The U.S. Treasury has started sending economic impact payments (EIP) to Americans who did not have the money directly deposited into their bank account. According to Iowa State University (ISU) Extension and Outreach Family Finance Specialist, Carol Ehlers, many people have received, or will soon, the $1,200 from the Coronavirus Aid, Relief and Economic Security (CARES) Act, but it may not come in the form they originally thought.
These cards can be used similarly to prepaid debit cards to make purchases, withdraw cash from in-network ATMs or transfer the money on the card to a personal bank account. Ehlers says it is very important people do not mistake the card for a scam or junk mail.
She says the deadline to register to receive your economic stimulus through direct deposit has passed, and you must wait to receive the payment in the mail, either as the EIP card or a physical check. Ehlers says ISU Extension and Outreach’s staff is ready to help and has compiled a list of useful resources for Iowans to use during this uncertain time.
More information about those resources can be found included below. As of May 13, the U.S. Treasury has issued more than 1.2 million stimulus payments to Iowans, surpassing $2.2 billion.
CFPB: Consumer Financial Protection Bureau: CLICK HERE
The “Get My Payment” online tool: CLICK HERE
ISU Finding Answers Now webpage: CLICK HERE