What Is An Electronic Funds Transfer
An electronic funds transfer is the electronic transfer of money between people, banks and companies. This payment technology is used to pay bills, send money to friends and family and compensate workers each payday.
EFT payments are a speedier alternative to physical payment methods like cash and checks. Direct deposit, credit card transactions, ATM transactions, electronic checks and phone payments are all types of EFT payments.
Did The Irs Send Prepaid Debit Cards
Yes. The prepaid debit cards are known as the Economic Impact Payment Card, and were prepared by the Bureau of the Fiscal Service, part of the Treasury Department. Check your mail carefully. These cards arrive in a plain envelope from “Money Network Cardholder Services.” The Visa name will appear on the front of the card. The back of the card has the name of the issuing bank, MetaBank®, N.A. Information included with the card explains that the card is the recipient’s Economic Impact Payment Card.
How To Activate Your Eip Card
You will get a new EIP card for the latest stimulus round if you got an EIP card for the previous stimulus, the IRS wont refill it. Call 800-240-8100 to activate your new card. Youll need to provide your name, address and Social Security number. You will also be asked to create a four-digit personal identification number required for ATM transactions and automated assistance and to hear your balance. For security, dont use personal information as your PIN. For cards with more than one name, only the primary cardholder may activate the card. There is no charge to activate the card.
You can create a user name and password for your card online at the Money Network site. Be sure to have your card handy when you log in. You can see your balance and transaction history online any time at EIPCard.com. You can get the same information by calling the toll-free number .
Read Also: When Will I Get My Ca Stimulus Check
How To Retrieve Eip Card Online User Id
Furthermore, if you do not remember your User ID, click on the question mark next to the User ID 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 your password.
Once you have entered the requested information, click Continue for instructions on how to retrieve your User ID.
Avoid Stimulus Debit Card Fees And Keep More Money For Yourself
Fortunately, the stimulus EIP Cards arent terrible when it comes to fees, but there are still a few youll need to dodge. Remember that in all cases, before you use your stimulus debit card for the very first time, youll need to activate it and set up a 4-digit PIN by calling customer service at 240-8100 and verifying your identity.
Finally, never give your PIN to anyone, even if someone calls claiming to be from a bank or government agency. Your PIN should always remain a secret that only you know. But if you keep your PIN safe and make sure youre only using your stimulus payment debit card in a fee-free way, you can keep every dollar of your stimulus money for yourself.
Recommended Reading: Irs Portal For Second Stimulus Check
How Can I Get My Debit Card Replaced
If your card is lost, stolen, or damaged, it can be replaced at no cost to you.
If your card has been lost or stolen, you must contact Bank of America at 1-866-692-9374 .
If your card is damaged, you can order a replacement card online by visiting the Bank of America debit card website.
If your card has expired, and you did not have any activity on the card within the last 90 days, or if you have a balance of less than $20, contact Bank of America debit card customer service.
Note: If you have activity on your card within the last 90 days, or if there is a balance of $20 or more, Bank of America will automatically mail you a new card before your card expires.
What To Know About The Second Round Of Economic Impact Payment Checks And Cards
The US Department of the Treasury and the IRS are working hard to get a second round of Economic Impact Payments to people. You might have already gotten your payment direct deposited into your bank account. That started on December 29th. You might have gotten a check in the mail. But, like last time, some people will get their payment in the mail on an EIP VISA debit card. Dont be surprised if the way you get this second round of payments is different than the first time. Whichever way you get your payment, its all money the government wants you to have, and quickly. So: if you qualify for an Economic Impact Payment, look at your bank account for a direct deposit, keep an eye out for a check in the mail, or watch your mailbox carefully this month for an EIP Visa debit card.
With checks, you know the drill: get the check, deposit the check. Since you might not have gotten money on a VISA debit card before, heres a bit more info. The EIP VISA debit card will come in an envelope that looks like this:
The debit cards are managed by Money Network Financial, LLC and issued by Treasurys financial agent, MetaBank®, N.A., and will look like this:
If you got an EIP VISA debit card in the mail, heres what to do.
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How To Transfer Money Off Stimulus Prepaid Debit Cards And Into Your Bank Account
Stimulus payments continue to hit consumer’s mailboxes, and if you got your payment on a prepaid debit card, you can get that money transferred to your bank account or turned into
Stimulus payments continue to hit consumer’s mailboxes, and if you got your payment on a prepaid debit card, you can get that money transferred to your bank account or turned into cash.
