Fed Tax Return via prepaid debt cards [Archive] - Community Development Banking Listserv Archive

Community Development Banking List

01-14-2011, 11:36 AM

Original message from: davesieminski@yahoo.com

Regarding the IRS pilot to offer prepaid debit cards as a means for unbanked
people to receive tax refunds see the memo below from the Department of
Treasury that was posted on the Tax Roundtable Listserv.

Dave Sieminski

Managing Director

Express Advantage

Phone 206-622-1973

Cell 206-390-7338

From: Tax_Roundtable@yahoogroups.com [mailto:Tax_Roundtable@yahoogroups.com]
On Behalf Of Jackie Lynn Coleman
Sent: Thursday, January 13, 2011 9:10 AM
To: Tax_Roundtable@yahoogroups.com
Subject: [Tax_Roundtable] FW: Treasury Launches Tax Pilot

MyAccountCard: The everyday money card that starts with your tax
refund

Treasury Launches Tax Pilot

http://weber10.webprnet.com/ustreasury/MyAccountCard_newsletter/2011/January ('http://weber10.webprnet.com/ustreasury/MyAccountCard_newsletter/2011/January')
/images/img.jpgWHAT:

Timed for tax season, the U.S. Department of the Treasury is launching a
pilot program to offer selected taxpayers MyAccountCard VisaR Prepaid Debit
card, a low-cost, consumer-friendly debit card option for the electronic
delivery of federal tax refunds.

WHO:

Treasury is distributing direct mail letters with information about
MyAccountCard to approximately 600,000 low- or moderate-income individuals
nationwide who lack access to traditional banking services.

WHY:

Last year, millions of taxpayers received their federal tax refund in the
form of a paper check. By encouraging direct deposit of federal tax refunds,
MyAccountCard has the potential to streamline tax administration and payment
processes for Treasury, as well as provide Americans with a safer, faster
and more convenient way to receive their federal tax refund.

HOW YOU CAN HELP:

As a "trusted voice" that serves unbanked or low-income communities, it's
important that you and others in your organization be aware of Treasury's
pilot. Providing your reassurance that this is a legitimate and official
Treasury offer to someone who comes to you with questions is an important
way to support this program.

Official offers will:

* Arrive in an official U.S. Department of the Treasury envelope
* Communicate the details of the offer on official Treasury letterhead
* Identify a unique registration code in the letter that only the
recipient can use
* Include an informational brochure, Q&A, and terms and conditions
pamphlet
* Provide two options for recipients to sign up for the card:
o Toll-free: 1-866-795-7969
o Online: www.MyAccountCard.gov
<http://cl.publicaster.com/ClickThru.aspx?pubids=8147%7c0%7c656&digest=mxgO9 ('http://cl.publicaster.com/ClickThru.aspx?pubids=8147%7c0%7c656&digest=mxgO9')
gbyYO%2bPHgNy8ggm4A&sysid=1>

If your organization provides tax preparation services, you can also assure
pilot invitees that getting their tax refund direct deposited onto
MyAccountCard is safe, fast and easy. Each cardholder will receive direct
deposit information, including a unique ABA routing number and account
number. When preparing a cardholder's tax return, simply fill in these
numbers in the refund section of the tax form and select "checking" under
account type. Cardholders can expect to receive their federal tax refund
faster than a paper refund check in the mail.

For additional information about the Treasury pilot, please visit
www.MyAccountCard.gov.

Recommended by the U.S. Department of the Treasury

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DEPARTMENT OF THE TREASURY
Financial Management Service
Regional Financial Center
P.O. Box 149058
Austin, Texas 78714

__._,_.___

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From: bounce-7660954-9354502@list.cornell.edu
[mailto:bounce-7660954-9354502@list.cornell.edu] On Behalf Of English,
Barksdale
Sent: Friday, January 14, 2011 8:01 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Fed Tax Return via prepaid debt cards

Hi y'all,

I heard a report on NPR this morning that the IRS is considering
distributing tax returns to about 600,000 unbanked tax payers throughout the
country via pre-paid debit cards. I'm wondering if anyone on the listserv
knows more about this, especially if the IRS will be working through various
Bank On partnerships as well as how a local municipality can help with
outreach efforts to get as many folks singed up as possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-14-2011, 11:36 AM

Original message from: Scott.Sandlin@wal-mart.com

The deal is with Greendot. It is a small pilot that has all the normal
prepaid fees associated.

