Lawmakers worry debit-card stimulus payments come with high fees, compromise personal information

Lawmakers worry debit-card stimulus payments come with high fees, compromise personal information
Share
  • About 4 million Americans will receive their stimulus payments via debit cards, rather than by direct deposit or paper check.
  • Now, some senators on Capitol Hill are expressing concern that those payments may be at risk of getting thrown out because they are not clearly labelled.
  • The debit cards also come with unnecessary transaction fees and require individuals to reveal too much personal financial information, the lawmakers say.

For millions of Americans, federal stimulus of up to $1,200 per person has been the most highly anticipated payment of the year.

But not everyone received their money the same way. Americans who were paid first generally got their money via direct deposit, while others received paper checks in the mail. The government also tried something new: sending the payments to some recipients by prepaid debit cards.

Now, a group of lawmakers on Capitol Hill is expressing concerns about those debit cards.

The stimulus payments were authorized by Congress with the $2 trillion CARES Act. Individuals may receive up to $1,200 and married couples up to $2,400, plus $500 per child under 17, provided they fall within certain income thresholds.

Source: CNBC

Submit a Comment