I'm being lazy so don't expect me to re-write the story FOLLOW THE LINK SON! LOL But seriously the Associated Press is reporting that the IRS is sick & tired of mailing paper checks for tax returns. The IRS is also concerned with the large amounts tax payers are spending in fees to get their returns back faster in the form of short term loans. So how can the GOVERNMENT HELP YOU? The plan is starting in 2011 instead of mailing paper checks the IRS will provide debit cards much like the ones most people have attached to their bank account. (see the more after the jump)
I know your thinking "I get my refund direct deposit why would I use that card" well the card is geared more towards those who do not have an actual bank account. I can only imagine the problems that will come up with this new initiative for instance as well all know banks LOVE to charge fees for using their ATMs. I remember being at the Rivers Casino I'm pretty sure I paid $4 to take out $20? Really? Don't even get me started on how much ATM fees are in places like Las Vegas. So that is one drawback that I bet banks are just licking their chops to get in on that action. I like that the Gov. is trying to reduce the use of paper BUT if you just give this person a card & no statement giving an accurate balance there are going to be some SERIOUS problems. I can see someone being down to their last $100 bucks & trying to buy every pair of new Jordan's in size 10 & going to cash out & that card getting DECLINED! I can also see problems with people possibly over drafting these accounts of course we all know that if you don't use a card as "DEBIT" then it can take days sometimes a WEEK for those transactions to post to an account. I know a simple solution to that problem keep track of your spending! Unfortunately we live in AMERICA aka The United States of Convenience. So gone are the days of balancing a check book keeping your receipts (don't get me started on the United States of Convenience today!!!).
I know your thinking "I get my refund direct deposit why would I use that card" well the card is geared more towards those who do not have an actual bank account. I can only imagine the problems that will come up with this new initiative for instance as well all know banks LOVE to charge fees for using their ATMs. I remember being at the Rivers Casino I'm pretty sure I paid $4 to take out $20? Really? Don't even get me started on how much ATM fees are in places like Las Vegas. So that is one drawback that I bet banks are just licking their chops to get in on that action. I like that the Gov. is trying to reduce the use of paper BUT if you just give this person a card & no statement giving an accurate balance there are going to be some SERIOUS problems. I can see someone being down to their last $100 bucks & trying to buy every pair of new Jordan's in size 10 & going to cash out & that card getting DECLINED! I can also see problems with people possibly over drafting these accounts of course we all know that if you don't use a card as "DEBIT" then it can take days sometimes a WEEK for those transactions to post to an account. I know a simple solution to that problem keep track of your spending! Unfortunately we live in AMERICA aka The United States of Convenience. So gone are the days of balancing a check book keeping your receipts (don't get me started on the United States of Convenience today!!!).
I am ALL for this plan it saves paper which helps the environment! It helps people get their Tax Return back sooner & based on the fact that people won't get a check anymore that is $3 they save on paying the check cashing fee at Wal-Mart (even though they'll just spend it buying something their anyway). Don't get too excited about this though I believe the IRS is going to have some sort of Test Pilot in 2011 with a few thousand people Hopefully it works out well & they can work out those little issues I mentioned earlier. So what say ye? Are you for this or against it? Comment below weigh in! Am I wrong? Is this a HORRIBLE IDEA? Let me know what your thinking!
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