Treasury moves to debit cards to get coronavirus stimulus money to Americans
Nearly 4 million cards are being issued, instead of paper checks
The Treasury Department is now issuing coronavirus stimulus payments to Americans through prepaid debit cards, the agency announced Wednesday.
The money, known as Economic Impact Payments, is part of the multi-trillion stimulus packages signed into law several weeks ago.
Nearly 4 million cards are being issued, instead of paper checks. The Visa cards, like other debit cards, can be used to make purchases, get cash from in-network ATMs, and transfer funds to a personal bank account without incurring any fees.
“Treasury and the IRS have been working with unprecedented speed to issue Economic Impact Payments to American families,” said Treasury Secretary Steven Mnuchin. “Prepaid debit cards are secure, easy to use, and allow us to deliver Americans their money quickly.”
The Treasury reports having already delivered more than 140 million Economic Impact Payments, worth $239 billion via check, direct bank deposits and Direct Express card accounts.
Treasury’s financial agent, MetaBank, will mail EIP cards to eligible recipients beginning this week.