It’s tax refund season, and if you’re anything like the average American, you’re excited to get your hands onto your refund check.
But how are you supposed to cash your tax refund check if you don’t have a bank account? Using a check-cashing outlet can involve expensive fees. Plus, it’s risky to walk around with thousands of dollars in cash in the neighborhoods that are often dangerous.
Want to avoid the excessive fees and keep your cash safe? Here are few ways to get your tax refund when you don’t have a bank account.
The number one way to get your refund check is to open a prepaid debit card account. You can use the prepaid debit card to receive direct deposits from the IRS.
Accounts like Bluebird by American Express and Walmart allow the cardholder to receive direct deposits for $0. Bluebird is available for all U.S. residents age 18 and older. The account also has a family card feature, so you can allow up to four people to access the same account.
Online tax preparers such as H&R Block and TaxSlayer allow filers to open prepaid debit accounts for the express purpose of getting their tax return. These prepaid cards have the same advantage as the Bluebird account mentioned above, but they have higher fees.
Another option to consider is using the CashApp app. The CashApp app allows you to deposit your refund check by taking a picture of a physical check. You can deposit your check right into your CashApp account!
Even better, if you use CashApp Taxes to file your taxes, you can get your refund direct deposited into your Cash App account and get your tax refund up to 6 days early!
Ingo Money is another app that allows you to cash physical checks. For a 2% fee ($5 minimum), you can have your refund deposited onto an Amazon gift card, a credit card, or any prepaid card. You can also pick up $1,000 or less from a MoneyGram location.
If you don’t want your refund to hit any electronic account, a good option to consider is retail check cashing. These are far less expensive than the check-cashing outlets, and they will generally be a bit safer thanks to lots of video surveillance in the parking lots.
Still, if you’re planning to cash a check, be sure to discreetly tuck the money away and use safety precautions to avoid being a target for theft.
Here are a few major chains that allow you to cash checks:
Other major grocery outlets such as Safeway, Publix, and Food Lion also cash checks, but fees and limits vary by location.
Of course, the easiest way to get your tax refund is to simply open a bank account. That way, you can get the tax refund via direct deposit or you can deposit a physical check for free.
If you’re a legal U.S. resident, age 18 or older, consider opening a bank account at Chime. All of these accounts require no monthly fees and they don’t charge overdraft fees.
You can open an account in minutes, and then use your bank account information (account number and routing number) to fill out the direct deposit information on your tax return.
Check out this list of bank accounts that allow you to get your tax refund early.
Using one of the options outlined above, you can get your tax refund quickly, cheaply, and safely.
Don’t delay getting your refund just because you don’t have a bank account. Take action today so you can get your money back.
Editor: Clint Proctor
The post How to Get Your Tax Refund If You Don’t Have a Bank Account appeared first on The College Investor.
By: Robert FarringtonTitle: How to Get Your Tax Refund If You Don’t Have a Bank AccountSourced From: thecollegeinvestor.com/23883/tax-refund-bank-account/Published Date: Wed, 28 Dec 2022 08:15:00 +0000