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 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Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.