Risky Refunds

Risky Refunds A Taxpayers can now receive their refund on a general purpose reloadable prepaid card. Ieteteteten 1eseleiet What should consumers know? Up 600% prepaid card usage x $200B $200 billion will be loaded on them this year alone? 2010 2013 Taxpayers' choices for receiving their refunds: check direct deposit prepaid card? How many fees will a consumer pay? Prepaid card companies are not required to disclose their fees. Those that do usually list between 7 and 15. 7-15 fees What are the Risks? If a card is lost or stolen, regulations do not ensure the owner will get his money back. Tax refunds can only be disbursed on cards that carry FDIC insurance. While most prepaid cards are covered, some are not. FDIC? The Pew Charitable Trusts recommends clear disclosures, consumer protections, and FDIC insurance for every prepaid card. Visit pewtrusts.org/prepaid to find out more. PEW CHARITABLE TRUSTS ' Mercator Advisory Group Information refers to general purpose reloadable prepaid card. The Pew Charitable Trusts, 2013 ODODO