What to Do With Your Income Tax Rebate When You Don't Have a Bank Account

Unbelievable as it may seem, there are many Americans with no bank account affording direct deposit of their income tax rebate. In fact, it is estimated that as many as 12 million American households are without a bank account. In this article we will discuss various Internal Revenue Service options for receiving your income tax rebate. Some of these are certainly applicable to those taxpayers with no bank account.
The first option, however, is strictly for taxpayers with bank accounts. It is, by far, the most chosen method among taxpayers for receiving their income tax rebates. It is direct deposit. This is the fastest way to get your money. An electronic refund, featuring direct deposit, generally happens within eight to fifteen days. A mailed in rebate can take as long as five to seven weeks to show up.
You can still get your refund via a good old-fashioned paper check. There are two ways to get your check. You can file your income tax return electronically and still request a paper check, in which case it should come in the mail in about three weeks. Your other option is to file by mail and request a paper check. You will wait approximately six to eight weeks with this process.

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Now, if you don't have a bank account, many tax preparation services offer you the option of a check card. This is not an option from the Internal Revenue Service. This is an option offered by tax preparation services in return for charging you to file your income tax return. These cards are generally issued as part of the tax preparation service's refund package. As a part of this package, you generally agree to pay them for filing your income taxes, and then you pay fees and interest associated to a refund anticipation loan. The amount of the loan is then loaded onto a prepaid check card. You can use the card anywhere credit cards are accepted. Many times the money will be placed on your card within twenty-four hours.
Remember, however, that this is a very expensive way to get your income tax refund. First, the tax preparation services will charge you for preparing your income tax return. Then, they will charge you for an electronic filing of your return. Next, they will add fees and interest that will be deducted from your refund before issuing a card with whatever is left to you. That's a lot of bites out of your income tax refund.
It may be better to consider filing by mail and receiving a paper check. There are plenty of check-cashing operations that will gladly cash a tax refund check for a small percentage charge. This check cashing fee is generally slight in comparison to all the money the tax preparation service is going to take from you in preparation fees, filing fees, loan fees, and interest.
If you have a trusted friend or family member with a bank account, they might allow you to have the IRS direct deposit your money with them, and then withdraw it for you when it clears. Be careful whom you ask to do this, because the money is technically and legally theirs should they decide not to give it to you once it is deposited.
The process of getting the refund is very easy when you have your bank account. But when you don't have one, problems start coming up. No need to worry, there are options available. Take the best and least expensive one Chintamani Abhyankar explains.
Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of personal finance. His famous Tax eBook http://www.planningyourtax.com "Stop donating your money to IRS" which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax.