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.
More From Invest in You: 7 Money Moves To Start New Year Now strongTrump Makes $ 600 Checks; Voting on payments in the amount of 2. $ 000 The Steps You Must Take To Prepare For Financial Emergencies In 2021
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.
SIGN UP: Money 101 is an 8-week financial freedom learning course delivered to your inbox weekly.
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.
Data is a real-time snapshot * Data is delayed for at least 15 minutes. Global business and financial news, stock prices, and market data and analysis.
Check, Internal Revenue Service, Payment
World News – US – Some people are getting debit cards for their $ 600 stimulus payment. Here’s what you need to know
. . Related Title :
– Latest Stimuli payments have started reaching bank accounts but when can you expect yours?
– Some people get debit cards for their $ 600 stimulus payment. Here is & what you need to know
– Will there be a third stimulus give? Check? And what it will mean for retailers
– Third stimulus checks: Are in the year $ 2000 checks still possible in 2021?
– >> Third Stimulus Check: Would it be bigger than the second payment of $ 600 Available Now?
– Second Stimulus Check Update: When do I get my payment?
– > Stimulus Checks Are Now Going Out But Will Retailers See A Boost?
– $ 2000 Stimulus Check Proposal: Calculate How Much You Can Get with the CASH Act
– HavenCSSEANDC Have your stimulus- Check not received? Check the status of your payment here
– What you need to know who will receive a second one Stimulus test and when
Donnez votre point de vue et aboonez-vous!
Votre point de vue compte, donnez votre avis
[maxbutton id= »1″]