7-Eleven Provides Way for Unbanked Americans to Receive Gov't Stimulus Payments Sooner

IRVING, Texas — Federal stimulus checks are beginning to hit consumers' bank accounts; however, not all U.S. residents have bank accounts and face a wait time of weeks, or possibly months, to receive those checks in the mail.

7-Eleven Inc. is providing a way for those under- and un-banked individuals and families to receive the funds now with the Trans@ct by 7‑Eleven Prepaid Mastercard.

The offering allows cardholders to 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, according to the convenience retailer.

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."

Other benefits of the Trans@ct by 7‑Eleven Prepaid Mastercard include:

• The ability to reload money and load checks with a smartphone onto the card;
• No-cost ATMs;
• Mobile app access;
• Bill pay access;
• Text alerts; and
• The ability to earn rewards for 7Rewards loyalty program members.

The Trans@ct by 7‑Eleven Prepaid Mastercard and Trans@ct by 7‑Eleven Family Prepaid Mastercard are issued by MetaBank.

Irving-based 7-Eleven operates, franchises and/or licenses more than 70,000 stores in 17 countries, including 11,800 in North America.