Read on to find out if you can save your next round of incentive money via an EIP card (en). And here’s how you could do that through another method. This story was recently updated.
What is an EIP card?
An economic impact payment card is a prepaid debit card that the Ministry of Finance has used to distribute some incentive payments among the, instead of an electronic money transfer or paper checks. The maps have been issued to some for whom the government had no bank details.
These Visa debit cards can be used to make purchases, withdraw cash from networked ATMs and transfer money to your personal bank account at no cost.
If you receive one, after receiving the card, go to the EIP card website to activate it and learn more about how to use it.
Why should I get an EIP card instead of a stimulus check?
Those who were eligible received the first incentive payment by EIP card rather than by check if they filed their taxes, but the IRS did not have their bank account information to hand and whether the tax return was processed by IRS service centers in Andover, Massachusetts , or Austin, Texas, according to a Treasury press release. It is not clear what the meaning of those particular service centers is, and the Treasury has not responded to our request for more information.
If a second incentive invoice is approved, you canyou did it the first time – so if you got an EIP card, you’re likely to get another. If you need to provide new bank details, you may be able to receive your payment in a different way.
How much incentive money can be loaded on an EIP card?
Receiving your payment via an EIP card would not change this– it’s just another format of the same payment.
Once one, if it includes an Incentive Payment, the amount you will be allocated to a second Incentive Payment (whether in the form of , check or EIP card sent by mail) , from your tax returns, along with your tax return status (single versus joint) and how many dependents you have. The maximum amount a single taxpayer can get is $ 1,200.
Find out. You can also find out and . Here is and the stimulus check situation for , people in the , and people .
How long can it take to get an EIP card after a second stimulus check is approved?
If another coronavirus relief bill with a second incentive payment passes, it could likely takethen through . When the CARES law was passed in March, the first EIP cards did not go out until mid-May. But it is possible that it will be faster this time, as the infrastructure is already in place. We just don’t know yet.
Once a second incentive payment is approved, you can track your money (in any form) with the same IRS tool you can use to. If you’re still waiting for the first check, here it is and find possible .
How will my EIP card be delivered?
If you qualify, your EIP card will arrive at the address listed on your latest tax return in an unmarked envelope from “Money Network Cardholder Services”. Because it was not clearly marked, some peoplewithout opening it during the first round of incentive payments.
Payment cards are often shipped in plain envelopes to deter fraud and thieves. It’s unclear whether the IRS would also send a second payment in an unmarked envelope.
If you have moved, you should.
What if I prefer a direct deposit?
If you have a bank account, this is all we know. If the IRS has your bank account information handy, you are more likely to receive payment via direct deposit rather than an EIP card. Since the first incentive checks were sent, more effort has been made to get people who don’t have a bank account to get one for this purpose. Here are ways you could help .
Will the IRS notify me that an EIP card is coming?
With the first incentive payments, the IRS sent a letter about your money to your last known address within 15 days of the payment being made. The letter contained information on how you got the money (check or direct deposit or EIP card) and how to report it if you did not receive payment. But beware: there have been manygo around. Before giving anyone your information, visit IRS.gov to make sure your letter is legitimate.
What should I do if my EIP is destroyed or lost?
Do not you worry. If you have lost or destroyed your EIP card, you can request a free replacement through MetaBank customer service. The replacement contribution is waived the first time.
You don’t need to know your card number to request a replacement. Simply call 800-240-8100 and choose the second option from the main menu, according to the IRS website.
For more information, see if youand .