Update: Stimulus Check on Prepaid Debit Cards
Below is new information put out by the IRS on the Wednesday release of stimulus payments issued by prepaid debit card. There are links to FAQ’s should you encounter a member questioning the legitimacy or use of the cards.
A topic not included in the FAQ’s is that some are issued to married individuals in both names. As there is no “and/or” listed on the cards either individual solely may use the card to make transactions including cash advances.
Economic Impact Payments being sent by prepaid debit cards, arrive in plain envelope; IRS.gov answers frequently asked questions
IR-2020-105, May 27, 2020
As Economic Impact Payments continue to be successfully delivered, the Internal Revenue Service today reminds taxpayers that some payments are being sent by prepaid debit card. The debit cards arrive in a plain envelope from “Money Network Cardholder Services.”
Nearly 4 million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of which taxpayers received a debit card was made by the Bureau of the Fiscal Service, a part of the Treasury Department that works with the IRS to handle distribution of the payments.
Those who receive their Economic Impact Payment by prepaid debit card can do the following without any fees.
· Make purchases online and at any retail location where Visa is accepted
· Get cash from in-network ATMs
· Transfer funds to their personal bank account
· Check their card balance online, by mobile app or by phone
This free, prepaid card also provides consumer protections available to traditional bank account owners, including protection against fraud, loss and other errors.
Quick links to the Frequently Asked Questions on IRS.gov:
The IRS is processing and issuing tax returns, refunds, and Economic Impact Payments (Stimulus Checks).
The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.
While the IRS continues to process electronic returns and issue refunds, some IRS services are limited. Get up-to-date status on affected IRS operations and services.
Do not call the IRS,
Most people won’t need to take any action,
Check back often for updates.
Tax Filers: Get Your Payment
Use the “Get My Payment” link below to:
- Check your payment status
- Confirm your payment type: direct deposit or check
- Enter your bank account information for direct deposit if we don’t have your direct deposit information and we haven’t sent your payment yet
Update your bank account or mailing address:
If we don’t have your direct deposit information from 2018 or 2019 return – and we haven’t yet sent your payment – use the Get My Payment application to let us know where to send your direct deposit.
2019 Filers: We will send your payment using the information you provided with your 2019 tax return. You will not be able to change it.
2018 Filers: If you need to change your account information or mailing address, file your 2019 taxes electronically as soon as possible.
That is the only way to let the IRS know your new information.
Note: The IRS is not currently able to process individual paper tax returns due to the COVID-19 outbreak.
Non-Filers: Enter Your Payment Info Here
If you don’t file taxes, use the “Non-Filers: Enter Your Payment Info Here” link below to provide simple information so you can get your payment.
You should use this application if:
- You did not file a 2018 or 2019 federal income tax return because your gross income was under $12,200 ($24,400 for married couples). This includes people who had no income. Or
- You weren’t required to file a 2018 or 2019 federal income tax return for other reasons
- If you receive these benefits, we already have your information and you will receive $1,200.
Do not use this application if you receive:
- Social Security retirement, disability (SSDI), or survivor benefits
- Railroad Retirement and Survivor Benefits
Special note: People in these groups who have qualifying children under age 17 can use this application to claim the $500 payment per child.
North Star Credit Union appreciates your membership and support in this difficult time, and we wish you to stay healthy, safe, and well informed. As always, with any further questions, please feel free to call your local North Star branch, or submit a question with the form below.