To help unbanked consumers and their families receive economic stimulus funds faster, 7-Eleven Inc. is providing a Trans@ct by 7-Eleven® Prepaid Mastercard®. The U.S. Treasury Department has started sending out the payments, but some individuals might have to wait weeks or months to get them through the mail, according to an announcement.
7-Eleven President and CEO Joe DePinto said in the announcement, "7-Eleven continues to look for ways to help our customers as they face hardships brought on by the COVID-19 pandemic. We know a large number of Americans will need access to their checks as soon as possible, and we want to meet that need."
The prepaid card, which offers cardholders an alternative to brick-and-mortar banks, can accept direct deposit payments, including paychecks and government benefits. The announcement noted that the Treasury Department is creating a web portal, which is expected to be available as soon as this week, to allow people to update their direct deposit information. This will enable Trans@ct by 7-Eleven cardholders to get their stimulus funds electronically instead of waiting for mailed check payments.
Customers can buy a Trans@ct by 7-Eleven card at participating locations or can apply for them online. They will then receive account information that can be used to update to their direct deposit information once enrollment is completed. Some of the benefits of the card include rewards, text alerts and bill pay, among others.
In separate news, Walmart was hoping that customers would sign up for its Walmart MoneyCard to create direct deposit accounts to access government stimulus payments. Janey Whiteside, executive vice president and chief customer officer for Walmart U.S., said in a previous release, “We know getting immediate access to funds during this time of financial uncertainty is a priority for everyone — including the millions of customers who rely on our stores for essential financial services.”