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The Department Of The Treasury Will Deliver Coronavirus Relief Payment Through Prepaid Debit Card
Coronavirus is flattening the growth of the U.S. economy and making the lives of taxpayers more complicated. Considering this concern, The Department of the Treasury that is the national treasury of the federal government of the United States said on Monday that it is going to deliver nearly 4 million coronavirus relief payments to the taxpayers via prepaid debit card rather than other mediums such as paper checks or credit cards.
Until now, payments had been either sent as a paper check or directly deposited in an individual’s bank account.
But, Steven Mnuchin, Treasury Secretary had indicated that the department planned to get some people their payments. This will be done by sending them debit cards, in an effort to help get people their payments faster.
Mnuchin said in a news release on Monday. “Prepaid debit cards are secure, easy to use, and allow us to deliver Americans their money quickly. Recipients can immediately activate and use the cards safely”.
It will enhance debit card transactions and people can easily maintain social distancing which has become one of the foremost things to follow.
Legislation President Trump signed in March directs Treasury. The IRS to send most Americans one-time payments of up to $1,200 per adult and $500 per child.
Treasury said. “The Visa debit card can be activated immediately. It can be used to make purchases, to get cash at an ATM or to transfer funds into a bank account without being charged a fee”. People can also use these debit cards to make online payment.
The Department of the Treasury also mentioned that they have already delivered more than 140 million payments. The first tranche of payments was sent via direct deposit. Subsequently the department started issuing paper checks to people who haven’t provided the IRS with their bank account information.
The Department further added, “Debit cards are being sent to people who have not given the IRS their direct deposit information and whose tax returns were processed by the IRS’s service centres in Andover, Mass., and Austin, Texas. MetaBank, Treasury’s financial agent, will start mailing the cards this week. The mailings will include instructions about how to active and use the cards”.
In addition to this, the IRS announced on Monday that it is starting to add 3,500 telephone representatives to answer questions from people calling the agency about the direct payments. This is definately a grerat move and will enhance the entire process to the next level.