EIP Card – VISA Prepaid Debit Card Loaded With Your Stimulus Payment
The official January 15th deadline for IRS stimulus payment disbursement has passed and many Americans are still waiting for their payment. Eligible recipients who haven’t received a direct deposit could expect an EIP card or paper check shortly. Continue reading below to learn more about EIP cards and how to use them.
What is an EIP card?
An EIP card is an Economic Impact Payment debit card issued by Visa. This prepaid debit card contains funds for qualified recipients as a part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021.
Why would I receive an EIP card instead of a direct deposit?
If the IRS did not have your bank account information on file from previous tax returns, they’ll send you an EIP Visa debit card or paper check.
Where will my EIP card be sent to?
If you’re set to receive an EIP Visa debit card, it’ll be sent to the most recent mailing address on file with the IRS.
If you haven’t filed taxes for the last two years and did not receive the first round of stimulus payments, it’s likely the IRS doesn’t have an address for you on file. When it comes time to file your tax return, you’ll likely need to claim a Recovery Rebate Credit.
Can I withdraw cash from my EIP card?
Yes, you can withdraw funds fee-free from in-network All-Point ATMs up to $1000 per day. Also, you can get cashback from participating merchants and cash from a bank or credit union teller –both with a $2,500 per transaction max per day. Remember that withdrawal fees may apply depending on the financial institution.
Can I transfer funds from my EIP card to my bank account?
Yes, transfers to your primary bank account are free. Browsing for a new bank account? Sign up for RoarMoney and get instant access to your virtual card complete with account and routing information.
Where can I use my EIP card?
Economic Impact Payment prepaid debit cards can be used in-person or online anywhere that accepts VISA. This type of account is not linked to an individual checking account.
Transferring your second stimulus funds to a RoarMoney account and use those funds in the rewards tabs. Check out the monthly cashback offers and be sure to use MoneyLion Debit Mastercard or RoarMoney virtual card for 2% back!
Is the EIP debit card secure?
Yes, VISA is the card issuer partnered with The Department of Treasury and IRS. Pathward, N.A., holds and acts as a custodian of your funds until you use them up or transfer them. Beware of any stimulus check scams. The IRS will never call, text, or email in regards to your stimulus payment or tax returns.
Can I send someone money from my EIP card?
Yes, peer-to-peer (P2P) payment apps such as Venmo and Zelle accept EIP cards, but you should check with your preferred P2P provider for more details before attempting any transfers.
Can the government garnish or withdraw funds from my card?
No, the government cannot garnish or take funds from your Economic Impact Payment, you’re the only one with access to those funds. Government entities (including child support) or debt collecting agencies cannot access these funds or any stimulus payments.
Am I able to pay my mortgage or rent with my EIP card?
Yes, as long as your mortgage lender, property management or landlord accepts VISA.
I threw my card away by accident!
If you threw out the envelope containing your card by accident, contact the Money Network immediately at 1.800.240.8100. They’ll deactivate the lost card and provide you with a replacement card. To confirm that no one has activated your card, deposit your paper check, or received your direct deposit by visiting the ‘Get My Payment’ tool.
Boost Your $600 Stimulus Payment By An Extra $1000
There have been talks of a third stimulus check and other benefits, but there’s no confirmation yet. If you were hopeful of a $2000 second stimulus check and $600 won’t cover the needs you have, try a Credit Builder Loan from MoneyLion.
Borrow up to $1000 at competitive interest rates, no hard credit inquiries, and you’ll get a portion of the funds same-day! After you pay off the loan in full, the remaining funds are released to you–with earned interest!
Credit Builder Plus members have full access to weekly credit monitoring, budgeting tools, rewards and cashback perks, fully managed investment portfolios, and cash advances with Instacash.
At MoneyLion, our goal is to bring fun, convenience, and effortlessness back to the finance world with our modern approach to banking.
Ready to get started? Head over to MoneyLion.com, sign up today, and get your next direct deposit up to two days early!
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Disclosures
MoneyLion Debit Mastercard can be used for no-fee withdrawals at ATMs in the Allpoint network. Fees may apply for ATM transactions outside this network.
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
With direct deposit. Faster and easier access to funds is based on comparison of traditional banking policies and deposit of paper checks versus deposits made electronically and the additional methods available to access funds via a card as opposed to a paper check.
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.