EIP Card – VISA Prepaid Debit Card Loaded With Your Stimulus Payment

EIP Card

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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