News & Announcements

Tax Refunds Issued on Debit Cards

January 13, 2011

The U.S. Department of the Treasury launched a pilot program to provide tax refunds on debit cards as an option for low- and moderate-income Americans. This card can be used year-round for everyday financial transactions such as making purchases, paying bills, getting cash, depositing wages, etc. Direct deposit provides a safer, faster and more convenient way to receive a federal tax refund as well as other regular income compared to traditional paper checks.

The Treasury will mail letters to 600,000 individuals nationwide inviting taxpayers to consider activating a MyAccountCard Visa® Prepaid Debit Card. In order to have their 2010 federal tax refund direct deposited to the card, individuals will need to activate the cards. Once the registration is completed, it will take approximately 7-10 business days to receive the card in the mail. However, taxpayers will be given information to enable them to access their accounts immediately.

The Treasury is only making the cards available to those who have received letters and the associated fee structure and product features will vary.

Please see the attached MyAccountCard FAQ pdf and website for more information.

 

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