With 140 million Americans receiving some type of economic stimulus payment we have another 10 million still waiting on funds. Now 4 million Americans are receiving pre paid debit cards aka EIP cards or Economic Impact Payment Cards issued by Meta Bank coming this week. We go over in detail the current situation for these stimulus debit cards and what this means for the people.
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#StimulusDebitCard
"Around 4 million people will get the prepaid debits cards, according to the Treasury, instead of a paper check. The recipients are those without bank information on file who are eligible for the payment and had their tax return processed by the Andover or Austin IRS Service Center.
The cards will be mailed by the Treasury’s bank agent, MetaBank, along with instructions on how to activate and use the card. The recipients can make purchases, withdraw cash from ATMs or transfer money to their bank account without additional fees.
Overall, the government has distributed more than140 million stimulus payment for over $240 billion to provide relief to millions of Americans, Mnuchin said. “The typical family of four received $3,400,” he said.
As part of the $2.2 trillion stimulus package, a total of $250 billion is being distributed to Americans’ wallets to help them financially ride out job loss, reduced work hours, and other money hardships they’re facing. About 175 million Americans are eligible for the payments, according to the White House.
As part of a $2 trillion coronavirus relief package, many Americans will get government checks up to $1,200 — plus $500 per child — to help them ride out a job loss, reduced work hours, and other money challenges as the country tries to stem the pandemic.
“Our updated estimate is that 93.6% of [tax] filers will have a rebate,” Garrett Watson, senior policy analyst at The Tax Foundation, said. “And this works out to approximately 140 million households.”
Your eligibility is based on your most recent tax return and your adjusted gross income. If you already filed your 2019 taxes, your eligibility will be based on that. If not, the IRS will use your 2018 taxes to determine if you qualify.
The benefit is available not only to those who have filed taxes, but also to those who receive Social Security benefits as long as they’ve received their SSA-1099 or RB-1099 forms.
Single adults with income up to $75,000 will get a $1,200 payment. Married couples with income up to $150,000 will get $2,400. Single parents who file as head of household with income up to $112,500 will get the full $1,200 check.
And, Americans who qualify for the stimulus payment and have children will get an additional $500 per child under 17.
Reduced checks will be available for single adults who earn between $75,001 and $99,000 and married couples who earn between $150,001 and $198,000.
The check will be reduced by $5 for every $100 over $75,000 for single adults and $150,000 for married couples. The reduction will apply to the entire amount of the payment including the additional $500 per qualifying child. " - https://money.yahoo.com/coronavirus-stimulus-checks-irs-now-sending-prepaid-debit-cards-as-payout-hits-240-billion-170835117.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAABYVYeGv6q5lutBp9K_XogGpVxA2G0rwc4LqTtil5OEzSrpWJOrqOZ4urydCCXnPwv2jbi7jUNVz-dMdN0xSqvoyqHQJdNtVI8Fk8iiVeDza_VYyBbLG_3o3etYH4tohLHN8Jhe9pFAQiHQmRsQ4o0oKeQEGcs7W_wXnIVL3Vb3m
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#StimulusDebitCard
"Around 4 million people will get the prepaid debits cards, according to the Treasury, instead of a paper check. The recipients are those without bank information on file who are eligible for the payment and had their tax return processed by the Andover or Austin IRS Service Center.
The cards will be mailed by the Treasury’s bank agent, MetaBank, along with instructions on how to activate and use the card. The recipients can make purchases, withdraw cash from ATMs or transfer money to their bank account without additional fees.
Overall, the government has distributed more than140 million stimulus payment for over $240 billion to provide relief to millions of Americans, Mnuchin said. “The typical family of four received $3,400,” he said.
As part of the $2.2 trillion stimulus package, a total of $250 billion is being distributed to Americans’ wallets to help them financially ride out job loss, reduced work hours, and other money hardships they’re facing. About 175 million Americans are eligible for the payments, according to the White House.
As part of a $2 trillion coronavirus relief package, many Americans will get government checks up to $1,200 — plus $500 per child — to help them ride out a job loss, reduced work hours, and other money challenges as the country tries to stem the pandemic.
