Taxpayers who receive an "EIP Card" (Economic Impact Payment) can use it for purchases, withdraw cash from in-network ATMs and transfer funds to their bank account without fees. Treasury Secretary Steven Mnuchin said the prepaid debit cards "are secure, easy to use, and allow us to deliver Americans their money quickly.”
The Treasury Department said more than 140 million Economic Impact Payments totaling $239 billion have already been distributed to taxpayers. The agency is currently working on sending paper checks to taxpayers who did not have bank information on file with the IRS.
The debit cards will be sent to taxpayers whose tax returns were processed by the IRS Service Centers in Andover or Austin. They can be used online at ATMs or at retailers where VISA is accepted.
Instructions for activating and using the debit card will come in the mail with the card.
The CARES Act passed in March provides $1,200 to most individual American taxpayers who earned less than $75,000 or $2,400 to couples who earned less than $150,000. The amount is based on either their 2018 or 2019 tax return, whichever is the most recent that has been processed by the IRS. There's an extra $500 for each dependent child under the age of 17.
TEGNA Staff contributed to this story.