Saturday, October 15, 2022

How To Transfer Stimulus Card To Bank

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Will The Irs Let Me Know That My Eip Card Is On The Way To My House

Economic Stimulus EIP Transfer to Bank Account

With the first two stimulus payments, the IRS sent a letter about your money to your last known address within 15 days after the payment was made. This notice included information on how you got the money , and how to report it if you didn’t receive the payment. The IRS will do the same for the third round of payments. But watch out: There have been a lot of;stimulus check scams;going around. Visit;;before giving anyone your information to make sure your letter is legitimate.;

Use Your Visa Gift Card To Buy Other Merchants Gift Cards

If theres a particular store you shop at that doesnt accept your Visa gift card for purchases, you can use this card to buy a gift card from the store where you want to buy something.

And if you look online, you can sometimes find these for sale for up to 20% off meaning youre getting 20% of the Visa gift card balance for free.

This could include stores like Amazon, Walmart or even Starbucks if you were planning to convert your Visa gift cards to cash simply to get a caffeine hit.

Alternatively, you could earn gift cards to all these stores and dozens more just by using an app like Swagbucks. Its basically like earning free coffees from procrastinating on your phone!

How To Transfer Gift Card Balances To Your Bank Account Using Cardcash

Yes, you can transfer money from most prepaid gift cards to your bank account using a service called CardCash.;

Unlike most prepaid cards, gift cards are disposable and can only be used until the balance reaches zero while most prepaid cards are reloadable and can be used indefinitely.;

Thankfully, weve found one proven method for transferring money from your gift card to your bank account.;

You can use mobile payment services like CardCash to transfer your money from your gift card or prepaid to your bank account.

The catch? Its more expensive than just using the gift card or prepaid card to buy items. So make sure that its really the cash value that you want from the gift card.

To transfer gift cards to your bank account using the;CardCash;Option:

  • Go to this page on the;CardCash website
  • Enter the gift card you have Ex: Walmart
  • Enter the amount on the gift card Ex: $100
  • Click;GET OFFER;and an offer for how much they will pay you will appear Ex: $88.00
  • If you accept the amount, click;Get $88.00 Cash
  • There will be a pop-up window asking how you will like to get paid and choose;PayPal Express
  • Enter your gift card number and PIN and continue to connect with your PayPal account
  • Log-in to your PayPal account and fill the required fields
  • Click Get my PayPal Balance
  • Once the balance reaches your PayPal Wallet, you can now transfer the money to your bank account by following these steps on;How to transfer from PayPal to my bank account?
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    What Is A Eip Debit Card

    The Economic Impact Payment Card is a prepaid debit card that the US Treasury used as an alternative to direct deposits and paper checks to distribute some stimulus payments in the previous two rounds under the CARES Act and the covid-19 relief bill in December. The Treasurys financial agent, MetaBank, will mail out the EIP Cards to eligible recipients. Each mailing will include instructions on how to activate and use the card, or you can visit the EIP card websiteto activate it and learn more about how to use it if you receive one.

    The EIP Card works just like any other Visa debit card, youll need to activate it when you receive it. Then you can use it to make purchases where Visa debit cards are accepted, get cash from in-network ATMs and transfer funds to your personal bank account without a fee.

    The IRS provided an example of what the EIP Cards look like.

    Screen shot: EIP Card, soure:IRS

    Be Careful Of Scammers

    Tips on how to get the money off stimulus prepaid debit ...

    Naturally, wherever there is money involved, there are usually scammers trying to take it from you. To avoid losing your stimulus payment remember:

    • The EIP card will come with instructions telling you how to activate it. You can visit the EIP card website as well for instructions.
    • Be very careful that you call the correct phone number. Dont search the Internet for the number. Scammers sometimes set up fake customer service numbers to deceive people and take their personal information.
    • Never give your personal identification number , EIP debit card number or Social Security number to anyone who calls or texts you.
    • Check your mail carefully to avoid tossing your EIP card out with your junk mail.

    If youve destroyed or thrown out your EIP card, it is important that you call the toll-free customer service line at 800-240-8100 to ask for a replacement. Youll need to select the option lost or stolen.

    You can find additional information at the official EIP Card website.

    The govt will not call/text/email/DM you to ask for your Social Security, bank account, or credit card number. Anyone who does is a scammer: #stimuluschecks#EIP

    Also Check: How To Move Money Between Bank Accounts

    Eip Card Stimulus Check: Can I Transfer It To My Bank Account Everything You Need To Know

    It’s possible your $1,400 stimulus check could show up in your mailbox in the form of a prepaid debit card, or EIP card. And yes, it’s legitimate.

