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:

To see the video in Spanish click here:

To learn more about EIP prepaid debit cards click here:

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