Check your junk mail — 4 million Americans are getting their stimulus payments as prepaid debit cards, not checks
by Nicole Lyn Pesce/Market Watch
Don’t throw away your junk mail — or you might throw away your stimulus payment.
The U.S. Treasury Department and the Internal Revenue Service began sending out Economic Impact Payments as prepaid debit cards last week. So almost 4 million Americans still waiting for their cut of the $2.2 trillion CARES Act can expect to get their stimulus money in the form of an EIP Card, as opposed to a paper check.
Problem is, these Visa VISA, +1.89% cards are being issued by MetaBank (the Treasury’s financial agent) and delivered in plain envelopes from Money Network Cardholder Services — neither of which are familiar names for many folks. So reports of people mistaking these for pre-approved credit-card junk mail or scams have been popping up across the country. And in some cases, people have even thrown away the debit cards containing their long-awaited stimulus money before they realized their mistake.