If you’ve recently received a notice in the mail stating “enclosed is your Economic Impact Payment Card,” along with a VISA debit card - don’t disregard it. It is the real federal economic stimulus payment - in plastic form.
The Economic Impact Payment Card (EIP Card), provided through Money Network, contains the money you are receiving under the COVID-related Tax Relief Act of 2020 or the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The EIP Card is sponsored by the U.S. Department of the Treasury Bureau of the Fiscal Service as part of the US Debit Card Program.
According to Money Network’s website on EIP cards (eipcard.com) some people who are eligible for an Economic Impact Payment are receiving the cards because the IRS does not have their bank account information. Most people will receive their money through direct deposit into the bank account listed for federal taxes.
These cards can be used to make purchases at merchants accepting VISA as well as pay bills. You can also get cash from your card or make cash transfers to your bank account from the card.
If you happened to discard or destroy your card thinking it was a scam, you can still receive your stimulus payment by calling Customer Service at 1-800-240-8100 immediately and select the ‘lost/stolen’ option. The card will be deactivated to prevent anyone else from using it and, upon your request, a replacement card can be provided at no cost to you. More information on this is online at EIPcard.com.
Money Network offers the following instructions on using your EIP card:
How to get started
• Read the Cardholder Agreement and Fee Schedule
• Activate your EIP Card account, set your four-digit PIN and get your balance by calling 1-800-240-8100
• Sign the back of your EIP Card
• Keep your EIP Card in a safe place
How to use your EIP Card
• Shop anywhere Visa Debit Cards are accepted: in-store, online or by phone, including paying bills
• Get cash back at the register with PIN debit purchases at participating merchants
• Get cash surcharge-free at any in-network ATM - find one with the ATM Locator
• Learn more about how and where to use your EIP Card in the FAQs at eipcard.com.
You can use your Card to make purchases at stores accepting Visa Debit Cards. Once you are ready to pay: Insert your Card into the card reader or present your Card and follow the prompts on the screen. You can choose to sign for the transaction or enter your four-digit PIN. The process to make purchases may vary by merchant. You can get cash back at participating merchants when entering your four-digit PIN for purchases. Point-of-Sale (POS) Transaction Limit: $2,500 per transaction and per day (merchant cash back limit may be less). Please see your Cardholder Agreement online at EIPCard.com for more information.
How to get your balance
• Log in to card.moneynetwork.com online- you must register as a new user
•Call Customer Service at 1-800-240-8100
Cash from an ATM
There are multiple ways you can access cash using your Card (please note that limits may apply to the amount of cash you are able to withdraw at merchants and ATMs).
There’s no fee to withdraw cash at in-network ATMs that carry the AllPoint® brand, but fees may apply if you use an out-of-network ATM. To get cash, simply:
• Enter your four-digit PIN
Select “Withdrawal” from “Checking”
ATM Withdrawal Limits Apply: $1,000 per transaction and per day (bank limits may be less). Please see your Cardholder Agreement online at EIPCard.com for more information.
Cash-back from participating merchants:
The easiest way to get cash back with your Card is at the places you already shop, like grocery and convenience stores. Simply:
• Select “Debit” on the keypad
• Enter your four-digit PIN
• Select “Yes” for cash-back
Enter the amount and hit “OK”
• Point-of-Sale (POS) Transactions Limits Apply: $2,500 per transaction and per day (merchant cash back limit may be less). Please see your Cardholder Agreement online at EIPCard.com for more information.
Cash from a bank or credit union teller:
You can visit any bank or credit union branch to withdraw cash, but fees may apply. To withdraw cash:
• Know your balance beforehand – the teller cannot tell how much money you have on your Card
• Ask the teller for the amount you would like to withdraw
You’ll need your four-digit PIN and may be asked for an additional form of ID
Bank/Teller Over-the-Counter Withdrawal Limits Apply: $2,500 per transaction and per day (bank limit may be less). Please see your Cardholder Agreement online at EIPCard.com for more information.
There are multiple ways to transfer the funds from your EIP Card to an existing bank account at no cost to you. You will need the Routing and Account number for your bank account to complete the transfer.
• Transfer funds online at EIPCard.com
• Be sure you have activated your EIP Card before attempting to transfer funds.
• Register for online access by going to EIPCard.com and click on “Login” and “Register Now”. Follow the steps to create your User ID and Password. Be sure to have your EIP Card handy.
• Select “Transfers in U.S.” under Money Out.
• Follow the steps to set up your destination bank account prior to completing your ACH transfer.
• Transfers should post to your bank account in 2-3 business days.
• Download the Money Network Mobile App and register for mobile access by clicking “New User?”. Follow the steps to create your User ID and Password. Be sure to have your EIP Card handy.
Click the top left menu and click “Send Money to an External Bank Account” under Move Money Out.
Follow the steps to set up your destination bank account prior to completing your ACH transfer.
• Transfer funds by calling 1-800-240-8100. Again, be sure you have activated your EIP Card before attempting to transfer funds (call 1-800-240-8100 and follow the prompts to authenticate with the Interactive Voice Response Unit (IVRU).
Once authenticated by the IVRU, follow the prompts to set up your destination bank account prior to completing your ACH transfer.
ACH Transfer to Domestic Bank Limits Apply: $2,500 per transaction | $2,500 per day | $5,000 per month. Please see your Cardholder Agreement online at EIPCard.com for more information.
Again, for more information on the EIP Card, go online to eipcard.com or call 1-800-240-8100.