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Tag: treasury department

  • Treasury is Delivering Millions of Economic Impact Payments by Prepaid Debit Card

    Treasury is Delivering Millions of Economic Impact Payments by Prepaid Debit Card

    The EIP Card is part of Treasury’s U.S. Debit Card program

    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.

    “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,” said Secretary Steven T. Mnuchin. “Recipients can immediately activate and use the cards safely.”

    Treasury has already delivered more than 140 million Economic Impact Payments worth $239 billion to Americans by direct deposit to accounts at financial institutions, Direct Express card accounts, and by check. The Treasury-sponsored EIP Card is another method to provide money efficiently and securely to eligible recipients and their families. EIP Cards are being distributed to qualified individuals without bank information on file with the IRS, and whose tax return was processed by either the Andover or Austin IRS Service Center.

    Treasury’s financial agent, MetaBank, will mail EIP Cards to eligible recipients beginning this week. Each mailing will include instructions on how to activate and use the card.

    The EIP Card is part of Treasury’s U.S. Debit Card program, which provides prepaid debit card services to federal agencies for the electronic delivery of non-benefit payments. MetaBank was selected as Treasury’s financial agent for the U.S. Debit Card program in 2016, following a competitive selection process conducted by the Treasury’s Bureau of the Fiscal Service.

  • Hoax Alert: Do You Have To Pay Back Your $1200 Relief Check???

    Hoax Alert: Do You Have To Pay Back Your $1200 Relief Check???

    Fake News: Relief Checks Being Sent To U.S. Taxpayers By The Government Under The Coronavirus Economic Recovery Bill Will Have To Be Paid Back.

    In recent days, social media posts have falsely claimed there’s one catch to this money – that you’ll eventually have to pay it back. ‘Next year, you’re automatically going to owe $1,200 come tax season,’ one of the videos, viewed hundreds of thousands of times on YouTube, falsely claims.   Videos and online reports claiming that millions of Americans will have to repay the relief checks they receive from the federal government under the $2.2 trillion coronavirus economic recovery bill are not true. 

    The Truth (As Reported By AP):  The U.S. Treasury Department and Internal Revenue Service, which are working to deliver the money to people, confirmed to The Associated Press that households will not have to pay back the money in next year’s tax filing.  The government began issuing the one-time payments this week. Most adults who earned up to $75,000 will see a $1,200 payout, while married couples who made up to $150,000 can expect to get $2,400. Parents will get payments of $500 per child. The checks will be directly deposited into bank accounts or mailed to households, depending on how you’ve filed your tax returns in the past. 

    ‘This is not an advance and there is absolutely no obligation to pay it back,’ Treasury spokeswoman Patricia McLaughlin said.