IRS Issues a New Batch of Stimulus Payments
The Internal Revenue Service sent out the initial American Rescue Plan Act of 2021, stimulus payments last Thursday and Friday — roughly 90 million direct deposits and 150,000 checks. According to a press release on March 22, 2021, another round will be hitting the banks and mailboxes in the upcoming weeks.
Financial institutions are expecting direct deposits as early as Friday, March 26. Stimulus payments by check or debit cards will hit mailboxes shortly thereafter. ABC News reports, the agency did not provide information about how many payments will be sent in this next batch.
Avoid Fees When Accessing Money on IRS Prepaid Debit Card
People who received debit cards during the first and second stimulus payouts mistook them as junk mail. The image to the left is a sample of the white envelope that prominently displays the U.S. Department of the Treasury seal. The recipient’s name is on the prepaid VISA card.
Economic Impact Payment cards are issued by the Treasury Department’s financial agent, MetaBank®, N.A.
Enclosed taxpayers will find instructions to activate their card. Like all other prepaid cards, there are two ways to access the loaded funds. Using the Money Network Mobile App or eipcard.com the cardholder can transfer the money to their bank, or cash out the card using an ATM.
To avoid ATM operator and MetaBank fees, use an in-network system. EIP cardholders should use the app or eipcard.com to search for an ATM without being charged.
Use IRS “Get My Payment” Portal to Determine When Funds Will be Sent
For those who have not yet received a check or direct deposit the IRS portal, “Get My Payment” — now available in English and Spanish. Using this tool, taxpayers can find out when to expect their stimulus money, if they are eligible, and whether it will be sent in the mail or deposited in their bank.
Additionally, the IRS website offers information about eligibility, problems with a taxpayer’s mailing address, or banking account and routing numbers. In some cases, it is possible to update the missing or inaccurate data.
Be careful when answering the questions on the IRS portal as after three failed attempts the site will lock the taxpayer out — when asking for an address, the portal is looking for it written exactly the same as the USPS does; use this link U.S. Postal Service’s Zip Lookup. Taxpayers locked out will have access 24 hours later.
Written by Cathy Milne-Ware
ABC News: IRS deploying another batch of direct payments this week; by Michelle Stoddart and Sarah Kolinvsky
The Washington Post: The IRS has sent out 90 million stimulus payments. Here’s how to check when yours will arrive. By Michelle Singletary
Featured and Top Image Courtesy of Morgan Schmorgan’s Flickr Page – Creative Commons License
First Inset Image Courtesy of The U.S. Treasury Department – Used With Permission
Second Inset Image Courtesy of John Benson’s Flickr Page – Creative Commons License