Haven't Received Your Stimulus Check? Here Are a Few Reasons Why.

Yesterday, the IRS announced that Prepaid Credit Cards (PPD) will be issued to 4 million Americans who have not yet received their Stimulus Payment and these PPDs are being sent in lieu of Direct Deposit or Paper Checks.  The IRS refers to these payments as Economic Impact Payments E(IP) . 

Is the Stimulus Payment the same as an Economic Impact Payment (EIP)?

YES.  For all practical purposes, the two terms are synonymous.  The ONLY difference between the two terms is that Stimulus Payments are by Direct Deposit or Paper Check, whereas the EIP is by Prepaid Debit Card (PPD).

I don’t have a Prepaid Debit Card and I have not received my Stimulus Payment.  Is the IRS going to send me a prepaid debit card?

MAYBE.  If you receive a Prepaid Payment Card, it will arrive in a plain envelope from “Money Network Cardholder Services.” The Visa name will appear on the front of the Card; the back of the Card has the name of the issuing bank, MetaBank®, N.A. The information included with the Card will explain that the card is your Stimulus Payment (also known as Economic Impact Payment).

I already have and use a Prepaid Card (I got the card pre-COVID).  Can I have the Stimulus Payment added to the card I already use?

IT DEPENDS on whether your Stimulus Payment has already been scheduled.  IF your card is reloadable, and IF it is linked to a bank routing and account number that you can provide to the IRS through the Get My Payment application, then provide that information to the IRS using the Get My Payment function.

BUT FIRST check with your bank card issuer to see whether your card can be re-used and to obtain the routing number and account number connected to the card.  IMPORTANT: the number on the physical card that you already have is likely DIFFERENT from the bank account and routing number that is connected to the card.  The IRS needs the bank routing and account number that is connected to the card, not the number that is already on the card.

I  have not received my Stimulus Payment.  Can I ask the IRS to send the Economic Impact Payment to me as a debit card?

NO.  The IRS is part of the Treasury Department, but the IRS is not issuing the cards.  The cards are being issued by the Bureau of Fiscal Services which is also part of the Treasury Department.  Unlike the IRS, the Bureau of Fiscal Services is not set up to work with individual taxpayer requests.

Questions, requests, and comments are always welcomed - just reach out!