The U.S. Department of Treasury and the Internal Revenue Service (IRS) has announced that they have begun to release Economic Impact Payments in the form of prepaid debit cards, instead of the paper checks many were anticipating. In accordance with the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the assigned amount of funds will be placed on prepaid debit cards and sent out to eligible taxpayers.
“My Office has received numerous calls from concerned Arkansans who have recently received the Economic Impact Payments in the form of a prepaid card,” said Attorney General Rutledge. “Arkansans should know these prepaid cards in a plain envelope from Money Network Cardholder Services are actually from the federal government.”
If you receive an Economic Impact Payment Card, it will arrive in a plain envelope from “Money Network Cardholder Services.” The free prepaid cards are issued with detailed instructions on how to easily activate the card. Recipients can transfer the funds from card to an existing bank account without any transaction fees. Funds can also be withdrawn at the ATM, but a transaction fee may apply. The prepaid card can be used anywhere Visa is accepted and provides fraud protections for consumers. Each card gives cardholders the ability to check their balance online, on the mobile app or over the phone without incurring fees.
Rutledge provides the following tips when activating the prepaid card:
• Follow the directions provided with the prepaid card and visit EIPCard.com to activate the card.
• When activating the card, make sure to have a secure PIN number and do not share the number with anyone.
• Watch out for sites requesting your card number and PIN.
• Use the EIPCard.com site to search for surcharge-free ATMs, view the fee schedule and cardholder agreement information.
For more information about Economic Impact Payments, visit the IRS website at www.irs.gov/coronavirus/economic-impact-payment-information-center. If you suspect online phishing scams related to the Economic Impact Payments, contact the Arkansas Attorney General’s office at (800) 482-8982 or oag@ArkansasAG.gov or visit ArkansasAG.gov.