EIP card: What it is and why you might get one instead of a second stimulus check

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The IRS has 3 ways to distribute stimulus cash to you.

Angela Lang/PJDM

America continues to be waiting for Congress to approve a second stimulus check (and whether or not a comprehensive relief package that features the checks may occur this 12 months or next year is still up for debate). However one factor we do know is that if a second direct fee is accredited, you may probably get your cash certainly one of 3 ways: direct deposit, as a bodily test or on an Economic Impact Payment card (or EIP). About four million Individuals acquired their first spherical of stimulus cash on an EIP card, and it is probably that the IRS will send a number of million funds to eligible Americans utilizing the identical methodology. 

Learn on to seek out out for those who may obtain your subsequent spherical of stimulus cash via an EIP card (and which IRS priority group that puts you into). And here is the way you may be capable to get a second check faster via a distinct methodology. This story was lately up to date.

Learn extra: Not everyone will qualify for a second stimulus check. Here’s why

What’s an EIP card?


About four million folks acquired their stimulus fee on a pay as you go debit card known as an EIP card, which seems like this. 

Cash Community/Screenshot by Jessica Dolcourt/PJDM

An Financial Impression Cost card is a pay as you go debit card that the Treasury Division has used to distribute some stimulus funds beneath the CARES Act, as an alternative of an digital financial switch or paper checks. The playing cards have been offered to some eligible US residents for whom the federal government did not have banking info. 

These Visa debit playing cards can be utilized to make purchases, get money from in-network ATMs and switch funds to your private checking account with no price. 

When you’re despatched one, after the cardboard arrives, head to the EIP card website to activate it and study extra about methods to use it. 

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Subsequent stimulus checks: What to anticipate


Why would I get an EIP card as an alternative of a stimulus test?

Those that have been eligible acquired the primary stimulus fee by EIP card as an alternative of by test in the event that they filed their taxes however the IRS did not have their checking account info available, and if the tax return was processed by IRS service facilities in both Andover, Massachusetts, or Austin, Texas, in line with a Treasury press release. It is not clear what the importance is of these explicit service facilities, and the Treasury didn’t return our request for extra info.   

If a second stimulus invoice does get accredited, you could get your payment the same way you probably did the primary time round — so for those who acquired an EIP card, you may most likely get one other one. It could be that when you have new banking info to supply, you might obtain your fee a distinct method. 

How a lot stimulus cash could be loaded onto an EIP card? 

Getting your fee through an EIP card would not change something about the amount you’d get — it is only a totally different format of the identical fee.

As soon as a final bill is passed, if it features a stimulus fee, the amount of cash you are allotted in a second stimulus fee (whether or not it comes within the type of direct deposit, mailed test or EIP card) depends on your AGI, or adjusted gross income, out of your tax filings, alongside along with your submitting standing (single versus joint) and what number of dependents you’ve got. The utmost quantity a single taxpayer may get is $1,200. 

Discover out how to calculate how much you could get on a second stimulus payment here. You may also discover out who counts as a dependent on your taxes and what that means for a stimulus payment. This is how old a dependent has to be to get a separate stimulus payment and the stimulus test state of affairs for older adults, folks within the SSDI program, US citizens abroad and folks living in US territories.

How lengthy may it take to get an EIP card as soon as a second stimulus test is accredited?

If one other coronavirus reduction invoice with a second stimulus fee is handed, it may probably take longer to get your money by EIP card than by direct deposit. When the CARES Act was handed in March, the primary EIP playing cards did not begin going out till mid-Could. Nevertheless it’s potential that it is going to be sooner this time, for the reason that infrastructure is already in place. We simply do not know but. 

As soon as a second stimulus fee is accredited, you’ll observe your cash (in no matter kind it is going to take) utilizing the identical IRS instrument you should use to track the status of your stimulus payment. When you’re nonetheless ready for the primary test, here is how to report your missing payment to the IRS and discover potential reasons why your stimulus payment still hasn’t arrived.

How would my EIP card get delivered?

When you’re eligible, your EIP card will arrive on the handle listed in your final tax return in an unmarked envelope from “Cash Community Cardholder Providers.” As a result of it wasn’t clearly marked, some folks reportedly threw the letter away with out opening it throughout the first spherical of stimulus funds.

Cost playing cards are sometimes despatched in plain envelopes to discourage fraud and thieves. It is unclear if the IRS would ship a second fee in an unmarked envelope as properly.

When you moved, you may have to inform the IRS and USPS of your new address.

What if I would fairly get direct deposit as an alternative?

In case you have a checking account, that is every thing we learn about direct deposit for a second check right now. If the IRS has your checking account info available, it is extra probably you’d get the fee by direct deposit as an alternative of an EIP card. For the reason that first stimulus checks have been despatched, there was better effort to assist individuals who haven’t got financial institution accounts get one for this function. Listed here are methods you may be capable to assist get a second check faster.

Will the IRS notify me that an EIP card is coming? 

With the primary stimulus funds, the IRS despatched a letter about your cash to your final identified handle inside 15 days after the fee was made. The letter included info on how you bought the cash (test or direct deposit or EIP card), and methods to report it for those who did not obtain the fee. However be careful: There have been a whole lot of stimulus check scams going round. Go to earlier than giving anybody your info to ensure your letter is authentic. 

What ought to I do if my EIP will get destroyed or misplaced?

Don’t be concerned. When you’ve misplaced or destroyed your EIP card, you possibly can request a free alternative via MetaBank Customer Service. The alternative price might be waived the primary time. 

You need not know your card quantity to request a alternative. Simply name 800-240-8100, and select the second choice from the primary menu, in line with the IRS website

For extra, discover out for those who’re qualified for a second stimulus check and when you could expect a second stimulus payment

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Alison DeNisco Rayome