Tax refunds on debit cards

9:14 AM, Jan 14, 2011   |    comments
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St. Louis (KSDK) - Tax season is right around the corner and if you receive a refund from the federal government, you could receive it in the form of a pre-paid debit card.

The Treasury Department has just launched a pilot program to see what consumers think about switching refund checks for prepaid debit cards. The goal is to cut down on the expense of cutting paper checks. It's also designed to help those taxpayers who don't have bank accounts and have a tough time cashing the checks.

About 600-thousand low and moderate income taxpayers will be invited to take part in the program. They'll be invited to activate a MyAccountCard Visa prepaid debit card in time to get their 2010 refund check directly deposited. The move will save the Treasury Department about a dollar per person.

The government is also offering all sorts of perks to debit card users like free ATM. Right now, the program is just in its initial stages, but there is talk about moving all Americans to a refund debit card.

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