GovCard is powered by Evolv. This blog was originally posted on May 20, 2020 and was updated on June 1, 2020. The 2018 fraud incident sprang from a program Direct Express developed a few years ago enabling customers to get their cards replaced immediately instead of paying for overnight delivery by going to a Western Union office. Many prepaid cards come with the Visa or MasterCard logo. Banks, New Security Issues, State and Local Governments, Senior Credit Officer Opinion Survey on Dealer Financing Where can I find the fees for optional services? The types and amounts of fees you can be charged for using the card depend on the contract between the government agency and the card issuer. You do not owe a bill since you are using money you already have. This is not a credit card and lawful use of a prepaid card will not affect your credit score. I have made a call for over three weeks and am on hold for as long as four hours and never get a representative to answer my call. The consumer said that because of their lack of benefits, they had gone without their medications for more than a week. Get paid faster and eliminate the burden of paper checks. GovCard | No Cost Payment Solution | Reliable & Secure The Affordable Connectivity Program (ACP) is a federal program designed to bring discounted broadband service to qualifying households. (or up to $75/mo. Join the conversation. You must call the number on the back of your card immediately to report any unauthorized use. Mastercard Prepaid | Just Load and Pay | Safer than Cash The federal government uses prepaid cards to pay certain federal benefits, such as veterans' benefits or Social Security benefits. The federal government uses prepaid cards to pay certain federal benefits, such as veterans benefits or Social Security benefits. Here are some common questions and tips to help you access your money and use your card, including how to do so with limited fees. Get up-to-date information about your Economic Impact Payment (EIP) Card including your balance and transactions, list of fees, and answers to frequently asked questions. Aaron Klein, a senior fellow of economic studies at the Brookings Institution, said the complaints are unsurprising, considering the millions of people who received some sort of government benefit last year. Many recipients thought the cards were a scam and threw them out even though the IRS released images of the cards and envelopes to reassure them. (You can view an example of a prepaid card fee schedule on the CFPB website.). Check your cardholder agreement and other important information material that came in the envelope with your card or at EIPCard.com . All trademarks, service marks and trade names referenced in this material are the property of their respective owners. Activate your card Call the activation number on the card mailer or the customer service number on the back of your card. The move followed a high-profile fraud incident in August 2018 when Comerica was unable to provide funds to a few hundred Direct Express users due to fraud. Serving More Than 500 Entities Nationwide. Visit IRS.gov/EIP for more information on Economic Impact Payments, or click here to get answers to frequently asked questions. However, you cannot receive or add funds to your card. @WalletHub. The Economic Impact Payment Card is a VISA prepaid debit card. Tip: In many cases, peer-to-peer (P2P) appslike Venmo or Paypalwill accept your Economic Impact Payment Card as a source of funding. Prepaid debit cards are far from a new option for people receiving government benefits. Contact your Visa Account Executive or get in touch with us to learn more. Your Economic Impact Payment Card (EIP Card) contains the money you are receiving under the American Rescue Plan Act of 2021, COVID-related Tax Relief Act of 2020 or the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). A prepaid card is also called a prepaid debit card, or a stored-value card. Do not throw this card away. Checks), Regulation II (Debit Card Interchange Fees and Routing), Regulation HH (Financial Market Utilities), Federal Reserve's Key Policies for the Provision of Financial Businesses look at your credit history before they give you a loan, a credit card, or sometimes a job. The COVID-19 pandemic is . The EIP Card is sponsored by the U.S. Department of the Treasurys Bureau of the Fiscal Service as part of the US Debit Card Program. Close Ests ingresando al nuevo sitio web de U.S. Bank en espaol. These accounts are available at 15 banks and credit unions, and are certified by the Bank On programs standards for having low initial deposit requirements and minimal fees. Sometimes there is a fee every month just to have the card. Visas Zero Liability policy does not apply to certain commercial card and anonymous prepaid card transactions or transactions not processed by Visa. In some cases, Social Security recipients and veterans received their payments on their Direct Express prepaid debit cards; the Treasury Department said it issued more than 7 million stimulus payments to Direct Express cards in 2020 and early 2021. GovCard is a PCI DSS Level 1 EMV Compliant service provider. You can use your EIP Card to make purchases where Visa Debit is accepted in stores, online or by phone. What Is MetaBank? IRS Is Mailing Stimulus Check Debit Cards - Money The mobile app, for example, currently provides data only about balance status and transactions. For example, you may have a certain number of free ATM withdrawals every month or you may not be charged an ATM fee if you use ATMs that are in a particular network. About 5% report theyre homeless, compared to 1.7% in the general population. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. In conclusion, Crypto.com accepts prepaid cards. You do not need a good credit history to use a prepaid card. All transactions are completed in a multi-layer environment with end-to-end security. Shop anywhere Visa Debit Cards are accepted: in-store, online or by phone, including paying bills 5. Theres little nationwide data on how many unemployed people chose prepaid cards over other payment options. During activation, you may be asked to validate your identity by providing your name, address and social security number. No, only the government can add funds to your card. Lisa Rowan is lead editor, consumer finance for Forbes Advisor. The businesses that sell prepaid cards advertise them. Learn more about managing business expenses, Find a financial advisor or wealth specialist, Reduce costs associated with paper checks or vouchers, postage, reconciliation or replacement of lost checks, Maximize electronic payments with direct deposit, Complements your existing direct deposit processes, Convenience of funds automatically loaded to their card for as long as they remain eligible, so theres no need to cash or deposit a check, Make purchases or withdraw cash and get cash back at participating merchants anywhere Visa, Security if the card is lost or stolen with Zero Liability, Temporary assistance for families in need. The Fed - Government-Administered, General-Use Prepaid Cards Box 8488 Gray, TN 37615-8488 Email: Email us at govandcorp@prepaidcard.bankofamerica.com with any questions or comments. Now that youve received your Economic Impact Payment (EIP) Card, heres how to activate and start using it. Rest assured that Visas Zero Liability Policy has you covered if your card is ever lost, stolen, or fraudulently used. Prepaid cards are a convenient way to pay for things if you are not carrying cash. They're just pointers to a sum of money you've already paid up (or been given) in advance. Subscribe to receive our latest blog posts in your inbox. Social Security benefits, for example, switched to a completely electronic payment system in 2013, allowing recipients to choose direct deposit into a bank account or a prepaid card.