Media Advisory: CFPB Releases Video on Consumers Receiving Stimulus Payment on Prepaid Debit Card
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) released a video to inform consumers that they may receive their Economic Impact Payment (EIP) on a prepaid debit card starting this week. The payments, to provide relief as a result of the COVID-19 pandemic, are made possible by the CARES Act.
Approximately 4 million eligible EIP recipients will receive a prepaid debit card in the mail. The EIP prepaid debit card is a Treasury-sponsored, VISA-branded, prepaid debit card from MetaBank.
To assist getting economic impact payments quicker to consumers, the Bureau took action by issuing an interpretive rule last month making it easier for pandemic-relief payments to be made on a prepaid debit card.
To see the video click here: https://youtu.be/8_b7wBr8d7I .
To see the video in Spanish click here: https://youtu.be/lNJv-bY6uro .
To learn more about EIP prepaid debit cards click here: https://www.consumerfinance.gov/coronavirus/managing-your-finances/economic-impact-payment-prepaid-debit-cards/.
The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive. For more information, visit www.consumerfinance.gov.