If the IRS didn’t have the right banking information for you, they sent four million stimulus payments on pre-paid debit cards. One big mistake consumers are making is throwing the debit card away, thinking it’s a scam or junk mail. We told you how a Chapel Hill woman thought it was a scam, so she threw the card away.
She’s not alone as Troubleshooter Diane Wilson heard from dozens of people who did the same thing, thinking it was junk mail. If you did do that, you can request a new card for a small fee. You call Customer Service at and select the “Lost/Stolen” option.
If you don’t want your stimulus money on the prepaid debit card, you can transfer that money to your own account. You can also use the debit card at an ATM to get cashback or at the grocery store to get cashback. To take any of these actions, you can either call or find out how to take these steps head to
Anonymous customer donates stimulus check to Raleigh small business owner denied PPP twice
What To Know About Stimulus Debit Card Fees
Nearly 4 million American households are receiving stimulus checks, formally called economic impact payments, via prepaid debit card.
But recipients beware: These EIP cards carry fees for various routine transactions, including using out-of-network ATMs and withdrawing cash via bank teller.
Caroline Newell learned this the hard way when she unintentionally paid a fee while withdrawing cash from an in-network ATM. Newell, a certified public accountant, accidentally pressed the ATM’s “check balance” button and saw her account value decline by 25 cents, the related fee for making an ATM balance inquiry. “I go, ‘Aren’t you just cute,'” Newell says after she noticed her mistake.
While a 25 cent fee won’t bankrupt her, she knows that small fees add up and that others will make the same mistake. “There’s going to be a lot of confused people,” says Newell, who lives in Shreveport, Louisiana.
If you’re interested in ensuring that your stimulus check isn’t eaten up by fees, it’s wise to know what fees the EIP card charges and how to avoid them. Here’s what to know about EIP card fees, including answers to:
— What’s an EIP card?
— What fees does the EIP card charge?
— How can I avoid EIP card fees?
What’s an EIP Card?
EIP cards are Visa-branded prepaid cards that contain your stimulus payment. If you qualified for an economic impact payment but haven’t received one via check or direct deposit, you may have yours preloaded on an EIP card, which is then mailed to you.
Also Check: How Can I Get The Stimulus Check
I Am Not Familiar With Prepaid Debit Cards What Is Important To Know About Using This Card
The Economic Impact Payment Card is a VISA prepaid debit card. The government has loaded your Economic Impact Payment onto the card for you. You do not need to pay this money back and you will not be taxed on this money. Once activated, your money is safe on this card and is eligible for FDIC insurance. Be sure to immediately report if your card is lost or stolen.
If you have had a checking account debit card or credit card before, this card may be a little different. First, this card is not linked to any bank or credit union account and will not have any impact on your credit score or help you build your credit. You cannot overdraft or spend more than what has been loaded on the card. If you dont have enough money to cover a purchase, the transaction may be declined or partially authorized. If this happens, you may be asked to use another form of payment to pay the full or remaining amount if you want to complete the transaction.
You can get cash, request a check, or make a purchase anywhere VISA debit cards are accepted. Each time you use your card, the amount will be deducted from your balance until you use all your funds. You will not be able to load your own money on this card and your money will not expire. If you do not use all your money before the expiration date printed on the card, you can call customer service to request a refund check for the remaining balance.
What Is A Eip Debit Card
The Economic Impact Payment Card is a prepaid debit card that the US Treasury used as an alternative to direct deposits and paper checks to distribute some stimulus payments in the previous two rounds under the CARES Act and the covid-19 relief bill in December. The Treasurys financial agent, MetaBank, will mail out the EIP Cards to eligible recipients. Each mailing will include instructions on how to activate and use the card, or you can visit the EIP card websiteto activate it and learn more about how to use it if you receive one.
The EIP Card works just like any other Visa debit card, youll need to activate it when you receive it. Then you can use it to make purchases where Visa debit cards are accepted, get cash from in-network ATMs and transfer funds to your personal bank account without a fee.
The IRS provided an example of what the EIP Cards look like.
