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How to avoid fees when using your stimulus payment debit card

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Some people will receive their second stimulus payment on a debit card — if you’re one of them, you’ll want to make sure you don’t get charged just for using the money.
A second round of stimulus payments are going out now, and most people are receiving their money either via check or direct deposit. But the Treasury Department has announced that, as was the case the first time around, some Americans will receive their payment in the form of an Economic Impact Payment (EIP) Card instead. Not everyone who received their payment on a EIP card in the first round will get an EIP card this time, and some people who got a check last time will get a card this time. But if you received an EIP card last year, your new payment will not be added to your old card. You’ll either receive a new card in the mail or a check. If you do get an EIP Card with your second stimulus payment, it’s essentially a prepaid Visa debit card, and you probably know that prepaid debit cards often come with fees. Fortunately, it’s relatively easy to use the card in ways that won’t get you charged. If you have a personal bank account, your best bet is to transfer the entire debit card balance to your own account. You can make transfers from the card to your bank account at no charge, and the limit is a relatively high $2,500 per day. That means most people should be able to transfer their entire stimulus payment in one swoop. To transfer money from your stimulus debit card to your bank account, go to the EIP Card website or use the Money Network mobile app, and select the option to “Move Money Out.” You’ll need both the routing number and the account number from your bank account to make the transfer. If you don’t have a bank account, you can also make purchases with your card anywhere Visa debit cards are accepted without being charged a fee. This includes in stores, online or over the phone. And if you’re physically in a store, you may also be able to get cash back when you make a purchase without incurring an extra charge. It’s also possible to write a check from the money on your stimulus debit card, but to do so, you’ll need to call customer service and ask for Money Network checks to be mailed to you.

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