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The U.S government is offering a stimulus package to be distributed to millions of U.S residents. The money is aimed at helping the people to come with the economic fallout caused by the coronavirus pandemic.

Interestingly, the Internal Revenue Service (IRS) revealed that around 4 million Americans will receive their stimulus packages through prepaid debit cards rather than sending the money through paper checks. This means that they will receive debit cards through which they can access the stimulus funds. The cards will be EIP-branded Visa cards, and they will be sent to anyone that qualifies for economic relief payments.

Why EIP cards

The IRS decided to use EIP cards rather than paper checks for the relief payments because it might not have the bank information of all eligible individuals. Speaking of eligibility, the stimulus package is available to any taxpayer with an annual adjusted gross income that is less than $99,000 for single and $198,000 combined income for married couples that file their taxes jointly.

Any taxpayer that earns less than $75,000 annually as an individual will receive $1,200, and this will also apply to married couples. Those with children under 17 years old will receive an extra $500. Keep in mind that Money Network Cardholder Services will send the debit cards for the stimulus payments and arrive in plain envelopes.

What should you do when you receive your card?

Your next step should probably be to access the relief funds. You can activate your card through the website EIPCard.com, or you can call the number 1-800-240-8100. You will be requested to provide information such as your name, social security number, address, and pin. You will also be required to sign the back of the card.

You can transfer the funds to your bank account or withdraw through an ATM. You can also go to a check-cashing location or in-network ATM to access the funds. Note that out-of-network ATMs will charge $2 after the first withdrawal and $3 when withdrawing through an international ATM. Bank teller withdrawals cost $5. If your card is stolen or lost, simply lock the card through EIPCard.com. You will also be charged $7.50 for replacing a lost card and $17 for expedited shipping of the replacement card.