Stimulus checks aren’t always what they seem. In fact, many Americans are finding that the “check” they were expecting in the mail has instead come in the form of a Visa debit card. Here’s everything you need to know about the cards.
The Visa-branded cards’ official name is an Economic Impact Payments (EIP) card. The cards are being sent to people who qualified for the stimulus checks. If you qualify and haven’t received a stimulus check yet, you’ll be getting an EIP card.
Be careful not to mistake your EIP card for junk mail and throw it in the trash. As US News reports, the card will arrive in a plain envelope from “Money Network Cardholder Services.” The front of the card will have the Visa logo and the bank issuer — MetaBank, N.A. — on the back.
Watch for Fees
Unfortunately, if you don’t use your EIP exactly as it is intended, you could be hit with fees. Here’s a quick breakdown:
$2 for out-of-network ATM withdrawal
$3 for international ATM withdrawal
25 cents for ATM balance inquiry
$7.50 for every replacement card issued after first replacement
You can use your EIP card just like a regular debit card. You can swipe it at point-of-sale registers and even withdraw cash at an in-network ATM. And if you want to move the money into your brick-and-mortar bank account you can do that too. To find an ATM or other information like your account balance or how to make a transfer, check EIPCard.com.
Originally posted by Chris O'Shea on SavvyMoney.com