    We now know a little more about those of the third stimulus checks that are arriving as an EIP card.

    If your;direct deposit;information isn’t on file with the IRS, don’t expect to receive your third stimulus check in your bank account. Yesterday, March 24, was the last day for direct deposits to be made, the IRS announced — the agency disbursed 37 million more payments this week. If you’re eligible for the third check and haven’t received a payment yet, you should expect either a paper check or an;Economic Impact Payment debit card; in the mail.;

    Don’t be alarmed — the EIP prepaid debit card was also used as a payment method for the first and second stimulus checks last year. If you’ve already received your EIP card in the mail and wondering what it is, read on for what it should look like, how to use it and what to do if you accidentally lose it.

    Also, if you’re still missing your stimulus money or think there’s a;problem with your payment, we can help. Additionally, if you’re curious to know how much of the $1,400 you’ll actually get or wondering if you should be looking for an EIP card or a;paper check, we have answers. Also, here’s what to know about;stimulus checks and SSI and SSDI;and older adults,;how your taxes could affect your total;and if a fourth stimulus check could happen.;

    How Can I Transfer The Funds On My Prepaid Card To A Bank Card

    You have to log in to your Turbo Prepaid card account, to transfer funds.

    • Manage money;· Set up text alerts, including when your tax refund is received. Message and data rates may apply.·;Log in to your account;to see your balance history, track your spending, send money, pay bills, and more.;

    Also Check: How Long Before Bank Of America Charges Overdraft Fee

    Turn Your Visa Gift Cards To Cash By Buying And Reselling Items

    This may take a few extra steps to do but it may be the only other option on this list that lets you make money from converting your Visa gift cards to cash .

    As mentioned, most stores treat Visa gift cards like credit cards. This means that you can generally use them to buy items at almost any store, so keep an eye out for things that are either heavily reduced or in high demand.

    In both cases, theres a good chance you may be able to resell the item at a higher price than what you paid. This, in turn, will let you eventually get cash from your gift card.

    Related: Why Living Stingy Could Be The Key To Achieving All Your Financial Goals

    Stimulus Payments Will Start Hitting Bank Accounts This Weekend But You May Be Receiving Your Stimulus Money Via An Eip Debit Card Find Out More

    Withdrawing and transferring money from your stimulus debit cards

    Now that President Joe Biden has signed the American Rescue Plan the third round of Economic Impact Payments can begin to be paid to Americans. Around 85% of all US households will receive direct stimulus checks in one of three forms; direct deposit, paper check or an EIP pre-paid debit card.

    The US Department of Treasury will send out the payments depending on the information that the Internal Revenue Service has on file when it comes time to send you your payment. Taxpayers who receive their tax refund via direct deposit should have their stimulus payment sent directly to thier bank account. However, if there is a problem with your account or you don’t have direct deposit with the IRS, your payment will arrive by paper check or EIP pre-paid debit card.

    Also Check: How Much Can You Overdraft With Bank Of America

    Man’s $600 Stimulus Payment Disappears During Bank Transfer

    A $600 federal stimulus payment issued as a prepaid debit card was reported to have vanished when a California resident attempted to transfer the payment to his bank account.

    Phillip Franklin in San Diego is among many Americans who were issued an Economic Impact Payment Card for their stimulus payments. The cards come in an envelope without any official federal markings and are sent from Money Network, a cardholder services company.

    Franklin told San Diego’s NBC 7: “When it came in the mail, I wasn’t sure what it was. I almost tossed it, but I looked to see what it was.”

    Cardholders have the option of transferring the money on the EIP Card to a bank account, which Franklin did back in mid-January.

    “You put in the routing number, the account number and everything,” Franklin said, adding: “It brings the card down to a zero balance and supposedly sends it to the bank.”

    But several days later, the stimulus payment had still not appeared in his bank account and Franklin contacted Money Network for help.

    Franklin said the company told him: “Oh, your bank’s got it probably, but they’re not telling you,” and to “check back in a few days. These things take time.”

    “Within the next few days, I got a letter from them saying my claim was denied,” Franklin noted. “They’re not supposed to mess with this money. It’s not theirs.”

    Final Thoughts On Converting Visa Gift Cards To Cash

    Visa gift cards are pretty flexible in terms of how you can use them. Given that theyre accepted anywhere that also takes Visa credit cards, you already have a huge array of options on where to spend the balance on your gift card.

