H. Prepaid Cards

H. Prepaid Cards

To be able to make use of the rate of IRS’s typical eight- to fifteen-day reimbursement, taxpayers should have a banking account into that the reimbursement could be direct deposited. Taxpayers without having a banking account must certanly be encouraged to start a merchant account to get their reimbursement, but there are more choices too. Taxpayers with out a banking account may have their refund deposited to a card that is prepaid including any existing payroll or reloadable prepaid card that the taxpayer currently has.

Last year, the U. S. Department of Treasury carried out a pilot task offering 600,000 low-cost cards that are prepaid families whom might not have had a bank-account to get their income tax refunds. 52 Customer advocates supported the Treasury pilot, and had hoped it might be expanded nationwide in 2012.