Stimulus update: IRS says more stimulus payments being sent out this week

The Internal Revenue Service announced Monday that another round of COVID-19 stimulus payments will be sent out this week, many in the form of a prepaid debit card or a paper check.

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According to the IRS, the processing of payments began Friday. For those that will be deposited directly in taxpayers’ accounts, the official pay date is Wednesday.

The IRS urged taxpayers who do not receive a direct deposit by March 24 to “watch the mail carefully in the coming weeks for a paper check or a prepaid debit card, known as an Economic Impact Payment Card, or EIP Card,” according to a news release by the IRS.

In the news release posted Monday, the agency also reminded taxpayers what to look for when the payments come by mail. With the first two stimulus payments, some people threw away the prepaid debit cards sent by the agency, thinking they were junk mail.

In addition, the IRS cautions that the third payment may come in a different form than the first two.

“More people are receiving direct deposits, while those receiving them in the mail may get either a paper check or an EIP Card – which may be different than how they received their previous stimulus payments. IRS and the Treasury Department urge eligible people who have not received a direct deposit to watch their mail carefully during this period,” the agency stated.

Paper checks will arrive by mail in a white envelope from the U.S. Department of the Treasury. For those taxpayers who received their tax refund by mail, this paper check will look similar but will be labeled as an “Economic Impact Payment” in the memo field.

As for the prepaid cards, they will come in a white envelope with the seal of the U.S. Department of the Treasury on the front. The card will have the Visa name on the front and MetaBank, N.A., on the back. MetaBank is the issuing bank for the card.

The card will come with instructions on how to activate it.

EIP Card recipients can “make purchases online or in stores anywhere Visa Debit Cards are accepted. They can get cash from domestic in-network ATMs, transfer funds to a personal bank account, and obtain a replacement EIP Card if needed without incurring any fees,” the IRS stated.

They can also check their card balance online, through a mobile app or by phone without incurring fees.