Metabank® Serves as Agent for Distributing Prepaid Debit Cards as Part of Economic Impact Program
January 04, 2021 at 09:00 am EST
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Meta Financial Group, Inc.® announced that MetaBank®, a wholly-owned subsidiary of the Company, has again been asked to disburse Economic Impact Payments (“EIP”) funds through the distribution of prepaid debit cards, a program authorized by the U.S. Congress through the Consolidated Appropriations Act of 2021 (“CAA”). Earlier this year, the Bank dispensed $6.4 billion of the first round of EIP payments under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) through the distribution of 3.6 million Bank-issued prepaid cards. Aligned with the Company’s mission of enabling financial inclusion, the Bank expects that it will disburse approximately $7 billion of EIP payments in the second round, with initial payments beginning after January 4, 2021. Enhanced consumer education relating to this disbursement will be available to consumers at eipcard.com.
Pathward Financial, Inc. is a financial holding company. The Company's subsidiary is Pathward, National Association (the Bank). The Bank operates through three segments: Consumer, Commercial, and Corporate Services/Other. The Consumer segment includes the banking as a service (BaaS) business line, which collaborates with partners to navigate payment and lending needs. The Bank's capabilities range from prepaid cards and deposit accounts to payment processing and consumer lending. The Bank offers a variety of installment and revolving consumer lending products through its credit solutions. The Commercial segment offers a variety of products through its working capital, equipment finance, structured finance and insurance premium finance lending solutions. The Corporate Services/Other segment includes certain shared services as well as treasury related functions, such as the investment portfolio, warehouse finance, wholesale deposit, and borrowings.
PATHWARD FINANCIAL, INC. 
