Tax Refund Anticipation Checks

More cash-strapped Americans turn to tax refund advances, By Hope Yen (AP), March 22, 2015, ABC News: “Cash-strapped Americans anxious for tax refunds are increasingly turning to payment advances, prepaid cards or other costly services when getting tax preparation help, according to new federal data raising concerns among regulators about whether consumers are fully informed about the fees. ┬áRegulators are looking to increase oversight of preparers amid the rise in ‘refund anticipation checks,’ a type of cash advance especially popular among low-income families who receive the Earned Income Tax Credit, the government’s $65 billion cash benefit program. The advances are being marketed as a way to get fast refunds or defer payment of tax preparation costs…”

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