March 29, 2021
The IRS continues to issue the third round of Economic Impact Payments to eligible individuals, with payments being issued as a direct deposit or by mail as a paper check or prepaid EIP debit card. No action is needed by most eligible people to receive a third Economic Impact Payment automatically.
Check Get My Payment to see if a third payment is scheduled People can check to see if the their third payment has been scheduled using the Get My Payment tool on IRS.gov. The tool does not show the amount of the third Economic Impact Payment.
The form of payment for the third EIP may be different than earlier stimulus payments. More people are receiving direct deposits, while those receiving a payment in the mail may get a paper check or an EIP Card. IRS and the Treasury Department urge eligible people to check Get My Payment and see whether their payment has been scheduled for delivery as a direct deposit or by mail as a check or EIP card.
Watch the mail for paper checks and EIP Cards Paper checks will arrive by mail in a white envelope from the U.S. Department of the Treasury. For those taxpayers who received their tax refund by mail, this paper check will look similar, but will have Economic Impact Payment in the memo field.
The EIP Card will also come in a white envelope prominently displaying the seal of the U.S. Department of the Treasury. The card has the Visa name on the front and the issuing bank, MetaBank, N.A. on the back. Information included with the card will explain that this is an Economic Impact Payment. Each mailing will include instructions on how to securely activate and use the card.
EIP cards issued for any of the three rounds of payments are not reloadable. Recipients will receive a separate card and will not be able to reload funds onto an existing card.
EIP Cards are safe, convenient, and secure
These cards provide certain protections against fraud, loss, and other errors. They can be used to make purchases online or in stores anywhere Visa® Debit Cards are accepted.
Cardholders can use the cards to do any of the following without paying a fee:
- Transfer funds to a personal bank account
- Make signature or PIN-debit purchases anywhere Visa Debit Cards are accepted — in stores, online or by phone
- Get cash back with a PIN debit purchase where available
- Get cash from in-network ATMs
- Get a replacement EIP Card, if needed
- Check their card balance online, through a mobile app or by phone
The EIP Card is sponsored by the Bureau of the Fiscal Service and is issued by Treasury’s financial agent, MetaBank, N.A. The IRS does not determine who receives a prepaid debit card.
For more information about these cards people can visit EIPcard.com. The latest details about the third round of Economic Impact Payments are available on IRS.gov.
As always, please feel free to contact Tax On Wheels, LLC at 803 732-4288 for assistance with this or any other tax matter.