More Stimulus Questions? IRS Updates Guidance About Bank Accounts And Debit Cards.
Millions of Americans are still waiting to receive their coronavirus stimulus payments, and some are wondering how they will see their payments when they are finally sent.
The Iinternal Revenue Service has issued new guidance for people who aren’t sure if they will get a direct deposit, a check or a payment to a debit card , or even a brand new debit card for their stimulus payments.
Here are the latest answers from the IRS website, which was just updated.
What if the bank account number I used on my tax return is closed?
If the account is closed or no longer active, the bank will return the deposit, the IRS said. Then you will be issued a check “or, for a smaller group, a prepaid debit card that will be mailed to the address we have on file for you.”
The IRS did not specify which beneficiaries would get the debit card, and it is not clear why someone get one.
The check or card would be sent to “the address on your most recent tax return or as updated through the United States Postal Service (USPS),” the agency said. “You do not need to call the IRS to change your Payment method or update your address at this time. If you receive a debit card and have any questions regarding how to use the card, go to EIPcard.com for more information.”
The IRS said people will receive a letter about the payment will be mailed to their last known address within 15 days after the payment is made.
“The letter will provide information on how the Payment was made and how to report any failure to receive the Payment,” it said.
What if I don’t have a bank account?
The IRS said it will mail your stimulus payment to the address it has on file for you.
“This is generally the address on your most recent tax return or as updated through the United States Postal Service (USPS),” it said, repeating that your payment will be made by check or prepaid debit card.
Who will get the prepaid debits cards?
The IRS said some payments may be sent on a prepaid debit card, known as The Economic Impact Payment Card. It said the card is sponsored by the Treasury Department’s Bureau of the Fiscal Service and managed by Money Network Financial, LLC. It’s issued by Treasury’s financial agent, MetaBank, N.A., the agency said.
“If you receive an Economic Impact Payment Card, it will arrive in a plain envelope from `Money Network Cardholder Services,’” it said. ”The Visa name will appear on the front of the Card; the back of the Card has the name of the issuing bank, MetaBank, N.A. Information included with the Card will explain that the card is your Economic Impact Payment Card. Go to EIPcard.com for more information.”
Can I request a prepaid debit card?
Nope, not right now, the IRS said. Those who don’t receive their payment by direct deposit will mostly receive a check, and some, “in a few cases,” will receive the debit card,” the IRS said.
“The determination of which taxpayers receive a debit card will be made by the Bureau of the Fiscal Service (BFS), another part of the Treasury Department that works with the IRS to handle distribution of the payments,” the agency said. “BFS is sending nearly 4 million debit cards to taxpayers starting in mid-May. At this time, taxpayers cannot make a selection to receive a debit card. Go to EIPcard.com for more information.”
Source: NJ.com