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#1665525 - 02/15/12 04:03 PM Tax Refund Anticipation Debit Cards
Cornfed Turtle Offline
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Posts: 1,323
"...Somewhere in Middle Americ...
Anyone know if tax preparer-issued cards come with a fee for each cash advance?

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#1665545 - 02/15/12 04:18 PM Re: Tax Refund Anticipation Debit Cards Cornfed Turtle
La. Lady Offline
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I received correspondence from VISA, which stated that the cardholders are allowed to withdraw the cash from their prepaid cards. This is a manual cash disbursement that Visa Member Banks must honor on all valid Visa cards whether the card is embossed or unembossed, personalized or not personalized with the cardholder's name. No surcharge or other fee should be added to the transaction amount. Do not refer thecardholders to ATMs for service.

Not sure if this is what you are referring to.....but.............
Last edited by Queenof--Concern; 02/15/12 04:19 PM.
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#1665546 - 02/15/12 04:31 PM Re: Tax Refund Anticipation Debit Cards Cornfed Turtle
BrianC Offline
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BrianC
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Illinois
Many do. These fees will vary by card issuer and would be disclosed in the cardholder agreement.

These fees would be charged by the issuer. VISA/MasterCard prohibit the acquiring bank from charging a fee for peforming the cash advance.
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#1665606 - 02/15/12 05:01 PM Re: Tax Refund Anticipation Debit Cards BrianC
Cornfed Turtle Offline
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"...Somewhere in Middle Americ...
Thank you both for info. We don't charge, but I was thinking that perhaps the tax preparer did. Everyone wants to drain our ATMs and they are wanting all of the cash at once regardless of how they access. Makes sense if they are getting fee'ed!

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#1665889 - 02/15/12 09:45 PM Re: Tax Refund Anticipation Debit Cards Cornfed Turtle
John Burnett Offline
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John Burnett
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Cape Cod
A lot of those plastics come with a fee for issuance, a fee for each advance, one free ATM withdrawal (subject to ATM owner fee, though), etc. By the time you work it all out, some of these taxpayers end up paying more than they would for a similar loan at a payday lender. It's a scheme (I won't say scam, because it's not illegal) to make some extra money off the consumer's instant gratification needs.

I filed my taxes electronically this year, as I have for as long as I can remember. My state refund was direct deposited in my bank account in two business days! The IRS refund will take a little longer, but I'd never consider speeding things up with an "instant refund" card.
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#1666667 - 02/17/12 12:14 PM Re: Tax Refund Anticipation Debit Cards Cornfed Turtle
Retired DQ Offline
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Turnpike Exit 10
Ditto John...
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