Debit card is showing the way out. COVID-19 is hampering the lives of common Americans. But, confusion is generating more problems for them.
Considering the present situation where people do not have any source of income. The U.S. government announced $2 trillion fund for American taxpayers under Coronavirus Aid, Relied, and Economy Security Act. Americans are making transactions to buy household items but, due to the coronavirus outbreak, they are facing hard time. Therefore, to ease the tension, the U.S. government has taken such step.
Americans have received the stimulus payment in their mail but, they trashed it thinking it was just a junk mail or scam.
One couple said. “My wife and I don’t have the same last name, and our joint stimulus card arrived addressed to, and in, her first name, my last name”. According to an American taxpayer, “I don’t understand why this is happening at all, since obviously the Treasury knows our income and names from how we filed our taxes”.
Till now, Treasury have not yet made any response on these confusions. However, Michelle Singletary, personal finance columnist at The Washington Post gave answers to some questions regarding the economic impact payment card or EIP card.
How One Can Use This Card?
The card is issued by the Treasury’s financial agent, Meta Bank. The prepaid debit card can be used to make online payment or it can be used at any retail shop where Visa is accepted. However, many users have already discovered that there are limits on how much money they can access at one time. Well, one can also withdraw the entire amount from ATM.
How Will One Get It?
Well, the prepaid debit card will be arrived in a plain white envelope from Money Network Cardholder Services.
Gary Jacobson, a former business editor said, “I was expecting a check, and this card just shows up”.
Jacobson said even with his experience in journalism that the mailing looked suspicious. He said, “I do think the debit card is an efficient and quick way to distribute the economic impact funds”.
He further added, “The Treasury and the financial institution could have done a much better job of alerting and explaining the mechanics to those who received them”.
According to a Treasury spokeswoman, the card was sent with discretion in order to protect against potential fraud.
Why some debit cards were issued less than $1200?
The entire matter is related to the individual’s filling status and AGI that is otherwise known as Adjusted Gross Income. Therefore, depending on this, some cards were issued less than the full amount.