Treasury Uses Prepaid Cards to Speed up Stimulus Payments

Almost 4 million people will soon be receiving their stimulus checks via a prepaid card issue by MetaBank; the program will allow for people to receive payment significantly faster than if they were to wait on paper checks that could end up taking months; the cards do come with some fees like $2 charge for out of network ATM withdrawals and a $5 fee for cash withdrawals from banks; “I think most people will find a card more useful than a check,” said Lauren Saunders, Associate Director of the National Consumer Law Center, to American Banker. “I think it’ll be an interesting experiment.”; there has recently been some experiments done where government benefits were distributed through a prepaid card but a large amount of fraud occurred; recipients will be forced to call a phone number to activate the card which should limit cases of fraud; “It looks like they’ve got good safeguards in place to make sure that the person who receives the card is the rightful recipient and can be authenticated,” said Madeline Aufseeser, a payments industry consultant, to American Banker. American Banker

  • Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.