“Our updated estimate is that 93.6% of [tax] filers will have a rebate,” Garrett Watson, senior policy analyst at The Tax Foundation, said. “And this works out to approximately 140 million households.”
Your eligibility is based on your most recent tax return and your adjusted gross income. If you already filed your 2019 taxes, your eligibility will be based on that. If not, the IRS will use your 2018 taxes to determine if you qualify.
The benefit is available not only to those who have filed taxes, but also to those who receive Social Security benefits as long as they’ve received their SSA-1099 or RB-1099 forms.
Single adults with income up to $75,000 will get a $1,200 payment. Married couples with income up to $150,000 will get $2,400. Single parents who file as head of household with income up to $112,500 will get the full $1,200 check.
And, Americans who qualify for the stimulus payment and have children will get an additional $500 per child under 17.
Reduced checks will be available for single adults who earn between $75,001 and $99,000 and married couples who earn between $150,001 and $198,000.
The check will be reduced by $5 for every $100 over $75,000 for single adults and $150,000 for married couples. The reduction will apply to the entire amount of the payment including the additional $500 per qualifying child. " - https://money.yahoo.com/coronavirus-stimulus-checks-irs-now-sending-prepaid-debit-cards-as-payout-hits-240-billion-170835117.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAABYVYeGv6q5lutBp9K_XogGpVxA2G0rwc4LqTtil5OEzSrpWJOrqOZ4urydCCXnPwv2jbi7jUNVz-dMdN0xSqvoyqHQJdNtVI8Fk8iiVeDza_VYyBbLG_3o3etYH4tohLHN8Jhe9pFAQiHQmRsQ4o0oKeQEGcs7W_wXnIVL3Vb3m
Advertiser Disclosure: Some of the card links and other products that appear on this website are from companies which Brian Jung will earn an affiliate commission or referral bonus.
Disclaimer: I am not a financial advisor. Brian Jung does not provide tax, legal or accounting advice. This material has been prepared for entertainment purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
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You know what is going on. You guys welcome back to another video, so the stimulus debit cards is actually a real thing. I feel like that was a huge rumor back in the day we saw different aspects of that bill happening within things like the ABC act where they said you know a prepaid debit card may go out, but I feel like we just got slapped right across the Face and it's like all of a sudden, ok people who haven't received their first stimulus checks are now gon na start receiving these prepaid debit cards, which i think is pretty fascinating. So, let's dive deep into the details talking about this and let's also cover the reason why they may be doing this right now and what this means for the future stimulus check that we should expect to see - hopefully, hopefully so, for the four million people who are Gon na receive at debit cards in the form of stimulus payments they're the ones that have no baking information with the IRS, so they didn't use that portal that many people were flooding in the beginning of the year and beginning of the year.
I what I feel like times been going by so fast it was. It was pretty much like two months ago or a month ago, so yeah pretty much two months ago. Sorry time is flying. I have no idea like what month were even in right now with with quarantine my state technically we're open, but our counties still in lockdown.
So I feel, like you know, I don't even know what time it is, but it's meant for people who have no banking information with the IRS and NOAA tax refunds set up via direct deposit, so this was pretty much an alternative way to get these payments out. There are many different people that are still not receiving checks out here, but they have scheduled it out and they are still working on that they're. Just not, you know, they're, not that efficient with it, but if they are doing something now, these prepaid debit cards are known as ew cards and that actually stands for economic impact payment cards with these cards, you can make purchases directly on them. So if you guys want it to go to your your giant or your Safeway and you want to buy food and you have $ 1,200 preloaded on that card, you can go ahead.
Use it like anything else. This card is based off of the visa network. So if you guys, I don't know, for whatever reason take this to an Asian restaurant and they're like oh, no, we don't accept the Mehta Bank. You can be like, but look this is off the visa Network, so you're not gon na have any issues.
I know if I take an American Express card or a Discover card, sometimes to these hole-in-the-wall restaurants. They're gon na give me a hard time saying you know they don't accept that type of card, because the processing fees a little too high. These prepaid debit cards are off the visa Network and I also want to talk about who they're actually getting sponsored by. So this is off of Mehta Bank and prior to me, making this video I had no idea who Mehta Bank was, I'm not gon na lie. I feel like I've seen the name. I've heard the name, but I actually never knew what it was, because I don't often use prepaid debit cards in the form of payment. So Mehta Bank is one of the founders of the prepaid industry and sponsors. Nearly half of all retail or non-bank ATMs in the u.s..