From: bounce-7660954-11588096@list.cornell.edu
[mailto:bounce-7660954-11588096@list.cornell.edu] On Behalf Of English,
Barksdale
Sent: Friday, January 14, 2011 10:01 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Fed Tax Return via prepaid debt cards

Hi y'all,

I heard a report on NPR this morning that the IRS is considering
distributing tax returns to about 600,000 unbanked tax payers throughout
the country via pre-paid debit cards. I'm wondering if anyone on the
listserv knows more about this, especially if the IRS will be working
through various Bank On partnerships as well as how a local municipality
can help with outreach efforts to get as many folks singed up as
possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

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immediately.

*** Walmart
Confidential ***

Community Development Banking List

01-14-2011, 11:46 AM

Original message from: Jackie.Pennington@lnfcu.com

I can tell you that in Louisville Bank On is working with the Vita sites
to issue refunds through a prepaid card from PNC. If you are
interested, you might contact PNC to inquire.

Jacqueline L. Pennington

Director, Business Development

L&N Federal Credit Union

4700 Southern Pky.

Louisville, KY 40214

jackie.pennington@LNFCU.com

Office 502-315-5387

Fax 502-515-1648

From: bounce-7660954-9347076@list.cornell.edu
[mailto:bounce-7660954-9347076@list.cornell.edu] On Behalf Of English,
Barksdale
Sent: Friday, January 14, 2011 11:01 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Fed Tax Return via prepaid debt cards

Hi y'all,

I heard a report on NPR this morning that the IRS is considering
distributing tax returns to about 600,000 unbanked tax payers throughout
the country via pre-paid debit cards. I'm wondering if anyone on the
listserv knows more about this, especially if the IRS will be working
through various Bank On partnerships as well as how a local municipality
can help with outreach efforts to get as many folks singed up as
possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

-------------------------------------------------------------------------

This email and any files transmitted with it are confidential and are intended solely for the use of the individual or entity to which they are addressed. This communication represents the originator's personal views and opinions, which do not necessarily reflect those of L&N Federal Credit Union. If you are not the original recipient or the person responsible for delivering the email to the intended recipient, be advised that you have received this email in error, and that any use, dissemination, forwarding, printing, or copying of this email is strictly prohibited. If you receive this email in error, please delete it and immediately notify postmaster@LNFCU.com.

Community Development Banking List

01-14-2011, 11:46 AM

Original message from: mrapport@sc.rr.com

We had this item on it today:

http://www.cutimes.com/News/2011/1/Pages/Treasury-to-Offer-Tax-Refunds-Via-P ('http://www.cutimes.com/News/2011/1/Pages/Treasury-to-Offer-Tax-Refunds-Via-P')
repaid-Debit-Cards.aspx

Tnx,

Marc Rapport

Credit Union Times

From: bounce-7660954-8190738@list.cornell.edu
[mailto:bounce-7660954-8190738@list.cornell.edu] On Behalf Of English,
Barksdale
Sent: Friday, January 14, 2011 11:01 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Fed Tax Return via prepaid debt cards

Hi y'all,

I heard a report on NPR this morning that the IRS is considering
distributing tax returns to about 600,000 unbanked tax payers throughout the
country via pre-paid debit cards. I'm wondering if anyone on the listserv
knows more about this, especially if the IRS will be working through various
Bank On partnerships as well as how a local municipality can help with
outreach efforts to get as many folks singed up as possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-14-2011, 11:46 AM

Original message from: manager@cuplus.org

My initial reaction based on very limited information is that this is going to be a setback in efforts to bring the unbanked into the world of traditional banking services. Many credit unions and CDFIs have worked at developing programs to encourage people to save at least a portion of their return. Returns on a prepaid debit card will likely get spent. Just think of the studies that show how people are more likely to spend more money when shopping if they use a debit card rather than cash. Hopefully, I am just being overly pessimistic.

Michael Daugherty
President/Manager
Community Plus Federal Credit Union

From: English, Barksdale
Sent: Friday, January 14, 2011 10:00 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Fed Tax Return via prepaid debt cards

Hi yâ€™all,

I heard a report on NPR this morning that the IRS is considering distributing tax returns to about 600,000 unbanked tax payers throughout the country via pre-paid debit cards. Iâ€™m wondering if anyone on the listserv knows more about this, especially if the IRS will be working through various Bank On partnerships as well as how a local municipality can help with outreach efforts to get as many folks singed up as possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-14-2011, 11:46 AM

Original message from: ECarter@cahs.org

Check out their website for more information:
http://www.myaccountcard.gov/. ('http://www.myaccountcard.gov/.')

I think the IRS is informing VITA sites about how to enter the
information in for direct deposit when they prepare a tax return. Not
sure how much advertising is going on directly at sites.

