Expecting paper coronavirus stimulus checks or debit card? What to watch for

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Expecting paper coronavirus stimulus checks or debit card? What to watch for
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The IRS started sending out the $1,400 stimulus checks to eligible people last week. Now, the agency will start sending out the paper checks and debit cards to the remaining eligible people. If you are also expecting a coronavirus stimulus check in paper form or debit card, there a few things that you need to keep in mind so that you don’t miss it.

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Expecting paper coronavirus stimulus checks: keep this in mind

Most eligible people will get direct payment via direct deposit, while others will get it as a paper check or debit card. This time, however, the paper checks and debit cards could be somewhat different from the last time.

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It is important that you keep in mind these differences so that you don’t throw them away mistaking it for junk mail.

Talking about the differences, the very first thing is that the first two coronavirus stimulus checks carried the name of then President Donald Trump. This time, however, you won’t see President Joe Biden’s signature on the checks.

According to the White House, such an arrangement ensures there is no wastage of time, and people get the help soon.

“We are doing everything in our power to expedite the payments and not delay them, which is why the President’s name will not appear on the memo line of this round of stimulus checks,” Jen Psaki, White House Press Secretary, told reporters last week.

Instead, the checks will be signed by an official at the Bureau of Fiscal Service.  This was the norm prior to the last presidential administration.

Expecting debit card: keep this in mind

Those expecting their payment via debit card should remember that the money won’t be added to the card they got earlier. Instead, they will get a new card. As of now, there is no more information about the debit card, but we can expect the IRS not to repeat the earlier mistakes.

Hopefully, the envelope carrying the debit card will be labeled more clearly for people to identify. There were many instances last year when people mistook their $1,200 debit card for junk mail. So, if you are expecting a debit card or paper check, then be on the lookout in your mail for a white envelope.

Talking about when you could get the payment, the wait will be much shorter this time. At the time of the first checks, the IRS took about three weeks to roll out the paper checks. This time, however, it is believed the agency will take about a week’s time to process the payment.

There are reports that the agency already sent out 150,000 paper checks last week. People can expect to receive these paper checks in their mailboxes sometime later this week. So, be on the lookout for paper checks, or an envelope from the IRS, in your mailboxes.

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Aman is MBA (Finance) with an experience on both Marketing and Finance side. He has worked as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, reviewing tech gadgets, playing PC games and cricket. - Email him at amanjain@valuewalk.com
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