You’re one of the millions of Americans that will receive a tax refund this year. At one time, the IRS simply mailed you a check, but digital options have opened up the possibilities for receiving your refund. One of the best options available is to have your tax refund deposited onto a prepaid card. Want to learn more? Read on.
Why Prepaid Cards for Tax Refunds?
Prepaid cards allow maximum flexibility and speed for your tax refund.
A prepaid card works similarly to a bank account. To get a card, you’ll need to verify your identity. Once verified, you can load money on the prepaid card and use it just like you would any other debit card. Best of all, prepaid cards have a few perks like no hefty overdraft fees or minimum balance requirements that many banks have (you can see what fees they do charge for here).
Get it faster than a paper check.
If you choose to receive your tax refund on a prepaid card, you’ll get your money faster than waiting for a paper check to come in the mail. Plus, it takes away the hassle and stress that comes along with a paper check. This is especially true if you don’t have a bank account like 20 percent of Americans according to Fortune.
Waiting on a check and getting it cashed can take weeks, and even longer if it ends up being lost or stolen.
Get a text alert when your refund is deposited.
Additionally, you can easily check to see if your tax refund was received by accessing your card balance online. When the tax refund appears, you’ll see it in black and white.
You can even set a text alert on a Green Dot prepaid card. That way, you won’t have to keep checking your balance to know when the refund hits your account.
When you know your tax refund is coming, you don’t want to wait. A prepaid card lets you get access to your money faster than a paper check, even without a bank account.
How do you put your tax refund on a prepaid card?
It’s easy and faster than waiting for a paper check!
Some people prefer the convenience of filing their taxes online. You can do so directly through the IRS or with a tax preparation program. Either way, you’re filling out your forms digitally and sending them directly to Uncle Sam.
Get a reloadable prepaid card and activate it
Visit GreenDot.com to get a prepaid card online. Sign up, verify your identity, and activate the card when it arrives in the mail so you can receive direct deposits and unlock other useful card features.
Get your direct deposit info and complete your tax forms
Once your card is activated, fill out your tax forms like you normally would. Each prepaid card comes with a routing and account number for direct deposit—just like a bank account. If you don’t know your direct deposit info, you can easily get this info by texting DDinfo to 37267. Carrier message and data rates apply.
When you come to the section that asks how you want to receive your refund, choose the direct deposit option and provide the routing and account numbers associated with your prepaid card. Make sure you select the box for “checking account” on the IRS forms. Selecting “savings account” or another option may prevent the direct deposit from going through.
Track the status of your refund:
If your refund is taking an unusually long time to arrive (more than 21 days after filing electronically or 6 weeks after mailing a paper return), you may check the status of your refund on the IRS’ website. While you can receive your tax refund on a reloadable prepaid card like Green Dot, only the IRS has information regarding the status of your refund.
See how easy that is? Just get a prepaid card, fill out your tax forms correctly, and get your refund. A prepaid card can help take some of the stress out of tax time. If you’re ready to start receiving tax refunds the easy way, get a card today.