Are you expecting coronavirus stimulus money from the IRS? Well, check your mail very carefully!
At first the IRS was using direct deposit to distribute funds directly to people’s bank accounts. Then they switched to paper checks. Neither of those methods worked very well, so last month the IRS switched the distribution method again. They're now sending out prepaid debit cards. Even THAT method has its own set of problems.
The cards come in a plain white envelope, and the return address is a bank unfamiliar to most people…. in this case, MetaBank, N.A. What do you usually do when you receive that kind of mail? Like most people, you’d probably think it’s some kind of scam, and you’d put it in the trash, or run it through the shredder, sometimes without even opening it. That’s what’s happening to the government debit cards.
The IRS has recognized the problem,and is urging anyone expecting a stimulus payment to open all of your mail, and read it very carefully. If you suspect that you might have accidentally tossed out one of the government issued debit cards, you can contact MetaBank customer service for a replacement at 800-240-8100, and keep your social security number handy when you call.
Jack Kulp and Carolyn McArdle talked about it on the air! Listen below...