. . World News – USA – Some people are getting debit cards for their $ 600 stimulus payment. Here’s what you need to know


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The $ 600 stimulus payments from the latest $ 900 billion coronavirus relief bill hit bank accounts and mailboxes for millions of Americans.

And for some, the money doesn’t come by direct deposit or check? Instead, it is sent on a debit card.

The IRS is sending some payments on debit cards to expedite delivery, according to the agency. It also says that the payment format may be different from the first round, which means you could do it now even if you hadn’t received a card the first time.

So far the IRS has not updated its website with specific details for those receiving the second payment on a debit card, but the agency will likely follow a similar process to the first round.

When receiving the second stimulus payment on a debit card, here are some things to keep in mind.

As with any other debit or credit card, you will need to call to activate it before you can use it. You will also likely be able to create a pin and hear your total balance.

As with the first payment, the Debit Card Stimulus Money can likely be used anywhere debit cards are accepted, including in person, online, or over the phone. That means people should be able to use it to shop or pay rent, utility bills, or other bills.

It is also likely that you can withdraw cash from the debit card for free at an on-network ATM or transfer the money to a bank account with no fees, as was the case with the first round of cards.

Since the money is received on a debit card, it may have an expiration date. The first round of cards was successful. Fortunately, according to the IRS, even if the debit card does, the balance on the card does not expire.

If your card expires and there is still money on it, you will likely need to call customer service to request a refund check as per the initial cardholder agreement.

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There may be fees and costs associated with using the debit card. For the first round of debit cards, fees were set in the fee schedule.

For example, the first round of debit cards waived the first withdrawal fee from an ATM outside of the network, but imposed a penalty on all others. There were also fees associated with performing a balance query at an ATM and with a bank clerk withdrawing cash over the counter more than once.

Charges may also apply if you use the card outside of the U. S.. . And if the card is lost or stolen multiple times, you may need to pay for a replacement card and have it shipped to you.

To avoid fees, make sure you know which ATMs are on the network so you can withdraw money for free. And if you need to check your balance, you can do this free of charge via the online portal at eipcard. com or call customer service.

Of course, some of the specifics may change from the first round of stimulus payments, depending on the guidance of the IRS. However, individuals receiving the second stimulus check on a debit card should be careful to read all agreements with the card issuer so that they do not inadvertently incur additional fees for issuing the payment.

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CHECK OUT: Suze Orman: Don’t pay off your debts with a second stimulus check. Here is your ‘first priority’ over Grow with Acorns CNBC.

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World News – US – Some people are getting debit cards for their $ 600 stimulus payment. Here’s what you need to know
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Ref: https://www.cnbc.com


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