Updated July 30, 2020
Four million Americans are receiving their Economic Impact Payment in the form of a prepaid debit card — and many are mistaking it for junk mail.
Last week, the U.S. Treasury Department and the Internal Revenue Service (IRS) began sending out Economic Impact Payments (EIP) as prepaid debit cards. The cards arrive in plain white envelopes that are strikingly similar to junk mail from credit card companies and scam mail. There’s no way to know that the card is from the federal government unless the recipient knows to expect it.
Reports are already pouring in from all over the country of people mistakenly tossing their EIP cards along with their junk mail. By the time they realize they’ve thrown out their long-awaited stimulus payment, it’s too late.
Here’s how to spot your EIP card, activate it and use it, in three easy steps:
Step 1: Spot your card in the mail
If you’re eligible for a stimulus payment and you haven’t yet received it via direct deposit or paper check, be on the lookout for your EIP card in the mail. The prepaid debit card will arrive in a white envelope with a return address from “Money Network Cardholder Services” of MetaBank in Omaha, Nebraska. There is no other marking on the envelope to indicate it’s been sent from the federal government.
If you think you may have mistakenly tossed your EIP card, don’t panic. You can still receive your payment by calling the toll-free customer service line at 800-240-8100 (TTY: 800-241-9100) to ask for a replacement. You can also check out the EIP website for additional information and assistance.
Step 2: Activate your card
Your EIP card will be accompanied by a letter with instructions for activating it. If the card has more than one name on it, only the primary cardholder — listed first on the card — may activate it.
Dial 800-240-8100 (TTY: 800-241-9100) and be prepared to share your name, address and Social Security number. You’ll also be asked to create a four-digit PIN, which you’ll use for all ATM transactions, automated assistance and to hear your balance. For security purposes, it’s best not to use personal information, such as your birth year or home address, as your PIN.
Watch out for scammers! Pay close attention when dialing the number to activate your card. Scammers have set up bogus EIP card call centers and are using numbers that are similar to the official one shared by the IRS.
Once your card is activated, you can create a username and password to use your card online at the Money Network site. You can also check out your balance information and transaction history at EIPCard.com or by calling the toll-free number listed above.
Step 3: Use your card
You can use your EIP card to make purchases anywhere Visa debit cards are accepted.
If you’d rather have your stimulus money in cash, you can get cash back with PIN debit purchases where available, or by withdrawing cash from an ATM that carries the Allpoint brand.
It won’t cost you money to use your card, except for a select few transactions. For example, if you make a balance inquiry at an ATM, you’ll need to pay $0.25. Also, you can make one free withdrawal from an out-of-network ATM, but you’ll be charged $2 for every withdrawal afterward. To find a surcharge-free ATM near you, check out EIPCard.com.
Keep your card safe; if you lose it, you’ll have to pay $7.50 to replace it. It’s also a good idea to keep track of your balance so you don’t end up at the register with a card that’s declined because of an insufficient balance.
Don’t forget about your ePower Plus points. Your swipe and sign transactions earn points. The more points you earn, the more cash you’ll have in your pocket. Convert your points to cash in My CU Online today!
Do you have an Aspire World Rewards Credit Card? Those points can also be redeemed for cash!
Aspire FCU is here to help you navigate through these uncertain times. Nothing is more important than your health, safety and financial security. That’s why we want to share with you a significant update concerning the Coronavirus Aid, Relief and Economic Security Act, commonly referred to as the CARES Act.
What to Know About the CARES Economic Relief Payment
As you may have heard, the United States 116th Congress approved, and President Trump signed into law, the CARES Act. This law includes a provision for eligible taxpayers who filed a tax return for either 2019 or 2018. They could receive a payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.*
How You’ll Receive the Payment
If you qualify and filed a 2019 or 2018 tax return, your payment will be deposited directly into the same banking account used for tax filing purposes. You may notice that there is a pending ACH** transaction in your account from IRS Treas 310. Please note that Aspire is not holding any funds nor do we have any funds to be released or made available. You will be able to see a settlement date*** in the transaction details while in My CU Online or Aspire Mobile. These funds are not included in available balances, nor can they be used prior to being received or settled.
