CFPB releases video on consumers receiving stimulus payment on prepaid debit card
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.