During the month of March, millions of people will receive their 2023 tax refunds. If you don’t have a bank account, we tell you how to receive it on a prepaid card.
March is a month that many taxpayers look forward to as their tax refund arrives and according to the Internal Revenue Service’s (IRS) own recommendations, the fastest way to receive it is by direct deposit. However, there are those who do not have a bank account, and for these cases, taxpayers can use a prepaid debit card, which will allow them to receive direct deposits.
This is a solution for millions of taxpayers who do not have a bank account, since with these preloaded cards they can load money, in advance, and then use it as a debit card, with the same operation and the same acceptance in the establishments.
In this sense, which is the prepaid card that suits you best?
In Globe Live Media we are going to tell you. According to a research carried out by cardrates.com, a specialized site, the best prepaid cards are those belonging to two companies: Visa and Mastercard, but some American Express cards are also recommended.
On the other hand, for Investopedia, a website specialized in finance, the best prepaid debit cards are those of American Express and they even recommend one from Walmart, called Walmart MoneyCard.
What are the advantages of using a prepaid debit card for your tax refund?
Unlike receiving a tax refund via a paper check sent in the mail, there are several advantages to using a prepaid debit card. Some of them are:
-It’s ideal for people who don’t have a bank account but need their tax refund to arrive quickly.
-According to LifeHacker, some tax preparers offer certain types of bonuses if people choose to deposit their refunds on debit cards, so then, you can get a few extra dollars if you choose this option.
-Usage fees for ATM withdrawals are usually low.