The effects of Pandemic is a significant one and many experts and economists predict that the situation will only get worse before it gets better. At the time of writing this review, many small scale businesses are destroyed or permanently shut and some sector has seen the worst year imaginable.
From common man to elites in society, the virus indeed affected all our lives in some way or the other. To help the citizens go through this difficult phase, the United States government has come up with many stimulus plans. In this post, we are going to discuss about the Economic Impact Payment Card and the common misconceptions surrounding it.
As the EIP card is a new thing introduced to the people, there are a lot of scams surrounding it and many people do not know the proper ways of recognising them or the ways of dealing with them. To learn all about the benefits and other associated rewards with this system, check out the following information.
What is an Economic Impact Payment Card?
Economic Impact Payment Card is the name given to the preloaded VISA cards issued by the Internal Revenue Service to the people who are eligible for stimulus payments. In the early 2020, many people lost their livelihood due to the infectious virus and as a result the government had to come up with a way of stimulating the economy or else there would be another recession with ample amounts of chaos.
Fortunately, many central banks and economists suggested the proper route and the situation was back in control. However, as the number of applicants for the stimulus benefits were in millions, the clerical errors were high and the goals of the government weren’t achieved completely.
Now, the IRS is rolling out the second round of stimulus payments, but instead of a cheque, it is reaching out to people with plastic cards loaded with appropriate amounts. People can use the EIP card just like a debit card and the amount it has can be transferred to bank accounts too.
Eligibility Criteria to acquire the rewards
The rolling out of Economic Impact Payment Cards is a new thing which majority of the people are not used to. Some people have even thrown away the envelope that contained the payment thinking that it might be a potential scam. Unfortunately, there are few scams perpetuating around this initiative and we will expose all of their traits later in this post.
Generally speaking, people who didn’t receive the stimulus cheque for any reason will get their compensation via the VISA card and only the government can decide whether you receive the payment via a cheque or debit card. The EIP card will reach you in an envelope from “Money Network cardholder Services”, it will also feature a Treasury Seal to mark the significance of the contents.
If you receive the parcel from any other service, then chances are it might be a hustle. To be on the safer side, check out for the best practises at the official website and here’s the url https://www.eipcard.com/. Remember, no legitimate or government service will ever ask you for details like PIN number and other confidential information.
If you ever feel like you are being badgered into giving up the details, then step away from the situation immediately and alert the relevant authorities.
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How to activate an Economic Impact Payment Card?
Activation process of an EIP card is simple and straightforward. Once you have received your card, visit the official website and register. The details you have to provide them are your name, address and social security number. As soon as you are registered, you will have to create a PIN number in order to use the debit card.
Note that, there are no associated fees for the activation process and everything is basically free. If you need any assistance or have any specific queries, then you can get in touch with the support team by calling them at 1800 240 8100.
Benefits
The benefits of an EIP card are similar to the VISA debit card. People can use the card in any place which accepts traditional debit cards and that includes withdrawing from ATMs as well. Though, the official narrative says that all the transactions are free, there are a few exceptions. For example, people have to pay 25 cents for every balance inquiry at an ATM and a fee of $2 will be charged if they use other network ATMs.
You can use the cards without any associated fees to buy most things online. Users can also transfer the balance to their bank accounts any time they want, but transaction value is capped at $2500. Note that, if you try to spend more than the balance amount, the transaction will get declined or sometimes it might get through, but the balance will be taken from your account within 15 days to rebalance the book.
Is Economic Impact Payment Card a Scam?
Not at all, the Economic Impact Payment Card is an initiative taken to help people who were hit hard financially due to the pandemic. On the other hand, there are many phishing scams going on which are targeting people who have received the EIP card through mail.
Scammers introduce themselves as someone who is working for the government agency and try their best to get details about the card and PIN number. Many naive people have already lost funds to the crooks and sadly aren’t able to take any action which in real world helps them recover the funds.
So, be careful and do not share any details with the strangers especially if they seem to be persistent and shady in their approach. After all, whenever there is money, there will always be well designed traps around it. If you have lost funds to any phishing scams online, then get in touch with our team for a free consultation. Based upon the data we gather from you, we will suggest to you the best ways of tracking and retrieving your funds.
Verdict
Economic Impact Payment Card is the best way to receive the second round of stimulus payment. It enables people to buy necessities and help them get back on their feet. Moreover, the process involved in obtaining the funds is also simple and the majority of the people will never face any problem.
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