Prepaid Cards Give Taxpayers Fast, Convenient Access to Refunds

More than $324 billion was refunded to taxpayers by the IRS last year, a nearly $2 billion increase from the previous year. Many American families rely on their tax refunds each year to pay outstanding bills or make other important purchases that may not be within reach without them. No matter what each taxpayer plans to do with their refund, one thing is certain—fast and efficient receipt of these funds is a top priority for taxpayers.

This is exactly why so many Americans are opting out of paper checks for their tax refunds and choosing prepaid instead. Prepaid cards allow faster and more convenient access to funds. Some key benefits prepaid cards offer during tax time include:

• Convenience –Prepaid cards allow taxpayers to access their refunds quickly, without the inconvenience of a visit to a bank or other financial institution, avoiding check cashing fees in the process. Additionally, prepaid cards can be used wherever debit cards are accepted, so individuals can immediately make purchases in stores or online.
• Protection – Prepaid cards offer consumers protections that paper checks simply cannot match. Prepaid cards typically offer individuals FDIC insurance and identity verification to ensure that funds are protected, giving consumers an increased security.
• Budgeting – Many taxpayers recognize the added benefit prepaid cards offer as a budgeting tool. By receiving their tax refund via prepaid card, the funds are automatically set aside from consumers’ daily-use accounts. This benefit helps Americans budget their refunds more effectively, so they can use the funds for any specific needs or save them for emergency situations.

To learn more about why choosing prepaid for your tax refund is a smart, responsible choice, check out our infographic.