Ellen Carter

Financial Education Programs Coordinator
Connecticut Association for Human Services
110 Bartholomew Ave, Suite 4030
Hartford, CT 06106
www.cahs.org <http://www.cahs.org/> ('http://www.cahs.org/>') ; www.ctmoney.org

ecarter@cahs.org <mailto:ecarter@cahs.org>
phone. 860.951.2212, ext. 230
fax.860.951.6511

Click below to join CAHS social media groups

<http://www.facebook.com/group.php?gid=58200404591&ref=ts> ('http://www.facebook.com/group.php?gid=58200404591&ref=ts>')
<http://twitter.com/CAHSDOTORG> ('http://twitter.com/CAHSDOTORG>')

From: bounce-7660954-8419187@list.cornell.edu
[mailto:bounce-7660954-8419187@list.cornell.edu] On Behalf Of English,
Barksdale
Sent: Friday, January 14, 2011 11:01 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Fed Tax Return via prepaid debt cards

Hi y'all,

I heard a report on NPR this morning that the IRS is considering
distributing tax returns to about 600,000 unbanked tax payers throughout
the country via pre-paid debit cards. I'm wondering if anyone on the
listserv knows more about this, especially if the IRS will be working
through various Bank On partnerships as well as how a local municipality
can help with outreach efforts to get as many folks singed up as
possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-14-2011, 01:08 PM

Original message from: lsaunders@nclc.org

We put out a press release on it yesterday:

http://www.nclc.org/images/pdf/pr-reports/pr_irs_myaccountnow.pdf ('http://www.nclc.org/images/pdf/pr-reports/pr_irs_myaccountnow.pdf')

**Note new email: LSaunders@nclc.org (not nclcDC.org)

Lauren Saunders
Managing Attorney
National Consumer Law Center
1001 Connecticut Ave., NW, Suite 510
Washington, DC 20036
(202) 452-6252 x 105
lsaunders@nclc.org
www.nclc.org <http://www.nclc.org/> ('http://www.nclc.org/>')

________________________________

From: bounce-7661150-14529746@list.cornell.edu on behalf of Jim Glozier
Sent: Fri 1/14/2011 11:44 AM
To: English, Barksdale
Cc: communitydevelopmentbanking-l@cornell.edu
Subject: Re: Fed Tax Return via prepaid debt cards

link to here is an article on this topic

http://blogs.smartmoney.com/tax/2011/01/14/will-irs-debit-cards-curb-refund-anticipation-loans/?mod=rss_ ('http://blogs.smartmoney.com/tax/2011/01/14/will-irs-debit-cards-curb-refund-anticipation-loans/?mod=rss_')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-14-2011, 02:30 PM

Original message from: Goldberg@nlc.org

Barksdale,
Not everyone will be eligible for the cards. This is a pilot that Treasury is doing in which they will be testing different messages and different features to get a sense of what works. I would say that municipalities involved with VITA sites should encourage taxpayers to utilize this opportunity if they receive a letter. Treasury will be working with tax preparers to let them know about this - both VITA programs and others.
Heidi

Heidi Goldberg
Program Director, Early Childhood & Family Economic Success
National League of Cities
Institute for Youth, Education, and Families
1301 Pennsylvania Ave., N.W.
Washington, D.C. 20004-1763
goldberg@nlc.org<mailto:goldberg@nlc.org>
(202) 626-3069
(202) 626-3043 (fax)

From: bounce-7660954-11587878@list.cornell.edu [mailto:bounce-7660954-11587878@list.cornell.edu] On Behalf Of English, Barksdale
Sent: Friday, January 14, 2011 11:01 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Fed Tax Return via prepaid debt cards

Hi y'all,
I heard a report on NPR this morning that the IRS is considering distributing tax returns to about 600,000 unbanked tax payers throughout the country via pre-paid debit cards. I'm wondering if anyone on the listserv knows more about this, especially if the IRS will be working through various Bank On partnerships as well as how a local municipality can help with outreach efforts to get as many folks singed up as possible.

Best,
Barksdale

Barksdale English
Policy Aide to Bill Spelman
Austin City Council, Place 5
512.974.2256 (office)
512.974.7655 (fax)
http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-14-2011, 02:30 PM

Original message from: lsaunders@nclc.org

That (Vita prepaid cards) is different. I'm familiar with this one. It's a pilot program to mail solicitations to people to see if they want to sign up for a prepaid card offered under a contract with Treasury, in preparation for a full program that would let people check off a box on their income tax forms.

Lauren Saunders
Managing Attorney
National Consumer Law Center
1001 Connecticut Ave., NW, Suite 510
Washington, DC 20036
(202) 452-6252 x 105
lsaunders@nclc.org
www.nclc.org <http://www.nclc.org/> ('http://www.nclc.org/>')

________________________________

From: bounce-7661157-14529746@list.cornell.edu on behalf of Jackie Pennington
Sent: Fri 1/14/2011 11:53 AM
To: English, Barksdale; communitydevelopmentbanking-l@cornell.edu
Subject: RE: Fed Tax Return via prepaid debt cards

I can tell you that in Louisville Bank On is working with the Vita sites to issue refunds through a prepaid card from PNC. If you are interested, you might contact PNC to inquire.

