69ºF

Don’t throw away your stimulus payment by mistake

Prepaid debit cards will arrive in envelopes from ‘Money Network Cardholder Service’

JACKSONVILLE, Fla. – While millions of Americans have already received their stimulus payments, many others are still waiting for theirs to arrive. That includes some who will receive their financial aid in the form of a preloaded debit card.

But if you don’t know what to keep an eye out for, there’s a chance you might throw yours away without even realizing it.

That’s why the Federal Trade Commission published a recent blog post to shed some light on these prepaid VISA debit cards. The agency says these cards will arrive inside envelopes from “Money Network Cardholder Service.”

The FTC recommends activating your card immediately. In a nutshell, you can activate it by dialing 1-800-240-8100 or by going to USdebitcard.gov and clicking on the EIP (Economic Impact Payment) card link. Have your Social Security number handy to confirm your identity.

These cards can be used at any business that accepts VISA debit cards. Recipients can also transfer the sum to their personal bank accounts free of charge. These cards are valid for three years, but once the card expires, any leftover cash will be sent to the recipient.

It’s worth noting here that the government will not contact you by phone, text or email about your EIP card. So if you receive a suspicious message or call about your card, do not respond and do not provide any personal information to them as they’re likely trying to scam you.

Those who have questions about their EIP cards can contact a 24-hour hotline by calling 1-800-240-8100. You can also report suspected scams and fraud to the FTC directly.


About the Author: