I would expect the IRS to scrutinize stimulus payments that were issued against the tax returns that claim the Rebate Recovery Credit (RRC).  This is what the IRS calls the stimulus payments that are issued through the 2020 Federal tax return.

However, if you have already submitted your 2020 tax return for e-file, it cannot be retrieved and corrected.

If you have already submitted your 2020 tax return for e-file and it is subsequently rejected by the IRS, you will be able to make the necessary changes at the time you fix the e-file issues.

If you have not already submitted your 2020 tax return for e-file, you may make corrections to your tax return by following the steps outlined below.

• Down the left side of the screen, click on Federal.
• Across the top of the screen, click on Other Tax Situations.
• At the screen Let’s keep going to wrap up.  Click on Let’s keep going.
• At the screen Let’s make sure you got the right stimulus amount, click Continue.
• At the screen Did you get a stimulus payment? you can update your stimulus check entries.

I do not recommend destroying the card until you have completely resolved the issues surrounding your 2020 Federal tax return.

See also this IRS information.

There is NOTHING you should or can do ... once the IRS starts processing returns then they will automatically correct any errors in that section ... they did say this could delay the return but it is unknown for how long. 

The tax return will remain as Pending until the IRS starts accepting or rejecting 2020 tax returns on February 12, 2021.

After completing the File section and e-filing your tax return you will receive two emails from TurboTax. The first email when your tax return was transmitted and the second email when the tax return has either been accepted or rejected.

After the tax return has been Accepted by the IRS (meaning only that they received the return) it will be in the Processing mode until the tax refund has been Approved and then an Issue Date will be available on the IRS website.
See this IRS website for federal tax refund FAQ's - https://www.irs.gov/refunds/tax-season-refund-frequently-asked-questions

Go ahead and access the funds and/or cash the check.  It was issued and the IRS knows it ... they will adjust your return when the process it.  

The same thing happened to me :(

Go ahead and access the funds.

Since the IRS has not opened yet, we would like to give you the opportunity to review and update the Recovery Rebate Credit portion of your 2020 tax return before they open on February 12th.

If you want to review and update your 2020 return, please enter your information here by February 6, to have your 2020 tax return sent back to you.  You will then receive an email from TurboTax on February 8, letting you know that your return is available and providing you with detailed instructions on how to review, update and re-file your tax return without the Recovery Rebate Credit.

If you do not want to review and update your 2020 return, then you're all set.  No further action is required. We will securely hold your tax return and send it to the IRS when they begin accepting e-filed returns.

See also this TurboTax Help.