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You can use it like any debit card, but beware of surprise fees
En español | If you didn't get paper, you may get plastic from the Internal Revenue Service (IRS) as it continues to dole out stimulus payments.
The IRS has sent 4 million payments by prepaid debit cards, or Economic Impact Payment (EIP) cards, as the Treasury Department has dubbed them. The cards are going out to certain eligible taxpayers who filed tax returns but for whom the IRS doesn't have bank account information. The stimulus payment is loaded on the debit card.
Your EIP card will arrive in a plain envelope from “Money Network Cardholder Services.” The Visa name will appear on the front of the EIP card; the back of the card has the name of the issuing bank, MetaBank, N.A. Note that you can't request you receive your stimulus payment by debit card — it either arrives that way or it doesn't.
How to activate your EIP card
Call 800-240-8100 (TTY: 800-241-9100). You'll need to provide your name, address and Social Security number. You will also be asked to create a four-digit personal identification number (PIN) required for ATM transactions and automated assistance and to hear your balance. For security, don't use personal information as your PIN. For cards with more than one name, only the primary cardholder (listed first on the card) may activate the card. There is no charge to activate the card.
You can create a user name and password for your card online, at the Money Network site. Be sure to have your card handy when you log in. You can see your balance and transaction history online any time at EIPCard.com. You can get the same information by calling the toll-free number.
How to use your EIP card
You can generally use your card without a fee to make purchases anywhere Visa debit cards are accepted — in stores, online or over the phone. You can also use your EIP card to pay most bills, get cash back with a PIN debit purchase (where available), buy groceries and get cash from ATMs that carry the Allpoint brand. You can search for surcharge-free ATMs at EIPCard.com. And you may be able to pay your mortgage or rent, if your bank or landlord accepts Visa payments.
Although most transactions don't charge a fee, a few do. For example, you'll pay 25 cents for each balance inquiry at an ATM, and $2 for each out-of-network withdrawal after your first one. You'll also pay $7.50 for a lost or stolen card, and $17 if you want it shipped to you by priority mail.
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Privacy and spending limits
The government won't be able to ask how much is on your EIP card, and the card issuer is not allowed to give the government information about your card account without your written permission, except under very limited circumstances. The government can't withdraw money from your EIP card. Your spending limit is the amount you received for your stimulus payment.
Naturally, where there is money, there are people looking to take it, and your card is no exception. Make sure you have a secure PIN, and don't give it to anyone. Beware of online phishing scams trying to get your card number and PIN. If you think someone has made an unauthorized purchase, call the toll-free number.
Your card may be declined if you try to spend above the limit, or you may have to use cash to pay the amount over what's in your account. In some cases, such as when you're buying gas, the merchant may put a temporary hold on your card balance — sometimes more than the amount you used to make a purchase. Once processed, the money will be released and your balance will be adjusted. Pre-authorized funds may take up to seven days to be released back to your card account balance, and up to 31 days for car rentals.
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