The South Carolina Department of Revenue (SCDOR) has announced it's giving taxpayers receiving refunds the option to get that refund on a prepaid debit card through Bank of America.
You would still have the option to receive a paper check or have the refund deposited directly into your bank account.
The DOR says it's offering the option to save money. They say the system has been used effectively to disburse benefits, like unemployment and disability, to people in more than 40 states for several years.
While there are benefits cited by DOR to getting your refund on the card, be advised there are fees that can be incurred, like transaction fees for using the card at ATMs other than Bank of America's.
According to the DOR's website, here's how the prepaid debit card will work:
"Once SCDOR determines a taxpayer's refund, it will transfer that amount to Bank of America on behalf of the taxpayer. Bank of America will then create an account in the taxpayer's name in the amount of the refund and issue a prepaid debit card. The taxpayer can then use the card to make purchases or withdrawals until the funds are exhausted. The taxpayer can't make personal deposits to the account. SCDOR will not reuse the card and the cardholder may destroy it once funds are exhausted. This is not a credit card and the cardholder cannot overdraft funds."
For any questions regarding your South Carolina Income Tax refund amount, please contact the SCDOR at 803.898.5709 or its website. www.sctax.org.
Here's a link to more information about how the debit card refund program works: http://www.sctax.org/Tax+Information/Individual+Income+Tax/iitDebitCard_progOverview.htm
