COVID-19 has taken its toll on the entire nation. The economy isn’t in the greatest shape, but stimulus checks are hoping to get things going again. Let’s take a look at how some Americans could receive prepaid debit cards soon to get through this crisis.
Issuing stimulus checks
The coronavirus has hit the country’s economy hard. Unemployment rates are at an all time high, and the price of goods is anywhere from expensive to unstable. President Trump has proposed stimulus checks to recover from this crisis. The first few waves of stimulus checks have already been sent out, and more are on their way to homes across the nation. Many Amercians desperately need this money to feed their families and loved ones. While stimulus packages have been issued in the past, this current package has a very specific purpose. It’s to get the country through COVID-19 and into the fall where things will hopefully stabilize. Depending on your background, you will receive a check of an appropriate size. Any questions can be sent to your district representative. Until now, these checks have taken the form of paper checks that can be cashed in at a bank or grocery store. Now, the government is looking toward other methods of distributing money. Hopefully, it will be safer, quicker and possibly more secure.
One interesting idea that has been proposed is the notion of giving out prepaid debit cards to citizens. This has a number of advantages. First, it’s very easy to control the amount on the card. The government can guarantee that everyone is receiving the appropriate sum of money. Other forms of checks can be susceptible to fraud when a person goes to cash it in. With a prepaid card, there is little to no way to game the system. In addition, this eliminates the need for a bank account. There are no secrets when it comes to prepaid cards; you simply swipe the card to pay at any machine. The White House wants to be as inclusive as possible for people who might not have or be familiar with bank accounts. Lastly, this can be optimal when it comes to social security purposes. Debit cards are structured in a very simple manner that won’t lead to any hidden taxes down the line. Upon retirement, these debit cards can essentially be ignored for all intents and purposes.
Not for all Americans
Nevertheless, keep in mind that not all Americans will receive their check in this fashion. It largely depends on your demographic. Are you employed? How many people are in your household? These factors and more will determine how and when you receive your check. The bottom line is, the government has your back. In the vast majority of cases, you will be receiving the maximum amount that your name deserves. A stimulus package is designed to help citizens, so it’s not like you will be cheated out of money. It’s important that you pay close attention to the arrival of your check. Check your mailbox regularly for the check and any updates that might be sent your way. Your household phone and email might also be used for communication, so stay on your feet at all times. There’s nothing worse than missing out on your prepaid card especially in these harsh times.
Why this might not work
Although all of the above sounds promising, there are a couple of reasons why this might not happen in the end. First, the sheer number of prepaid cards is daunting. It’s unknown just how many waves of checks will be issued, and this system might not be sustainable in the long run. There are also questions about where people can use these cards. In theory, they should function just like any other card. However, with many businesses and restaurants having limited service during the pandemic, it might be better to stick with a more traditional stimulus check. One other thing that needs to be considered is how this card will interact with other forms of payment. Because it is issued by the government it’s not a completely normal prepaid card. Things could get complicated if people try to pay with cash or a different credit card alongside the stimulus card. Officials are sorting things out as we speak and are looking for a resolution.
A sense of security
Overall, a prepaid card is really just a sense of security for your family. It’s good to know that you have an extra card that is loaded with money from day one. This allows you to purchase food on a regular basis and focus more attention toward more important things such as your health. There’s something special about having a card in your pocket that is specifically designed to keep you afloat. As we all know, morale is crucial in these times of hardship. When you receive your prepaid card in the mail, it’s most definitely a boost to your mental spirit that cannot be underestimated. As discussed, these cards will be rolled out according to schedule. If you don’t receive your card right away, don’t panic. It’s on its way and could take a different form of payment depending on your eligibility. To know for sure what to expect in the mail, go on the government’s stimulus website and enter your personal info. You can view what type of check you are eligible for and when it will be arriving.
In the near future, some Americans could receive a prepaid debit card as their stimulus check. If you receive money in this form, simply treat it as any other debit card in your wallet with a limit. Rest assured that this money is to your advantage in nearly ever financial regard
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