Also Check: When Will I Get My Stimulus Check By Mail
How Do I Transfer Money From My Card To A Personal Account Without Paying A Fee
To transfer your money to a personal account without a fee, you will need to log into your account at EIPCard.com to initiate a transfer.
- To transfer to a personal bank or credit union account, you will need to provide your routing and account number for your personal account at EIPcard.com.
- To transfer to an existing personal prepaid card, first check if your personal prepaid card accepts transfers by logging into your account or calling your card provider. If it does, provide the routing and account number for your personal prepaid card at EIPCard.com.
Tip: In many cases, peer-to-peer appslike Venmo or Paypalwill accept your Economic Impact Payment Card as a source of funding. Check with the P2P provider for specific instructions on if you can do this for free.
Can Someone Transfer Money From Their Debit Card To Their Bank Account
Yes. The limit on ACH transfers to a bank account is $2,500 per transaction. People can easily transfer the money from their card to an existing bank account online at EIPCard.com. Card holders can also transfer money using the Money Network Mobile App, which can be downloaded as an app onto a smart phone. Card holders will need the routing and account number for their bank account.
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Keep An Eye On The Mail Dont Throw Away Your Stimulus Payment
Nowadays it seems like the only things that comes in the mail are bills and advertisements, but in the coming weeks there could be a very important letter for you. The EIP Cards will arrive in white envelopes with the return address Money Network Cardholder Services from MetaBank in Omaha, Nebraska. The envelopes will also have the Treasury seal in the upper left-hand corner.
The IRS provided an example of the what the envelop looks like.
Types Of Primary Identification
Primary identification is any current, valid government-issued identification with photo and signature. Some examples of government-issued photo identification include:
- a valid driver’s license Notes:
- Several states, such as Indiana, provide residents with a temporary, interim ID when they apply for new or renewed drivers licenses. An interim driver’s license of this type is valid for a short period of time, allowing the issuer time to mail out the permanent license. An interim drivers license is an acceptable form of primary identification, as long as it has not expired and contains both a photo and a signature.
- IDs from the five inhabited U.S. territoriesPuerto Rico, Guam, US Virgin Islands, Northern Mariana Islands, and America Samoaare accepted like any U.S. state ID and are permitted as a primary form of ID.
Also Check: Stimulus Check Plus Up Payments
Stimulus Payments Will Start Hitting Bank Accounts This Weekend But You May Be Receiving Your Stimulus Money Via An Eip Debit Card Find Out More
Now that President Joe Biden has signed the American Rescue Plan the third round of Economic Impact Payments can begin to be paid to Americans. Around 85% of all US households will receive direct stimulus checks in one of three forms direct deposit, paper check or an EIP pre-paid debit card.
The US Department of Treasury will send out the payments depending on the information that the Internal Revenue Service has on file when it comes time to send you your payment. Taxpayers who receive their tax refund via direct deposit should have their stimulus payment sent directly to thier bank account. However, if there is a problem with your account or you don’t have direct deposit with the IRS, your payment will arrive by paper check or EIP pre-paid debit card.
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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Activate Your Card & Get Your Money
The Department of Labor and Workforce Development only processes benefit payments. We do not directly issue or administer the debit card account.
Contact My Banking Direct toll-free at 888-292-0059or visit mbd.everywherepaycard.com to:
- activate your card
- transfer funds from your debit card account to your personal savings or checking account
- report a lost or stolen debit card
- change or reset your PIN
- get more information about your debit card, including any transaction fees that may apply
Your debit card can be used everywhere VISA debit cards are accepted: in stores, online, and to make purchases by mail or phone. There are no bank fees when you use your card for purchases from a merchant. You can get cash from thousands of ATMs nationwide and from tellers at any bank or credit union that accepts VISA, but some may charge a fee for use.
Looking for ATMs?Download the Money Network mobile app and click Find Surcharge-Free ATM to enter your ZIP code.Want to transfer funds to your primary banking account?Download the Money Network mobile app and go to Move Money Out > Send Money to External Bank Account.
REMEMBER: Do not discard your debit card after your claim has ended. It is valid for four years from the date of issue. Any Unemployment, Temporary Disability or Family Leave Insurance benefits you are entitled to during that time will be applied the debit card you originally received.
Still have questions about your debit card? Check out our Debit Card FAQ here.