Check Here for Latest COVID-19 Related Tax Updates

phone: 978.774.3000    fax: 978.774.8170    185 Centre St., Danvers, MA 01923

Many People Will Not Receive Their Economic Impact Payment by Check

The IRS just recently announced that close to four million people will receive their Economic Impact Payment by a prepaid debit card instead of receiving a check. These cards will arrive in a plain envelope from Money Network Cardholder Services. The front of the card will have the Visa name on it and the back will have MetaBank. Information will also be provided to let you know the card is your Economic Impact Payment.

The IRS states those who receive the prepaid card can do any of the following without any fees:
• Make purchases online and at any retail location where Visa is accepted.
• Get cash from in-network ATM’s.
• Transfer funds to their personal bank account.
• Check their card balance online, by mobile app, or by phone.

The card will come with instructions on how to activate it.

As always, you should be aware of any potential scams related to this prepaid card. We haven’t heard of anything yet but the scammers are probably already hard at work coming up with a plan to steal your information. A typical way they would do it is to contact you and tell you they need your social security number and/or bank account information in order for you to receive your prepaid card. So like always, never give out your personal information to any unsolicited forms of contact.

Please consult your tax advisor on all the above information.

Leave a Reply