They continue to be an industry leader in the payments industry and consistently ranked as one of the top prepaid issuers in the nation. In addition to our growing number of partner relationships, we tackle industry issues by providing significant compliance and regulatory guidance to governing entities. So pretty much what they're saying is they're the OGIS doing some more research they've been around since around 1950 and they've been pretty much leading the pack on prepaid forms of payments and they've just been doing a good job. They're consistent they've been working with the government and larger entities and there's no reason why the government would not go with meta bank, especially if they've been doing this for a while, and they have a good track record.
So meta bake in case you guys haven't heard them, that's their history and how do I know that they're super og and legit? Well, I went on their website and it's outdated as hell like that's how I usually know how traditional and good, and just just like. I would say official like this is usually government websites how traditional things are is based on how outdated their websites are. Ok, so here are some lessons to look out for now that we have a better idea of the stimulus of debit cards. First of all, watch out for scams.
They're gon na be a ton of scams. I know before you know this whole pandemic started happening and you know people going crazy. I actually used to get a lot of these debit cards in my mailbox saying. Oh, this debit card right here has a 200 thousand dollar limit on it.
Just sign your name, give us a call, and then this money is yours, and this is really how a lot of businesses tend to scam people - and these are. This is related to the loan shark business. So it's pretty much saying: okay, take this money, y'all ever watch TV and you get the get the cash you need on a flash and cash point like y'all ever hear that those things are our traps, I'm gon na say because they often charge people a ridiculous High amount of interest, like 10 20, even 30 percent interest on like a short loan, so you even get a loan for like $ 200. They tend to do this, and this is a huge issue back in South Korea, where people are gon na get these short loans are gon na see a bunch of ads for it, but then they have to pay 20 30 % interest on that loan and they End up losing so much money on top of the money that they owe and then this is how people fall into debt and then bankruptcy, and then their whole life falls apart.
It's insane. I was watching some documentaries online talking about it and America too. We we have the same issue with this people. Just don't talk about it as much and it's whenever we get these prepaid debit cards or these debit cards full of twenty thirty thousand dollars. All for you right now, just put your card title on it or your house on the line, and this is all yours. If you don't pay back nothing's gon na happen, except we're gon na take a car and we're gon na. Take your house and anything else. You own, you know, so these are the scams that I would look out for because right now, if everyone, you know to be exact, four million Americans are getting prepaid debit cards from the government.
It's gon na be pretty easy to think that company may be the same as a prepaid debit card that we're getting from Mehta Bank, so you know with confusion in the air and then with people who are who are literally going homeless out here. I feel like this is a good opportunity for scams to really happen and take place, and then we also saw this actually happen with our first stimulus check when people were getting actual physical checks in the mail, people are getting a lot of calls and emails. Saying look: we need your Social Security, so we can verify this so or so. We can track this check for you, or some people are straight up just getting their checks ripped out of their mailbox, because everyone knew that they're they're getting these huge amounts of money - and you know you go through a single neighborhood with a hundred houses that are All getting twelve hundred dollar stimulus checks like boom right there, six figures in a couple hours, you're good, so you know this definitely raises a lot of security concerns, but I feel like it also raises a lot of opportunities as well, and I want to talk about That so, once you got a normal stimulus check, it would be a direct deposit.
It goes in your bank. Account can't really do nothing. Okay, if you got a stimulus check, you do you pretty much mobile deposit or walk over to a bank or put in ATM, and then you put it into your bank account boom. Nothing to do well, we're talking about a debit card.
We got a couple more features, you know we can use this directly at the grocery stores like I mentioned, or we can pull out cash instantly at an ATM as long as it's within their network. So you guys don't get charged an additional fee or you could transfer this money as well into another account. You just get several added benefits of functionality, and it just helps the people who don't have accounts, which I mentioned, is a large majority of people in the United States. Some people just don't, have enough money to justify having a bank account and other people just say.
