Four million Americans are receiving their Economic Impact Payment in the form of a prepaid debit card – and many are mistaking it for junk mail.
Last week, the U.S. Treasury Department and the Internal Revenue Service (IRS) began sending out Economic Impact Payments (EIP) as prepaid debit cards. The cards arrive in plain white envelopes that are strikingly similar to junk mail from credit card companies and scam mail. There’s no way to know that the card is from the federal government unless the recipient knows to expect it.
Reports are already pouring in from all over the country of people mistakenly tossing their EIP cards along with their junk mail. By the time they realize they’ve thrown out their long-awaited stimulus payment, it’s too late.
The stimulus checks promised in the Coronavirus Aid, Relief and Economic Security (CARES) Act have been landing in checking accounts and mailboxes around the country. The $1,200 granted to most middle class adults is a welcome relief during these financially trying times.
Many recipients may be wondering: What is the best way to use this money?
To help you determine the most financially responsible course of action to take with your Economic Impact Payment, Scott Credit Union has compiled a list of advice and tips from financial experts and advisers.
In light of the COVID-19 pandemic, there are many that are facing challenges, both financial and otherwise. Unfortunately, these challenges have created opportunities for fraudsters to prey on those who are scared or in need.
Here are some of the COVID-19 related scams we are seeing, along with some tips on how to reduce your chances of becoming a victim.
Your credit score is made up of three numbers, serving as an indicator of your financial history, wellness and responsibility. These three little numbers can spell the difference between approval and rejection for a mortgage, a job, a rental unit and so much more.
We have outlined how your credit score is calculated and steps you can take to improve your score.
One of the most fundamental skills that anyone can possess is the ability to use the resources they have available to them in the best possible way. During times of affluence, you may not give resource management a second thought because there is enough to go around. During financial downturns, though, the money available is stretched thin. This is when we need to revisit old skills, or learn new ones, if we have never had to “tighten the belt” before.