By | Rachel Brooks
Staff | Telegraph Local
Above, Nancy Pelosi as she appeared on CBS This Morning this week. The House motions on another stimulus package as the IRS works to get the stimulus payments rolled onto debit cards.
The IRS is set to send out $4M worth of stimulus payments via prepaid debit cards. This was reported by the New York Post within the last 24 hours. Both the Treasury Department and the IRS have stated that they will begin to send out stimulus money to Americans this week by prepaid debit cards instead of checks. The cards will be issued via the IRS’ financial agent MetaBank.
“Treasury and the IRS have been working with unprecedented speed to issue Economic Impact Payments to American families. Prepaid debit cards are secure, easy to use, and allow us to deliver Americans their money quickly. Recipients can immediately activate and use the cards safely.”said Treasury Secretary Steve Mnuchin, as quoted by New York Post.
NBC News reported that the IRS will soon be enlisting the help of 3,500 telephone representatives to answer questions regarding stimulus payments. This was announced Monday.
“WASHINGTON — Today, the Internal Revenue Service is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments.
IRS telephone assistance and other services will remain limited, and answers for most of the common questions related to Economic Impact Payments are available on IRS.gov. The IRS anticipates bringing back additional assistors as state and local advisories permit.
Answers for most Economic Impact Payment questions are available on the automated message for people who call the phone number provided in the letter (Notice 1444). Those who need additional assistance at the conclusion of the message will have the option of talking to a telephone representative,” said the IRS in an official statement on May 18.
In addition to the above statements, Treasury Secretary Steve Mnuchin also took to his Twitter to explain the process involved in the debit card stimulus payment method.
“This week @USTreasury and #IRS are starting to send nearly 4 million Economic Impact Payments by prepaid debit card, instead of by paper check. EIP debit cards are secure, easy to use, and can be activated immediately,” said Steve Mnuchin via Twitter.
Mnuchin’s tweet likewise linked to an official statement by the Treasury Department.
“WASHINGTON— This week, Treasury and the IRS are starting to send nearly 4 million Economic Impact Payments (EIPs) by prepaid debit card, instead of by paper check. EIP Card recipients can make purchases, get cash from in-network ATMs, and transfer funds to their personal bank account without incurring any fees. They can also check their card balance online, by mobile app, or by phone without incurring fees. The EIP Card can be used online, at ATMs, or at any retail location where Visa is accepted. This free, prepaid card also provides consumer protections available to traditional bank account owners, including protections against fraud, loss, and other errors,” stated the Treasury Department on May 18.
It is important to note that scammers will be on high-alert activity as the Treasury Department and the IRS move to send prepaid debit cards via mail. One should keep their mailbox or P.O. box checked frequently to avoid theft. For more information regarding IRS scams and potential stimulus check theft, see this post by CNBC published May 6. CNBC reported a “surge” in financial fraud behaviors surrounding the COVID-19 economic crisis.