IRS Alert: Economic Impact Payments Being Sent by Prepaid Debit Cards!

This alert came from the IRS yesterday…we wanted to share it right away!

IR-2020-105, May 27, 2020

WASHINGTON – As Economic Impact Payments continue to be successfully delivered, the Internal Revenue Service today reminds taxpayers that some payments are being sent by prepaid debit card. The debit cards arrive in a plain envelope from “Money Network Cardholder Services.”

Nearly 4 million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of which taxpayers received a debit card was made by the Bureau of the Fiscal Service, a part of the Treasury Department that works with the IRS to handle distribution of the payments.

Those who receive their Economic Impact Payment by prepaid debit card can do the following without any fees:

  • Make purchases online and at any retail location where Visa is accepted
  • Get cash from in-network ATMs
  • Transfer funds to their personal bank account
  • Check their card balance online, by mobile app or by phone

This free, prepaid card also provides consumer protections available to traditional bank account owners, including protection against fraud, loss, and other errors.

They also warn taxpayers to be on the lookout for scams related the Economic Impact Payments.  Be careful and cautious…the IRS will never send unsolicited electronic communications asking people to open attachments, visit a website, or share personal information. Remember, go directly and solely to IRS.gov for official information.

As always, if we can be of any help, please contact our office.

Santora CPA Group
Call us 302-737-6200