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'They want their check'
 Late last year, the Louisiana Department of Revenue began distributing debit cards to individuals who are owed money from the state instead of utilizing the long-held practice of mailing them a check.
Individuals who are owed state income tax refunds are the primary recipients of the debit cards. Anyone who is due a refund of $6,999 or less, get's a debit card. Refunds of $7,000 or more are paid the old fashioned way, or with a check.
Administered by Chase Bank, the debit cards are called MyRefund cards. Chase Bank doesn't make money on providing the debit cards to the Department of Revenue to distribute, but the bank can make a little something – let's call it the juice or the vig – on interest income on balances on the cards. That's seems only fair since Chase Bank doesn't get paid for providing the debit cards to the state.
It makes you wonder, though. How much money does Chase Bank expect to earn in interest income collected on tax refunds that belong to Louisiana income tax payers? How much money will Chase Bank collect in swipe fees and ATM fees?For the full story, subscribe to the The Concordia Sentinel's NEW E-Edition! |
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