USA: 7-Eleven launches prepaid card to receive government stimulus payments

Trans@ct By 7-Eleven Prepaid Mastercard helps unbanked to receive stimulus payments sooner than a paper check with direct deposit.

The U.S. Treasury Department began this week sending out stimulus payments in response to the COVID-19 pandemic. As some people may have to wait weeks or months to receive their payments by mail, 7-Eleven has launched Trans@ct by 7‑Eleven Prepaid Mastercard to help under- and un-banked individuals and families to receive these much-needed funds faster than a paper check.

The Trans@ct by 7‑Eleven Prepaid Mastercard offers cardholders an alternative to brick-and-mortar banks, and can receive direct deposit payments such as government benefits or paychecks. After registration and activation, all funds loaded onto Trans@ct by 7‑Eleven card accounts are FDIC-insured. To facilitate stimulus payments, the U.S. Treasury Department is setting up a web portal to allow individuals to update their direct deposit information. The web portal will be available as early as this week, and Trans@ct by 7‑Eleven cardholders can update their account information to receive their stimulus checks via direct deposit sooner, rather than waiting to receive the payments in the mail.

“7‑Eleven continues to look for ways to help our customers as they face hardships brought on by the COVID-19 pandemic,” said 7‑Eleven President and CEO Joe DePinto. “We know a large number of Americans will need access to their checks as soon as possible, and we want to meet that need.”