Like you know, banks are frauds and, like I don't want my money associated with it, I'd rather have cold hard cash. So you know good amount of Americans who don't have bank accounts. I feel like a prepaid. Debit card is a very good solution, but then I'm also thinking what will happen if you lose your card or someone steals your card or you misplace your card like in those instances. You know, I know I can't just hit up the IRS and say. Oh sorry, I just lost my credit card out here or I lost my you know prepaid. I I deal card with with 1200 plus dollars, depending on how many households you have listed under you, it's like yo, so y'all gon na, send me a new one. I don't think that's gon na be the reality.
I think if you lose it, it's gon na be very difficult to figure out. What's gon na happen, maybe you can call them they're, saying that you could. You could get a new one sent to you for like seventeen dollars and then you can call and cancel it, but then it just makes me think like yo, that's so much effort like maybe this is why they wanted to go with the original paper checks and Direct deposit, so they won't have to deal with all this nonsense after this, but hey it opens opportunities now. My question is: why are they deciding to do this now? There is a theory out here that they are issuing prepaid debit cards in the form of stimulus payments.
In case we try to do another second round of stimulus payments to the people and they want to have another option of getting this payment out to people. So you know it takes a long time to send out checks. It may be a lot faster if we can diversify the way money is sent out to the people. So imagine this I log into the IRS website and I pretty much click direct deposit or I want a paper check and then you get a third option, which is a prepaid debit card.
There are gon na, be people who prefer that. So if you have our computers working, you know direct depositing money, and then we have the printers working where it's actually making these checks, and then we have these other machines. Whatever makes you know the cards, we got three different forms of bringing out payment to the people that can speed it up. That can make it a lot faster and efficient, and I feel like this could possibly be a test run for what may happen if we see a second stimulus check, so I have a couple questions for you guys.
Why do you think they're doing this right now? At this exact moment, why didn't they bring this up? Wait earlier, when the first stimulus checks we're at coming out now? On top of that, do you guys think that this is meant for that second stimulus check in order for us to get another diversified source of income coming in from the government other than a regular paper check and a direct deposit? You know a state start to open up, and we have this huge debate right now of whether we have to open up right now for the sake of our economy or, if we're opening up way too soon, and then we just risk another wave of infections. There's just so much news going on every single day and right now, at the current time of this recording, it looks like all 50 states have opened up to a certain degree state of Maryland, pretty weird example to give out, but I think it's gon na apply To a lot of people, our state is technically opens so Maryland. Governor Hogan said yo Maryland's open, but then like towards the end of his press releases like except you know this county, this county, this county and the county. I live in Montgomery County they're, just we're still closed, but you know throughout the state and throughout the areas where we have beaches and southern parts of Maryland we're seeing different areas open up and life returning back to normal. So it's really just an interesting debate. I want to hear your guys thoughts on that too. Do you think the country is opening up way too quick right now in the risk of infection, or do you think you know? Maybe Corona is just the overhyped thing and people can go back to their regular life and we don't go back. Then you know the economy's gon na shut down to a point of no recovery.
That's the debate right now, stimulus, debit cards, country opening up too quick. I know there's some smart people that watch these videos and you guys have some really really good perspectives to share with the people. Let me know down below I'd, be reading every single comment as much as I can, and it really does help me to make more informative videos, just hearing all the different perspectives out here so whoa. That was a mouthful yeah guys.
That was my video talking about the newest Tim EULA static cards in the current situations regarding this pandemic. I hope this video is able to provide you guys a little bit of value. Don't forget to check out the links down below. If you guys are interested at signing up for a new bank account.
I got a $ 50 chime bank account down below. I know it's not my name, but you know I am axe. My chime big account referrals already, so I'm just throwing other people's down in there. If you guys want to help out the community I'll be going ahead and doing that so check out the links down below, I also got a weeble link if you guys have never invested before.
If you guys have not gotten your free stocks, I recommend you guys to look into it check it out. If you guys want to. If you use my link down below, you can get two free stocks with weeble one valued up to $ 1400, which is pretty sick. If you guys get really lucky, you pretty much won yourself a stimulus check plus more so, if you guys don't like the app just uninstall it, but I would recommend picking up that free stock, depositing that $ 100.
