Watch out for fees when using your Prepaid Stimulus Card
According to the Treasury Department and the IRS, approximately 8 million consumers will get Economic Impact Payment (EIP) prepaid debit cards this week. If you haven't received your second stimulus payment in your bank account yet, watch out for the prepaid debit cards in your mailbox.
EIP cards are safe, convenient and secure and can be used to make in-store or online purchases where Visa Debit cards are accepted. They can also be used to withdraw cash from in-network ATMs or transfer funds to a personal bank account. The balance on the card can be checked online, on the mobile app or by phone, without incurring any costs.
How to use the card with no fees:
- Use the card anywhere Visa is accepted, including online, on the phone, and at stores. - Use a surcharge-free ATM in the Allpoint network, including at Target, Walgreens, CVS, Kroger, Safeway, Winn Dixie and Circle K. Find an ATM near you by downloading the Money Network Mobile App or using the online ATM locator. At other ATMs, the ATM will charge a fee plus the card charges $2 after the first withdrawal. - Transfer the funds to your bank, prepaid or mobile payment account through the app or online. You may need to contact the provider of your other account to obtain the routing and account number. You can transfer up to $2,500 per day. - Go to the teller window at almost any bank or credit union. The first withdrawal, which can be up to $2,500, is free. Additional teller withdrawals cost $5. - Ask for cash back from a supermarket or big box store. - Call 800.240.8100 to request a free Money Network Check, which you can make out to anyone (i.e., a landlord, yourself). But you will have to wait for it in the mail, and you must log into your account to get a number to activate the check, so the other options may be easier.
If you exhaust the money on your EIP card, don't throw it away. You may be able to quickly access money if it is reloaded in the case Congress passes another stimulus bill. Replacement cards are free though.
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