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Eh? Checks work the same whether the underlying currency is fiat money or not.
But in the 21st century, transferring money by having the IRS' computer print a physical piece of paper which is then mailed, signed by the recipient, exchanged for money or goods, mailed again, scanned/read by another computer which then informs the IRS' computer that the check has cleared - doesn't that strike you as a little roundabout? We have those cool point-of-sale computer links all over the place, why bother with a grubby piece of paper that has to be handled? It's expensive.
So the government will save $1.00 per check and send you a debit card.
You will get $4.95 deducted for getting that debit card.
Depending on how you use it more fees can get deducted for it's use and those fees go to the bank.
Aren't you glad you'll be doing your part to keep the banks "in the black" with YOUR money and not government money ?
Do your "W" form correctly so that the government doesn't have YOUR money for 365 days.
Goes without saying, doesn't it? But apparently some overpay and don't have a bank - the mind sorta boggles - and for them, a debit card sounds like a neat solution.
So the government will save $1.00 per check and send you a debit card.
You will get $4.95 deducted for getting that debit card.
Depending on how you use it more fees can get deducted for it's use and those fees go to the bank.
Aren't you glad you'll be doing your part to keep the banks "in the black" with YOUR money and not government money ?
I'm not doing anything - what minimal refund I get is directly deposited.
Did you actually read the article? For people who do get a refund and are without banks, there are two options: Checks, and now, a debit card. Checks are expensive and bothersome for the issuing party, and for those without banks, not free to cash. (That's why low-income neighborhoods have check cashing places.)
Debit cards are way cheaper for the issuing party, and - well, still not free. Sucks to be without a bank, I guess.
Can you see why the latter solution may actually have something going for it?
The government says its costs $ 1.00 to mail paper checks but to do the debit card is just pennies...
But they also report that some will be charged a fee of $ 4.95 for the card.
The department plans to send letters to 600,000 households next week, asking them to take part in a pilot program to put their tax refunds on the debit cards, which can be used to get money from ATM machines, pay bills or to buy goods and services from retailers.
The Internal Revenue Service is aiming to reduce the amount of paper it handles. To encourage taxpayers to file their returns electronically, for instance, the IRS is not mailing paper forms to taxpayers this year.
Has the IRS reduced their yearly budget as a result of
all these money saving ideas? No.
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