Got your stimulus money on a prepaid debit card? Here’s how to put it in the bank
The federal government is sending some stimulus payments in the form of a prepaid debit card.
Many have been mistaken for junk mail and put in the garbage, and there’s a lot that goes into using them. But there is a way to reduce the hassle by moving the funds directly to your bank account, according to EIPcard.com.
Nearly 4 million Americans will end up receiveing their economic impact payment by prepaid debit card instead of a traditional check or direct deposit, according to the Internal Revenue Service.
But the cards caused a lot of confusion when they dropped in mailboxes across the U.S., tucked in nothing but nondescript white envelopes and often addressed incorrectly, The Washington Post reported. The IRS later clarified those recipients should be on the lookout for “a plain envelope from ‘Money Network Cardholder Services.’”
How to transfer the funds
The issuing bank chosen by the IRS is MetaBank, which runs a website detailing information on activating and using the prepaid debit cards.
It also explains how to transfer the funds.
To begin, the card must be activated by calling 1-800-240-8100. Users must also create an online account at EIPcard.com by clicking “register” and choosing a username and password. They must have the prepaid debit card on hand to complete the registration.
The same login information will also work on the Money Network Mobile App.
Recipients can then transfer their stimulus money to existing bank accounts by logging on to EIPcard.com or using the Money Network Mobile App.
Once logged in, they should select the “Move Money Out” option and follow the steps to complete the transfer by inputting the routing and account numbers for the intended bank account. The transfer should post in one to two business days.
There is a transfer limit of $2,500 per transaction, per day, and $5,000 per month, according to EIPcard.com.
This story was originally published June 9, 2020 at 12:20 PM with the headline "Got your stimulus money on a prepaid debit card? Here’s how to put it in the bank."
