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H. Prepaid Cards

H. Prepaid Cards

So that you can use the rate of IRS’s typical eight- to fifteen-day refund, taxpayers must-have a bank-account into that your refund may be direct deposited. Taxpayers with out a bank-account ought to be motivated to open up a merchant account to get their reimbursement, but there are more options too. Taxpayers without having a banking account might have their reimbursement deposited to a prepaid credit card, 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 project providing 600,000 low-cost cards that are prepaid families whom might not have had a banking account to get their taxation refunds. 52 Customer advocates supported the Treasury pilot, together with hoped it might be expanded nationwide in 2012.