Don’t Confuse Economic Stimulus Payments with Junk Mail
The recovery rebate payments (also known as economic impact or stimulus payments) introduced by the CARES Act are well underway, and many individuals already have received their payments. Background, if you need it, may be found in an April 1 BNN article.
The purpose of this short article is to let readers know that some individuals who expect to receive their stimulus payments by check, as well as some who expect to receive theirs via direct deposit, may instead receive their payments in the form of prepaid debit cards. Due to this unusual method, and the fact that the envelope delivering it will appear to come from the “Money Network Cardholder Services,” there seems to be a great risk that some recipients will mistake their payments for junk mail.
Qualifying individuals should remain suspicious of anyone claiming to need information before processing their payments, because generally no action should be needed on their parts for the IRS to initiate the payments. But they also should be less hasty than usual to toss unknown envelopes into the recycle bin or backyard bonfire. More information can be found on the IRS website, specifically in Q&A #41 and 45 of its Economic Impact Payment Information Center.
For more information or a discussion on how this may impact you, please contact your BNN advisor at 800.244.7444.
Disclaimer of Liability: This publication is intended to provide general information to our clients and friends. It does not constitute accounting, tax, investment, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.