I can hardly believe I feel the need to write such a blog post…but such are the times in which we currently live.
I’m sure some of our readers have received an Economic Impact Payment Card in place of a live check or direct deposit. Below is what the stimulus cash card looks like.
Our government’s rationale for sending a card as opposed to a live check is primarily to reduce fraud. Although this may be a reasonable rationale, the question still remains for most people that received the card: how do I extract funds out of this thing?
Recipients of stimulus payments are being forced to sacrifice a fair amount of time and effort in order to get money safely deposited into their accounts, and with the potential for a few fees along the way. For example, a card was sent to my client’s 96 year-old mother, who is physically unable to leave the house, and who would be confused about what to do with this card even on a good day. My client is now in a position where she must see through not only her mother’s transfer of funds, but her own as well.
Here are some tips on what to expect when extracting funds from this card, and how to do it as quickly and efficiently as possible:
First, be prepared before you call the 1-800 number.
Set aside 30 uninterrupted minutes and initiate the call to the 1-800 number to activate the card, set a PIN, and transfer funds. I’ve had two clients call in the middle of the day, only to receive a message that “all phone lines were busy and to call back later”. So, you may want to consider doing this after normal business hours or on the weekend. Be sure to write down or securely remember your PIN, but keep this number in safe place. DO NOT write the PIN number on the card, or choose your birthdate or an obvious number like 1234. Especially if you are concerned that the card could be lost or stolen. This is one of those instances where it pays to be honest with yourself. If you are forgetful, disorganized, prone to procrastinating with these types of tasks (or all of the above), it would be best just to schedule some personal time to get the card activation and transfer process done all at once. If you lose the card or it gets stolen and a thief is able to access your funds, you will never get your money back.
First thing’s first, make sure you have what you need for the call:
You will need the last six (not four) numbers of your Social Security number…do not enter the last four or the system will kick you out and you’ll have to restart the process.
Make sure to have the card in front of you as they will ask you for the 16-digit card number.
Have an internet-connected device on and connected to your email account as the card provider will want to verify identity via your email.
Second, (when you log onto your new card account):
Be prepared to create and store a user name and password.
If you intend to transfer the funds into your checking account (which is a good idea in order to avoid fees), have your checking account number and bank routing number available.
Funds take a few days to post to your account, so make sure you remind yourself to check your account after a few days have past.
If you decide that doing this online is too much trouble, and wish to go personally into your bank, make sure you have your PIN set up for the card and get help from a bank teller to transfer funds. We do not recommend using an ATM to transfer funds. If the ATM malfunctions, or you can’t recover your stimulus card, you’ll likely need to get a new card from the government, which could take many, many months and a lot of wasted time.
Third, some things to consider:
If you intend to bring your card into your bank branch physically, we advise you call your bank’s customer support or your branch first to see if they accept this method of depositing funds. Some banks are willing and able to accept your card and transfer funds (of course after the card has been activated), but some banks are not willing to do this from what I’ve heard. Also, don’t forget to write down or remember your PIN number when you go.
Signing the back of your card is only advisable if you plan on making multiple smaller transactions that will require someone to crosscheck your signature. Nobody does this anymore, so I would avoid signing unless you are forced to at the point of sale.
We recommend transferring the entire amount all at once to avoid additional and unnecessary fees. See the back of the form letter for the list of applicable (and frankly unethical) fees that apply to smaller but more frequent transactions using the stimulus card itself to make purchases or cash withdrawals.
Keep the card in a safe place and transfer funds as soon as possible to your checking account. We wish you all the best!
