via an EIP card wouldn’t change anything about the amount you’d get — it’s just a different format for the same payment.
You can also find out who counts as a dependent on your taxes, how old a dependent has to be to get a separate stimulus payment and the stimulus check situation for older adults, people in the SSDI program, US citizens abroad and people living in US territories.
Lost Or Stolen Cards Unauthorized Transactions
a. Contact Customer Service Immediatelyb. Your Liability for Unauthorized Transfersc. In case of errors or questions about your Electronic Transfers
- your name and Card account number
- why you believe there is an error
- the dollar amount involved and
- approximately when the error took place.
d. Your Liability for Unauthorized Visa Transactions
Also Check: How To Track The Stimulus Check
Stimulus Payments: How We Are Changing Our Overdraft Process
We made the decision to amend our overdraft processes to provide access to stimulus payments and advance child tax credits payments in their entirety for clients who deposit their Economic Impact Payment or Advance Child Tax Credit payments into a Union Bank deposit account via a check or direct deposit.
If at the time your Economic Impact Payment or Advance Child Tax Credit payments is deposited your account has a negative balance, we may apply a Temporary Credit to cover the negative balances in your account so that you may have full access to your Economic Impact Payment or Advance Child Tax Credit payments. Clients who cash their check are not eligible to receive a temporary credit. The temporary credit will remain in your account for 90 days, after which it will be reversed, and the amount will become due.
Important information about your temporary credit:
How To Replace A Lost Or Stolen Card Stimulus Debit Card
If you have misplaced your EIP Debit Card, you can lock it by logging in online at EIPCard.com to prevent unauthorized transactions or ATM withdrawals while you look for it.
However, if your Card is permanently lost, heres what you need to do:
First, call Customer Service at 1.800.240.8100 to report your lost or stolen Card immediately.
Your Card will be deactivated to prevent anyone from using it.
Next, a new replacement Card will be ordered.
Your replacement card will be shipped via U.S. mail 7-10 business days after the order is placed.
The replacement card cannot be expedited.
If you need the status of your replacement Stimulus debit card, call customer service at 1.800.240.8100 for an update.
Read Also: Will Stimulus Checks Be Deposited On Direct Express Card
Eip Debit Card Balance And Login
We hope this article walking you through the steps to retrieve your EIP Debit Card Balance and Login was helpful!
If you have additional questions regarding your EIP Prepaid Debit Card, including what to do if your card is lost, stolen or damaged, check out our complete EIP Card Article here.
In addition, check out our other Stimulus Debit Card articles below:
Getting Stimulus Money Via A Prepaid Card Or App
The Consumer Financial Protection Bureau noted that many people may prefer to get their stimulus payment via a prepaid card, as this could be faster, more secure, more convenient, and less expensive for both the government agency and the consumer than making disbursements through other methods such as paper check.
As such, its no surprise that the IRS recently started sending some stimulus payments via prepaid debit cards. These cards, sometimes called Economic Impact Payment cards, are sent to people who are eligible for a stimulus payment, had their tax return processed by the Andover, Mass. or Austin, Texas IRS Service Center and did not have their bank account information on file with the IRS. These cards resemble credit or debit cards and come in a plain envelope from Money Network Cardholder Services.
Additionally, some tax preparation companies and software packages like Turbo Tax allow users to receive tax refunds via prepaid cards. If youve used this method for recent filings, this may be how you get your stimulus payment, but not all companies have provided a definitive answer.
Turbo Tax has set up an informational portal for customers who will get their stimulus payment via their Turbo Visa Debit Card, which can be used anywhere Visa is accepted.
Tip: You can also opt to have your stimulus payment deposited to a Cash App or Paypal account instead of a bank account.
Also Check: When Will The Third Stimulus Checks Be Sent Out
Will The Irs Let Me Know That My Eip Card Is On The Way To My House
With the first two stimulus payments, the IRS sent a letter about your money to your last known address within 15 days after the payment was made. This notice included information on how you got the money , and how to report it if you didn’t receive the payment. The IRS will do the same for the third round of payments. But watch out: There have been a lot of stimulus check scams going around. Visit IRS.gov before giving anyone your information to make sure your letter is legitimate.
Dont Use Your Stimulus Debit Card At The Wrong Atm
You can get cash from your stimulus debit card at any ATM, up to $1,000 per day . However, its important that you use the right ATM so it doesnt cost you extra.
When you use your stimulus debit card at an ATM within the AllPoint network, you wont pay a fee at all. You can find a list of all the network ATMs on the EIP Card website.
But if you use a machine outside of that network, youre at risk of paying not just one, but two separate fees. First, Metabank, which issues the card on behalf of the Treasury Department, will charge you a $2 fee each time you withdraw cash on a non-network ATM .
