Can You Overdraft EIP Card?
EIP cards simply give you access to the Economic Impact Payment and you cannot overdraft it. Once funds deposited on the card are exhausted, you cannot make further deposits. The implication of this is that you can only make use of the initial deposit made by the government, nothing more.
What is an EIP Card?
An EIP card known as the Economic Impact Payment card is a debit card that grants you access to money received courtesy of the CARES Act. It is a prepaid debit card and all bearers can safely and conveniently access their Economic Impact Payment without a trip to the bank.
The federal government is responsible for loading your deserved funds into the card and sending it across to you via mail. The Economic Impact Payment is not a loan and as such, recipients are not expected to pay it back. Additionally, this fund is totally tax-free. The money on this card is usually covered under FDIC insurance. So once your card is stolen or lost, you can report it immediately and get compensated.
What Are The Benefits of an EIP Card?
EIP cards are known to be fast and convenient. Not only are try fast and convenient, but they are also totally safe. They offer protection against all types of loss, fraud, and system errors. You can use an EIP card to buy things online or in any store where a Visa Debit Card is an acceptable means of payment.
If you are a card bearer, you can do the following without attracting extra charges
Transfer money to a different personal accountMake a cash withdrawal from ATMsPay for purchases made in online and offline storesCheck account balance using a mobile app or a phone code.
How To Activate My EIP Card?
You only get full access after you have activated your card. This can be done online and you can conveniently run the activation process using your phone. After you receive your card via a mail, the primary cardholder is expected to:
Call this number 1-800-240-8100 (TTY: 1-800-241-9100)Supply basic information including your name, social security number, and residential address. The information supplied will be used to validate your identity. Create a secret pin for your card. This PIN usually contains 4 digits and with this PIN, you can get cash from an ATM. Check your account balance. After you have activated your card, you are now free to use it to make purchases and pay bills.
Note that there is no inactivity fee attached to this account therefore you shouldnt be in a hurry to use up the money. This money does not expire and even if you leave the account unaccessed for a long time, your money remains intact.
Can You Overdraft an EIP?
No you cannot. You can only use the amount of money deposited on the card and when you run out of funds, you cannot make further payments or transfer using the card. If you walk into a store and buy goods worth more than your account balance, the transaction will be declined. In some cases, you will receive a partial authorization and be asked to complete the payment using another card, or cash.
An EIP card is not the same thing as your regular debit or credit card. It is also not linked to any credit union account and therefore does not influence your credit score in any way. Once you have used up all the money, you cannot make further deposits into the account. Note that no matter how long you leave the money, it does not expire so you shouldn’t be in a hurry to spend it all. If however, you fail to use up the money before the expiration date written on the card, you can contact customer care and ask for a refund check for your balance.
Who is Eligible for an EIP Card?
Not everyone is eligible for the Economic Impact Payment and those who are eligible are not all entitled to the same amount. To determine the eligibility status of an individual and the amount they are entitled to, consider the criteria described below:
All taxpayers who filed tax returns recently are automatically entitled to an EIP up to $1200 for individuals. Married couples receive $2400 while kids receive $500. Full payment will be granted to individuals and couples who file taxes with an adjusted gross income of up to $75,000 for individuals and $150,000 for married couples. If your income is above this amount ($75,000 for individuals and $150,000 for married couples), a $5 reduction is made for every extra $100. Every single filer with an income of more than $99,000 or joint filers with an income of $198,000 is not eligible for the EIP funds.
You might also ask what it is you need to do before you can receive payment. This wouldn’t be an issue because receiving the Economic Impact Payment requires very little effort. This is because most of its procedures are automated and with the push of a button, every required action will be carried out. If you are eligible, all you need to do is fill out the application where you supply basic information that would help confirm your eligibility.
Conclusion
Now we have learnt ‘Can You Overdraft EIP Card?’, Having read through, you must have understood that the answer to the big question remains “No”. Emergency Impact Payments contain only a fixed amount of money and once you are done spending the money, no further deposits can be made.
- How much can you withdraw from your EIP card?
At most, you can withdraw $1,000 in a day but sometimes, certain ATM owners might have their set limits.
- Can I use my EIP card as a debit card?
Yes, you can, you can use it to pay bills both online and offline, wherever a Visa Debit Card is accepted.
- How do I withdraw money from my EIP?
You can withdraw money from EIP or make transfers using the Money Network mobile app or visit the EIP Card website for details.