    But its true that sometimes having cold, hard cash is preferable. Its easier to track as part of your overall net worth, for example, and youre not limited in case you plan to use the money somewhere that a Visa credit card wouldnt work.

    In those cases, one of the options on this list will definitely help you out. Just keep an eye on the fees to make sure theres not a more affordable option for what you intend to do with the money.

    But once youve decided how to proceed, in only a few clicks, that money will be yours!


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    Reader Question Of The Week

    If you have a personal finance or retirement question, send it to . In the subject line, put Question of the Week.

    Q: In both 2018 and 2019, I withdrew money from my 401. These withdrawals each year put our adjusted gross income slightly above the $198,000 limit for a couple filing jointly to receive a coronavirus stimulus payment. Could we still be eligible for a stimulus check based on only our employment income minus the 401 distribution, which would be well below the $198,000 limit? Plus we have two dependents for those years. Or would the IRS count the distribution as part of AGI?

    A: A distribution from your retirement account is included in calculating your gross income, which the IRS defines as wages, dividends, capital gains, business income, retirement distributions as well as other income.

    But you may still receive a payment based on the number of dependents you have. Lets say that your AGI for 2018 and 2019 was $200,000. You may still be eligible for a payment of $900 because of the two dependents.

    If you arent sure of your AGI, you can find it on Line 8b on your 2019 federal tax return or Line 7 for your 2018 return.

    To get an estimate of your stimulus payment, use this calculator.

    I Would Like To Pay A Bill That Doesnt Allow Payment With Debit Cards How Can I Do This Without Paying A Fee

    EIP card instead of a stimulus check?

    You can pay rent, bills, or other payments from your account using a Money Network Check without paying a fee.

    To do this, you need to:

    • Request a Money Network Check by calling customer service at 1-800-240-8100
    • Check your balance to make sure you have enough funds to cover your payment
    • When you receive the check, fill out the date, dollar amount, and name of who you are paying
    • Activate your check by calling customer service at 1-800-240-8100 and following the instructions to enter the check number, digit, and amount, and record the issuer number and transaction number provided by the automated phone system
    • Once you have successfully activated your check, the payment will be immediately deducted from your account balance and you can send your payment for your rent or other bill

    Tip: If you occasionally pay a bill with a money order, consider using a Money Network Check to pay your bill instead to avoid paying a money order fee.

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    Q: What Are Some Of The Fees Associated With The Card

    A: You will have to pay a fee for certain transactions with the economic impact card. Here are some ways you may incur a charge, according to the cardholder agreement Treasury has with MetaBank.

    Bank teller counter transaction: The first withdrawal is free, but its $5 for each withdrawal or transaction after that. Additionally, you may also be charged a fee by the bank.

    Out-of-network ATM fee: The first withdrawal from an out-of-network ATM is free. After that, its $2. You may also be separately charged a fee by the owner or operator of the ATM. Again, to avoid fees, search for an in-network ATM here.

    ATM balance inquiry fee: 25 cents.

    To minimize or eliminate any fees for the debit card, read the material you received in the letter very carefully. Theres also an online summary of the fee schedule.

    Q: Can I Use The Card To Pay My Rent Or Buy Food

    A: There are a few ways to use the card in addition to getting cash from an ATM. You can use it at the grocery store and get cash back at the point of sale when you select the debit option at checkout. You will be prompted to enter your four-digit pin.

    You can also use the card to pay your mortgage or rent if the lender or landlord accepts Visa debit card payments.

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    When Will I Get My Eip Card

    The IRS has already sent out over 90 million third stimulus checks via direct deposit. The IRS and Treasury announced Wednesday they sent 37 million more payments this week, with many coming as a paper check or EIP card. If you didn’t receive a direct deposit by March 24, expect your payment to arrive by mail “in the coming weeks.”

    Here’s more about the timeline for getting your check, and how to track your payment. The IRS tool will also tell you how your money will arrive. Here’s how you can track your EIP card in the mail with a free USPS service.

    Enter Your Stimulus Debit Card Number

    DON’T Transfer Stimulus To Bank Acct. It DISAPPEARS!

    You will then be presented with menu options to choose from.

    Press 1 to activate your card.

    Next, you will be asked to enter the following information to activate your Stimulus Debit Card:

    • Stimulus Debit Card Number
    • Last 6-digits of your social security number
    • 3-digit security code from the back of your Card

    If you provide the correct information requested above, you should be able to complete the card activation process.

    However, it is possible that you may be asked to provide additional personally-identifying information, including your name and address.

    Alternatively, you may be asked to answer identity verification questions in order to complete the activation process.

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