Tax refund anticipation loans, checks a bad deal for tax filers
Advertised as a way for cash poor consumers to pocket their federal tax refunds immediately, RALs, RACs and similar products are actually high-interest loans with substantial disadvantages, said a recent consumer alert by Arkansas Attorney General Dustin McDaniel.
McDaniel issued this alert to inform consumers about the shortcomings of RALs and RACs - that in 2010, about 20 million American taxpayers received either RALs or RACs.
"RALs are short-term, high-interest loans secured by taxpayers expecting tax refunds," the alert states. "They are touted as ways to receive rapid refunds without waiting for IRS-mailed paper checks. But interest rates for these typically exceed 100 percent."
Consumers are urged to consider the extra fees and high interest rates associated with these loans when they really aren't that much faster than an IRS direct deposit that electronically transfers funds from the U.S. Treasury into consumers' bank accounts, McDaniel said. "People with just a bit of patience won't have to pay additional costs to borrow what rightfully belongs to them," he said.
Consumers filing their federal tax returns electronically can have their refunds directly deposited into their bank accounts to receive refunds in as few as eight days. Taxpayers without bank accounts can receive Treasury refunds from the IRS on prepaid debit cards, thus expediting such refunds and circumventing fee-charging "check cashing" firms that service the working poor who can't qualify for bank accounts.
Most taxpayers can file federal returns for free and avoid RAL and RAC fees by using IRS e-file or Free File. Consumers considering RACs should open bank accounts to avoid RAC transaction fees. With RACs, tax preparers and partner banks open temporary bank accounts for the IRS to directly deposit consumers' tax refunds. The banks then issue checks to consumers and close the accounts.
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By PHIL MULKINS World Action Line Editor Many cash-strapped people eagerly await their income tax refunds but wind up as prey to payday loan outfits offering "refund anticipation loans" or "refund anticipation checks." Worse yet, many big income tax
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