You have to deposit $ 100 into the app. Do that sign up for it see if you like it or not, if you don't just uninstall it no harm to you, and on top of that, don't forget to follow me on Instagram. If you guys have not yet already I've been posting pretty consistently. I think the past few days, just regarding any news that I find so credit brian, is my Instagram. If you guys want to follow me there. Like always, I hope you guys enjoyed this video and hope. I see you guys in the next one peace out.
Why don't you all give up on this stimulus already. I've waited 7 months for unemployment. And Mitch McConnell has stopped stimulus 4 times since June. We are not getting s***!
i want my this time, in preepei card, before End of the Holliday's,
Ok when are they going to send the eip debits cards for my second stimulus check
I haven't received my $1200 yet!! what is going on?! OMG
In case we need to shut down again.. it will be more effecient to give money back to the people. Also it will reduce the chance of spreading covid .
What if you haven't, file taxes in years, because you didn't worked do you qualify for the Stimulus
Alabama is opened and new cases are comin in. Yeah we are opening too soon.
So this stimulus debit card isn’t for people who already received a stimulus check or direct deposit? It’s only for the people who did NOT receive those because they don’t have the proper information they need submitted with the IRS?
I filed non filers economic stimulus package and I have no dependents, was not claimed as a dependent, did not file for 2018 or 2019, and also provided my direct deposit information before the May 13th deadline. It still does not say when I will receive my check, it says,”Congratulations the IRS has accepted your non filers blah blah blah. No further action is needed. The IRS will be processing this information.” I still haven’t got an email or any notification or update from them, or any deposit on my card that I provided them with the info to. It’s a Chime Card That I’ve had for a while. Acct number and routing are both correct. Why haven’t I received my payment? In my address I put the whole word, for my prefix, like COURT instead of Ct. and I printed it and saved my pdf file like I was supposed to. also I have been checking it every way possible, get my payment, the free file website, and the irs website. Some one please help me!!!
My parents claimed me on their taxes and I didn't even know they did it. I'm 30 years old and I live by myself. I guess I don't get a stimulus check
I have not gotten mine can’t get no answers no where it’s possible me off
I just got a check for $1200, "just cash this check it was at 43.99apr if I remember correctly.
We waited so long and getting a little money. Don’t know if it’s a mistake or not
The people that owe child soport cant live they keep taking
MetaBank (Netspend) Pre paid Card for people who need one. And yes they’ve been around forever (Mtabank)
I think they need to give us a $2000.00 a month for at least 6 months if not year.
We don't know if we are even going to get one you should report the facts.
I pray no one experience mailbox thieves, I wonder who had this "bright" idea.
My son has not recieved his simulus check, however he has done an income tax for 2018 can you let us know by when he should recieve it.
So is this card something everyone is gonna get or just those without bank acts? And I had not filed my taxes yet when stim checks were sent 1st round. Since then I filed and got my stim…..I used direct deposit for my federal return……but my stim check came paper check. Should round 2 be paper or direct deposit? I'm so confused. Ugh. 🤷♀️
We haven't gotten the first stimulus check. Me and my wife owe every year so there was no reason for bank info. I'm not that confident that we will ever see any stimulus money.
I did report my 2018 taxes, but it’s not connected to my bank account, I owed, but I also am on ssi, I get it deposited to my bank account each month, but no check yet. Husband past in February, I was under his ssi, but it was dropped and I get part of his now. Could this have any bearing on why no check? If I don’t get the card, how do I check to see where my money is. Thanks, I’m really confused, should have recieved through my ssi direct deposit my accountant says. Thanks
So is this only for people who didn’t receive their money yet?
When will get this new stimulus credit card and will it have money on the card and can you buy anything with the card
Hey there VERY IMPORTANT INFO I don’t see any of the Financial YouTubers warning folks that the Stimulus checks are TAX FREE….BUT…The unemployment checks ARE NOT TAX FREE. Some of your subscribers are gonna be hit with a HUGE tax bill next year. Both STATE & FEDERAL taxes are due on the Unemployment checks.