And second, the owner of the ATM itself may charge you a fee, which can range from 99 cents to several dollars, depending on the machine. Plus, if you happen to be outside the US, youll be charged an even higher $3 fee by Metabank to withdraw cash from an ATM, no matter what machine you use, plus any additional fee charged by the ATM operator.
So if youre going to withdraw cash from your stimulus debit card using an ATM, youll want to make sure youre doing it only at a network ATM in the US.
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Important: Government Benefits And Stimulus Information
To provide relief to Americans affected by COVID-19, the U.S. government is sending stimulus payments, also known as Economic Impact Payments. According to the IRS, 80% of tax filers will qualify for a stimulus payment. If you have received a notification that your stimulus payment has been deposited on your Turbo Visa Debit Card, you can access it by simply logging in to your account.
Do you need FAST access to government benefits or payroll?
You could get paid early by direct depositing your government benefits, such as SSA, SSI or Unemployment, or payroll to your Turbo Card account. Find more info about ASAP Direct Depositâ¢. Timing for early direct deposit depends on deposit verification and when receive notice from your benefits provider and may vary from pay period to pay period. Government stimulus payments are not eligible for early direct deposit. If you are expecting a government or payroll paper check, find out how deposit a check to your account.
Don’t have a card to access your funds?
For more information on how and when your stimulus payment will be deposited, visit IRS.gov. Green Dot does not have access to that information.Make sure the name and social security number on file with the IRS matches whatâs on your Turbo Card account exactly. Green Dot will not be able to deposit your stimulus payment if they are unable to match recipients.
How much does the Turbo Card cost?
How Is The Eip Card Different From A Credit Card
Prepaid debit cards are not credit cards. You are not borrowing money from a bank or the government, and you won’t have to pay any of it back. Spending the money on your card will not affect your credit score.
The EIP Card is slightly different from a traditional debit card instead of drawing funds from a checking account, each purchase is deducted from the remaining balance on the card.
- Read more on managing your money in this tumultuous time:
Recommended Reading: Irs Where’s My Second Stimulus Payment
Via Regular Account Notifications
With most credit card issuers, once you have set up your online account, you now have free rein to customize how closely you want to monitor account activity. Although this feature was designed mostly to help combat fraud, it allows you to receive emails, push notifications, or text messages notifying you of all recent account activity. Some companies enable you to set up email notifications to update you with your current balance after every purchase or monthly payment.
I Would Like To Pay A Bill That Doesnt Allow Payment With Debit Cards How Can I Do This Without Paying A Fee
You can pay rent, bills, or other payments from your account using a Money Network Check without paying a fee.
To do this, you need to:
- Request a Money Network Check by calling customer service at 1-800-240-8100
- Check your balance to make sure you have enough funds to cover your payment
- When you receive the check, fill out the date, dollar amount, and name of who you are paying
- Activate your check by calling customer service at 1-800-240-8100 and following the instructions to enter the check number, digit, and amount, and record the issuer number and transaction number provided by the automated phone system
- Once you have successfully activated your check, the payment will be immediately deducted from your account balance and you can send your payment for your rent or other bill
Tip: If you occasionally pay a bill with a money order, consider using a Money Network Check to pay your bill instead to avoid paying a money order fee.
Recommended Reading: How Do I Change My Direct Deposit For Stimulus Check
How To Reset Eip Debit Card Online Password
However, If you do not remember your password, click on the question mark next to the Password space as shown below.
You will be taken to a page like the one below where you will have to enter your EIP Card 16 or 19-digit Card Number and expiration date to reset your password.
Once you have entered the requested information, click Continue for instructions on how to reset your account password.
Your Card Might Expire
The stimulus funds on your debit card will never expire, but your card itself might. If that happens, you’ll need to call the IRS to either transfer the funds to a new card or get a check. That said, since so many Americans desperately need their stimulus cash, you’ll likely spend yours well before the card becomes invalid.
Recommended Reading: Did Not Receive Third Stimulus Check
Support Small Businesses Give Back And Bolster The Economy
If youre lucky enough to have a stable income, minimal debt and a good chunk of money saved, one of the best things you can do with your stimulus check is use it to support your community and the economy.
Whether you order from a local restaurant, buy a gift card, leave a delivery person a bigger tip or donate to charities and individuals in need, your extra money can make a big difference. Indeed, SimplyWise recently conducted a survey on coronavirus stimulus efforts that found 63% of Americans will need another stimulus check from the government within the next three months. If you dont need the money, you should seriously consider paying it forward.
If you dont need the money, you should seriously consider paying it forward.
Theres no way for the government to figure out who needs the money , says Smith. So, its up to us to make sure the people who need more, get more.
Similarly, Kime advises those with a low level of income impact to use the money for its intended purpose of stimulating the economy.
I would encourage them to spend the money. Support their local retail establishments to the extent that they can, says Kime. Spend the money, stimulate the economy and go about your business as usual, to the degree that youre comfortable doing that.