The IRS has announced that it is beginning to send nearly four million Economic Impact Payments (EIPs) by prepaid debit card (instead of by paper check). The cards are being distributed to qualified taxpayers without bank information on file with the IRS and whose tax return was processed by either the Andover or Austin IRS Service Center.
According to the IRS, EIP card recipients can make purchases (at any retail location where Visa is accepted), get cash from in-network ATMs, and transfer funds to their personal bank account without incurring any fees. Recipients also can check their card balance online, by mobile app, or by phone without incurring fees. The prepaid card provides consumer protections available to traditional bank account owners, including protections against fraud, loss, and other errors.
For more information, visit the U.S. Treasury website.
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