To find the settlement date for your funds, look in the transaction description. You may see something that looks like this:
ACH Deposit / IRS TREAS 310 0123456789 TAX REF MMDDYY PPD (Payment Pending Date)
MMDDYY represents the settlement date. Example: 041520 shows a settlement date of April 15, 2020.
If you have not yet filed your 2019 tax return, the account used for your 2018 tax filing will be used.**** Note that payments are being distributed by the IRS in waves, so if someone you know has received theirs but you haven’t yet, it is not a cause for concern.
How Aspire FCU Can Help ‐ Mobile Deposit
If you received your 2019 or 2018 tax refund via check in the mail, the IRS will mail the stimulus check to the physical address on file. You can easily deposit your funds and access them securely by logging in and using Aspire FCU’s Mobile App. In most cases, deposited funds are available within 1-2 business days and varies depending on the amount. If you don’t already have the mobile app, download it here.
For more information on these payments, including details on how to calculate the amount of your potential payment, please visit the IRS Coronavirus page.
As COVID-19 continues to spread and its impact is felt by every sector of society, many people are taking a financial loss due to curtailed supplies, budget cuts or forced time off to care for an infected family member or to self-quarantine due to possible exposure to the virus.
At Aspire, your safety and your financial health are always paramount. We have come up with several ways that we can help our members get you through this difficult time.
Our entire daytime Member Service Team including the Branch Staff is currently working remotely during this crisis. Our goal is to continue to provide you with the service you have come to expect Monday – Friday, 8am to 5:30pm and Saturday 10am to 3pm. Our after-hour Call Center is also prepared to help you during the remaining hours. Please be patient with us as we adjust to our new remote work arrangement. We do hope that you and your families stay safe and healthy during this time.
Contact Us: If you’re interested in any of the options above, here is how you can contact us:
Fraudsters are opportunistic, especially when there is an event with fear as widespread as the current COVID-19 pandemic. They prey on that fear and vulnerability and use it to their advantage. We ask you to be on the lookout for suspicious email and text messages that try to convince you to share sensitive information such as username and password, or ones that may impersonate a company, charity, or government agency.
Please remember that Aspire FCU would never ask you for your personal information or log-in credentials in an email or text message. Check our website for additional security information.
To help you remain financially solvent while you protect your health, we’ve also compiled a list of other financial services dedicated to assisting individuals affected by the coronavirus.
If you are having financial difficulties due to the COVID-19 outbreak and need additional information, please reach out to us at 732.388.0477 Option 3 or shoot us an email at firstname.lastname@example.org to see how we can help.
Paycheck Protection Program
Aspire Medallion Funding recognizes that the NYC taxi industry is in a state of hardship and would like to provide assistance to borrowers in accessing the federal, state, and city business relief programs available. Below is a summary of several business relief programs that we believe that you may be eligible for, along with how to apply.
SBA Paycheck Protection Loans (PPP Loans)
SBA PPP Loans are available for small businesses impacted by COVID-19. These loans do not require personal guarantees or collateral. Further, no monthly payments are due on the PPP loan for the first six months. A portion of the loan may become forgivable if used for valid purposes. PPP loans may be used to make loan payments on existing loans.
Applications for PPP loans are available beginning Friday, April 3. Because the program is limited to $350 billion across the US, demand may be high and it is possible that only those loans submitted in a timely fashion may be funded successfully.
Aspire has developed a referral relationship with an SBA-approved lender called Newtek to assist you with applying for SBA PPP Loans. Newtek is an expert on the SBA loan application process and will be able to guide you through the application process to make sure that your loan application is successfully completed.
* Please let us know if you need an accommodation to keep your loan current while your PPP application is being processed 732.388.0477 Option 3.Back
Member Contact Center 732-388-0477
1.855.MY CU LOAN 1.855.692.8562
Lost or Stolen Credit Cards: 1.800.449.7728
Lost or Stolen MasterCard Debit Cards: 1.866.820.1072
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