Soon after the Treasury announced they were sending out nearly 4 million EIP debit cards, the rumors began to swirl. The Verify team is finding the truth.
WASHINGTON — Question:
Is the Treasury Department planning to use the new EIP debit cards to track people's financial transactions?
Answer:
No. The Debit Cards are actually controlled by a private bank, called MetaBank. Federal laws prevent the government from tracking the financial transactions of citizens, without written permission, "except under limited circ*mstances."
Sources:
Process:
The Verify team exists to fact-check rumors spreading online. Soon after the Treasury Department announced that they were sending out nearly four million Economic Impact Payments via prepaid debit cards, one rumor began to circulate.
"How creepy..." wrote one user on Twitter. "They can track how you spend the money."
To find out if this rumor is real, the Verify team dug into the details, starting with a press release from the Treasury Department, sent out on May 18.
According to the release, these debit cards are being sent out to certain qualifying Americans who do not have their banking information on file with the IRS. The cards are also only being sent to those whose tax returns are being processed by IRS Centers in Andover, Massachusetts or Austin, Texas.
"EIP card recipients can make purchases, get cash from in-network ATMs, and transfer funds to their personal bank account without incurring any fees," the press release read.
The Verify team then reached out to MetaBank, the "Treasury's financial agent," which oversees the dispersal of these cards. A spokesperson referred the Verify team to an FAQ pageon www.eipcard.com.
MetaBank answers this question about government tracking on the website: "Will the Treasury Department be able to see how I spend my Economic Impact Payment?"
This is the answer to this question:
"No. Under Federal law (The Right to Financial Privacy Act), the federal government is not allowed to ask the card issuer about your Card account and the card issuer is not allowed to give the government information about your Card account without your written permission, except under very limited circ*mstances."
So we can verify that the government will not be able to track how you spend funds from an EIP debit card.
FAQs
The cards have a Visa logo on the front and the back says Metabank, which is the bank that issued the card. You can activate your EIP Card, set your four-digit PIN and check your balance by calling 1-800-240-8100. Then make sure to sign the back of your card and keep it in a safe place.
Can I track my EIP card? ›
Find The Status of Your Economic Impact Payment Using The IRS Get My Payment Tool. Eligible individuals can visit IRS.gov and use the Get My Payment tool to find out the status of their Economic Impact Payment. This tool will show if a payment has been issued and whether the payment was direct deposited or sent by mail ...
Why is my EIP card declined? ›
What should I do if my EIP Card is declined? First, you should check your available account balance to see if you have sufficient money available and check the expiration date on your Card to see if it is still valid.
Who qualifies for the EIP card? ›
An individual must have a Social Security number (SSN) valid for employment to receive a payment. Thus, an individual who has an individual taxpayer Identification number (ITIN) will not receive a payment. Married individuals who file jointly generally will not receive a payment if one spouse has an ITIN.
What is an EIP card from the IRS? ›
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).
What does a EIP card look like? ›
EIP cards are sent i na white envelope that prominently displays the US Department of Treasury seal. The card has the Visa name on the front of the card and the issuing bank name, MetaBank, N.A. on the back. Each mailing will include instructions on hoe to securely activate and use the card.
How do I trace an EIP with the IRS? ›
Find Out Which Payments You Received
Your Online Account: Securely access your individual IRS account online to view the total of your first, second and third Economic Impact Payment amounts under the “Economic Impact Payment Information” section on the Tax Records page.
Is it too late to claim stimulus money? ›
It's not too late to claim any stimulus checks you might have missed! You will need to file a 2020 tax return to get the first and second stimulus checks and a 2021 tax return to get the third one.
How much money is on the EIP card? ›
So to safely find out how much money is left on your card without getting charged a fee, either use a network ATM, go online and look it up at the EIP Card website or call customer service at (800) 240-8100.
Why is my payment being declined when I have money? ›
Too Many Transactions at Once
Several transactions in a short period of time can also trigger a denial. You'll need to reach out to your bank or credit union to have your debit card privileges restored.
YOUR CARD WILL BE FUNDED UPON ACTIVATION OF THE CARD. YOUR FUNDS DO NOT EXPIRE. YOUR CARD HAS A VALID THRU DATE EMBOSSED ON THE FRONT OF THE CARD. ONCE THE VALID THRU DATE HAS PASSED, YOU MUST CALL CUSTOMER SERVICE TO REQUEST THE FUNDS IN THE FORM OF A CHECK.
Does the EIP card expire? ›
Once you activate your card, you can get cash or use it anywhere that accepts VISA debit cards. There are no fees associated with transferring the money from the card to your personal bank account. Keep in mind that EIP cards will expire after three years.
How do you qualify for a 2023 stimulus check? ›
To qualify for the stimulus payment, it is essential to assess whether a person received money or utilized the state system during the previous fiscal year. The income cap for single individuals is set at $75,000, or $112,000 for married couples.
Who is not eligible for EIP? ›
Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
Who gets the 3rd EIP? ›
Households with adjusted gross income (AGI) up to $75,000 for individuals (up to $150,000 if married filing jointly and up to $112,500 if head of household ) will receive the full payment. The third stimulus payment starts to phaseout for people with higher earnings.
What does the stimulus prepaid card look like? ›
The envelope should be white with a U.S. Treasury logo. Visible on the envelope will be the phrase 'important information about your Economic Impact Payment. ' The debit card should have a VISA logo on the front, and a MetaBank label on the back. MetaBank is the Treasury's "Financial Agent," according to the IRS.
What kind of envelope is the stimulus debit card in? ›
They come in plain white envelopes -- leaving some people to mistake their economic impact payment cards as fakes. RICHMOND, Calif.
What does the envelope for the stimulus look like? ›
Those physical payments, however, will arrive in plain white envelopes with a U.S. Department of the Treasury seal, so “be sure not to throw it away,” California Senator Dianne Feinstein tweeted last week.
Is the new health stimulus card real? ›
Check your junk mail in case you missed your debit card sent by the federal government. About four million Americans will receive their stimulus corona cash on a prepaid debit card, according to the Treasury Department. And yes, these debit cards are real.
