If you are still expecting to receive stimulus payments from the IRS in the form of a paper check, there may be a surprise coming in their mailbox soon.
The U.S. Treasury Department has announced that the IRS will begin sending out stimulus payments on prepaid debit cards instead of mailing paper checks. With these so-called “Economic Impact Payments” (EIP) cards, you can make purchases, get cash from in-network ATMs, and transfer funds to their personal bank account without incurring any fees.
The IRS began distributing economic stimulus payments in April via direct deposit to taxpayers who had up-to-date information on file. It followed up with payments by paper check starting in mid-May. However, the agency estimated it might take as long as four to five months to mail out the millions of remaining checks. Now it says that sending four million prepaid debit cards will cut down on the time.
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