July 30, 2014

Debit card refunds coming (AUDIO)

Missourians are getting a new way to receive their state income tax refunds or their property tax credits. Taxpayers will be able to get their refunds on a debit card, if they wish, instead of through paper checks or through direct deposits .

Income tax filers will have to check a box labeled “debit card”  on the refund line of their tax forms, or on their PTC claim.  State treasurer Clint Zweifel says the card is cheaper for the state  that mailing out a paper check. “In most cases it’s going to be lower cost to the consumer, too.” 

He says national studies show about one fourth of taxpayers  might find the debit cards beneficial because they do not have a relationship with a bank. The taxpayer getting the card will have to activate it by going on line or making a phone call. They can have access to the cash 24 hours a day at any bank that accept VISA cards.

The card is issued by JP Morgan Chase which charges a fee to the business or the institution accepting the cards.  No fee is charged by Chase to the user.  But Zweifel says Chase will use the progrma to expand its customer base.

AUDIO: zweifel interview 7:19