To be able to use the rate of IRSвЂ™s typical eight- to refund that is fifteen-day taxpayers will need to have a bank-account into that your reimbursement may be direct deposited. Taxpayers without having a bank-account must be motivated to open up a free account to get their reimbursement, but there are various other choices also. Taxpayers with out a bank-account might have their reimbursement 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 project providing 600,000 low-cost prepaid cards to families whom might not have had a banking account to get their income tax refunds.52 Customer advocates supported the Treasury pilot, and had hoped it might be expanded nationwide in 2012. (more…)