November 29, 2020         
Vehicle Retail Sales Decline due to Quirky Sales Calendar; When Adjusted for Selling Days, Retail Sales Stable   •   Majority of Americans Expect to Buy Gifts This Holiday Season Despite Tumultuous Year, but Many Cut From the Gift List According   •   Enough is Enough: Ontario Engineering Community Committed to Uprooting Systematic Biases   •   iHeartMedia and Podimo Partner to Translate and Adapt Widely Popular Podcasts For Listeners Globally   •   Afiya Bennett Makes Stunning Appearance in L'officiel Brasil in Honor of Black Awareness Day in Brasil   •   Michaels is Calling On #DifferenceMakers to Creatively Spread Holiday Cheer   •   Ismael Cala launches CalaBienestar.news, a daily digital newspaper about health and wellbeing   •   Government of Canada COVID-19 Update for Indigenous Peoples and communities   •   Hall of Fame Resort & Entertainment Company Reveals Details of Hall Of Trivia on HQ App   •   More support to advance reform of services for Indigenous children and families   •   Comcast RISE Awards Over 700 Black-Owned, Small Businesses with Marketing and Technology Resources and Makeovers   •   African American Immigrant Set to Launch MultiVendor Platform for Minority Communities and Small Businesses   •   Satmar Cancels Grand Annual Dinner   •   DISH Network Puts Consumers at Risk of Losing Network and Local Community Programming During Pandemic   •   COVID-19 Recovery Research Program launched   •   Jamaican Boy's Post-Dog Attack Procedures Highlight the Less Well-Known Side of a Plastic Surgeon's Work, says Dr. J Plastic Sur   •   “KISS THE GROUND” Wins Its 25th Film Festival Award to Date   •   Because Apes Are Hairy Too, MANSCAPED™ Supports the San Diego Zoo!   •   realme's 50M Sales Achievement Attracts Positive Comments From Industry Leaders Anticipating Its Future   •   COVID-19 Can Be Beat - Please Don't Shut Down All Youth Activities Indiscriminately
Bookmark and Share

Tax Program For "Unbanked" Lauded

 Advocates Applaud Treasury Pilot Program to Speed Tax Refunds to Consumers with No Bank Account

 

WASHINGTON - The U. S. Department of Treasury has announced a pilot project to offer 600,000 low-cost, prepaid debit cards to families who may not have a bank account. Consumers who receive the Treasury letter can quickly and easily obtain the card to use for receiving refunds at tax filing time this year.

 

“Taxpayers who already have a bank account can get speedy direct deposit of their tax refund from the IRS,” Jean Ann Fox, Consumer Federation of America (CFA) noted.  “Treasury’s MyAccountNow card extends that speed to families without a bank account. It enables taxpayers to get their tax refunds fast without paying steep fees for refund anticipation loans or refund anticipation checks.”  

 

“Treasury has made a good deal for consumers eligible for the pilot project,” noted Lauren Saunders, NCLC.  “The MyAccountNow card is a well-designed prepaid card that can be a good alternative to bank accounts.  It has low fees, free access to customer service, and can be used year round for routine financial transactions.”

 

Taxpayers can get their tax refunds in two weeks or less directly from the IRS if they file electronically and have their refunds direct deposited to an account in the name of the taxpayer.  In past years, many working poor families paid extra for refund anticipation loans (RALs) and refund anticipation checks (RACs) to speed access to cash at tax time.  As NCLC and CFA announced last week, the availability of RALs is much lower this tax season..  Since taxpayers can receive a refund just as fast with e-file and direct deposit, RACs are an unnecessary expense.

 

“We recommend that consumers who receive the Treasury mailer should choose the low-cost MyAccountCard instead of paying steep fees for a RAL or a RAC,” advised Chi Chi Wu, NationalConsumerLawCenter.   

 


National Consumer Law Center is a non-profit organization specializing in consumer issues on behalf of low-income people.  NCLC works with thousands of legal services, government and private attorneys, as well as organizations, who represent low-income and elderly individuals on consumer issues. 

The Consumer Federation of America is an association of nearly 300 nonprofit consumer groups that was established in 1968 to advance the consumer interest through research, advocacy and education.


STORY TAGS: BLACK NEWS, AFRICAN AMERICAN NEWS, MINORITY NEWS, CIVIL RIGHTS NEWS, DISCRIMINATION, RACISM, RACIAL EQUALITY, BIAS, EQUALITY, AFRO AMERICAN NEWS, HISPANIC NEWS, LATINO NEWS, MEXICAN NEWS, MINORITY NEWS, CIVIL RIGHTS, DISCRIMINATION, RACISM, DIVERSITY, LATINA, RACIAL EQUALITY, BIAS, EQUALITY



Back to top
| Back to home page
Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News