Can I deposit my tax refund on a prepaid card
Can I deposit my tax refund on a prepaid card
Are you wondering, ‘Can I deposit my tax refund on a prepaid card?’ Do you expect a tax refund, but do not have a bank account? Don’t worry most of this year’s tax preparations offer to collect your tax refund on a recoverable prepaid debit card. If you do not have the option of obtaining your refund by direct deposit.
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There are a number of benefits on a prepaid card over a paper check:
- Speed: you get your money faster, maybe in 10 days.
- Security: the refund eliminates the possibility of loss, theft or return to the IRS as deliverable.
- You have no fees for cash checks: you can avoid charges for cash checks that could be a fixed charge of $ 5 to $ 10, or a percentage of the refund. A $ 2 percent fee could be deducted from the average refund of just under $ 3,000.
More About Refunds
If you decide to go with a prepaid card consumer advocates say. It is important to shop around. These cards can be a good alternative for Americans. Who don’t have traditional bank accounts but they can charge you a lot of fees if you’re not careful. Says Joe Valenti, director of consumer finance for the American Center for Progress. “This is part of the tax refund that goes to the bank’s pocket,” he says. The high-profile tax preparations of H&R Block, Jackson Hewitt and Liberty Tax Service offer their own version of the prepaid tax refund card. TaxAct used its own brand card, but in 2016 it began offering refunds on the American Express prepaid card. .
“There is no low or low rate and they have excellent features,” she says. “There is a relatively high charge for others, and there may be dangerous characteristics associated with overdraft.
If you want your taxes to be prepared and pay your prepayment rate for your refund. Instead of paying it in advance you must first submit your refund through the tax preparer so they can collect them. In this case if you get your refund on a card. You can avoid a high fee for opening a special account with the tax prepared and depositing your refund on that account.
Consider getting your own prepaid card
Experts point out that you don’t need to get a prepaid tax preparation card. Most prepaid debit cards and payroll cards have an account number and routing number available today when making your tax returns to file your refund. “You can certainly use your own prepaid card,” said Chi Wu, a staff attorney for the National Consumer Law Center. “So, if you have a low-cost card and already have good protection, go ahead and use it instead of getting a special one from your tax preparer. Tax refund on your card.
For example, Green Dot is awarding 4,000 prizes worth more than $ 75,000 when consumers receive their refund directly on a Green Dot card. And RushCard is organizing contests that will reimburse three winners of randomly selected tax refunds. However, Consumer Reports in its most recent study of prepaid cards in 2016 did not suggest due to problems reported by consumers and an investigation by the CBPB as a result.
How is a refund check sent on a prepaid debit card?
Your best promise is to get your own prepaid card. Wal-Mart has a Visa brand card that is perhaps the best in the business. There are minimum charges involved to start (as low as $ 0 and rarely exceed $ 5). And garbage and maintenance fees are not available. They usually waive the rate when paying with a tax refund check and generally give you up to $ 5,000 of your tax refund immediately. As an additional benefit this card has a routing number and accounts that you can use to pay your tax refund. Payment or other funds paid electronically. That way you don’t have to worry about losing money at work or receiving a late payment.
Each prepaid debit card has a bank account. This is how they work Some do not allow you to access the original account while others do. You do not have access to the account when you issue checks and do not receive normal banking services. But you can deposit funds electronically. And you can deposit cash or other checks at any Wal-Mart store across the country. As I said I’m not a Wal-Mart guy but this is a very good deal especially. If you don’t want or can’t get a regular bank account.
5 Best tax refund card
Can I deposit my tax refund on a prepaid card – Yes there are options for a direct payments with a check or savings account. However, for those who do not have a bank account, a prepaid debit card is another good option. While most prepaid cards offer direct government checks, some make them easier to establish than others. In addition, some prepaid cards offer bonuses when you present your tax refund on the card. With that in mind, the list below is in favour of those prepaid cards that provide excellent instructions for setting up the direct deposit of the refund and that offer tax refund bonuses.
The Rushcard Prepaid Viscard is on our main list for one reason. You are offering a cash bonus of up to $ 30 when your tax refund is on the card. The details when you apply for the RushCard Visa Preparation and grant $ 3,000. Or more of a directly filed tax refund, you will receive $ 30. When you directly deposit between $ 2,000 and $ 2,999. You will receive $ 20. And even if your refund is not so large. It is easy to store it directly on the card. The people of Rushcard have provided very useful information about tax refunds.
The Netspend prepaid card does an excellent job to go through the steps necessary to deposit your refund on a prepaid card. In addition to the routing number and bank account number, which are provided when you receive the card, they also explain the steps to set up the deposit. Net expense of a general B + rating based on rates, features and limits in our proprietary rating algorithm.
This prepaid card offers an interesting twist. They not only explain how to set up a direct deposit, but also help you prepare your taxes. AccountNow partnered with ezTaxReturn.com to help cardholders prepare their tax returns. In addition, AccountNow is organizing a competition that will reimburse the tax refund of the lucky winner of up to $ 15,000. To participate, make your federal or state refund on an Account Now card before April 29, 2016 and you may have the opportunity to prove your refund.
This prepaid card organizes a competition and the winner receives a double tax refund, up to $ 15,000. To send your direct payment, present your tax refund on a Green Dot prepaid card. You can also get up to 9 bonus tickets by re-evaluating additional cash or making direct deposits with a minimum of $ 10 per charge or direct deposit (excluding recharge charges). The promotion starts from January 1, 2016 to April 29, 2016. A qualified charge (1) or deposit is equal to any bonus ticket (1).
Last but not least, Kaiku is on our list due to its low rates and rich features. With Kaiku you can pay bills online, transfer money to friends and family with a Kaiku card and get money at 55,000 ATMs at no extra charge. If you use a prepaid card to get your refund, there is a free tool to track the status of the direct deposit.