Jacqueline L. Pennington

Director, Business Development

L&N Federal Credit Union

4700 Southern Pky.

Louisville, KY 40214

jackie.pennington@LNFCU.com

Office 502-315-5387

Fax 502-515-1648

From: bounce-7660954-9347076@list.cornell.edu [mailto:bounce-7660954-9347076@list.cornell.edu] On Behalf Of English, Barksdale
Sent: Friday, January 14, 2011 11:01 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Fed Tax Return via prepaid debt cards

Hi y'all,

I heard a report on NPR this morning that the IRS is considering distributing tax returns to about 600,000 unbanked tax payers throughout the country via pre-paid debit cards. I'm wondering if anyone on the listserv knows more about this, especially if the IRS will be working through various Bank On partnerships as well as how a local municipality can help with outreach efforts to get as many folks singed up as possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

________________________________

This email and any files transmitted with it are confidential and are intended solely for the use of the individual or entity to which they are addressed. This communication represents the originator's personal views and opinions, which do not necessarily reflect those of L&N Federal Credit Union. If you are not the original recipient or the person responsible for delivering the email to the intended recipient, be advised that you have received this email in error, and that any use, dissemination, forwarding, printing, or copying of this email is strictly prohibited. If you receive this email in error, please delete it and immediately notify postmaster@LNFCU.com. ZX

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-14-2011, 02:30 PM

Original message from: lsaunders@nclc.org

For those considering doing their own prepaid cards, here's some stuff from our prepaid cards page (under Issues, Banking):

Issue Brief: Features of a Safe Basic Banking or Prepaid Card Account, December 2010 http://www.nclc.org/images/pdf/banking_and_payment_systems/issue-brief-safe-banking.pdf ('http://www.nclc.org/images/pdf/banking_and_payment_systems/issue-brief-safe-banking.pdf')

7 Essentials for Consumer-Safe Prepaid Cards (presentation to Federal Reserve Bank of Philadelphia), April 2010 http://www.nclc.org/images/pdf/banking_and_payment_systems/presentation-prepaid-cards.pdf ('http://www.nclc.org/images/pdf/banking_and_payment_systems/presentation-prepaid-cards.pdf')

Lauren Saunders
Managing Attorney
National Consumer Law Center
1001 Connecticut Ave., NW, Suite 510
Washington, DC 20036
(202) 452-6252 x 105
lsaunders@nclc.org
www.nclc.org <http://www.nclc.org/> ('http://www.nclc.org/>')

________________________________

From: bounce-7661158-14529746@list.cornell.edu on behalf of Ellen Carter
Sent: Fri 1/14/2011 12:01 PM
To: English, Barksdale; communitydevelopmentbanking-l@cornell.edu
Subject: RE: Fed Tax Return via prepaid debt cards

Check out their website for more information: http://www.myaccountcard.gov/. ('http://www.myaccountcard.gov/.')

I think the IRS is informing VITA sites about how to enter the information in for direct deposit when they prepare a tax return. Not sure how much advertising is going on directly at sites.

Ellen Carter

Financial Education Programs Coordinator
Connecticut Association for Human Services
110 Bartholomew Ave, Suite 4030
Hartford, CT 06106
www.cahs.org <http://www.cahs.org/> ('http://www.cahs.org/>') ; www.ctmoney.org

ecarter@cahs.org <mailto:ecarter@cahs.org>
phone. 860.951.2212, ext. 230
fax.860.951.6511

Click below to join CAHS social media groups

<http://www.facebook.com/group.php?gid=58200404591&ref=ts> ('http://www.facebook.com/group.php?gid=58200404591&ref=ts>') <http://twitter.com/CAHSDOTORG> ('http://twitter.com/CAHSDOTORG>')

From: bounce-7660954-8419187@list.cornell.edu [mailto:bounce-7660954-8419187@list.cornell.edu] On Behalf Of English, Barksdale
Sent: Friday, January 14, 2011 11:01 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Fed Tax Return via prepaid debt cards

Hi y'all,

I heard a report on NPR this morning that the IRS is considering distributing tax returns to about 600,000 unbanked tax payers throughout the country via pre-paid debit cards. I'm wondering if anyone on the listserv knows more about this, especially if the IRS will be working through various Bank On partnerships as well as how a local municipality can help with outreach efforts to get as many folks singed up as possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-14-2011, 02:30 PM

Original message from: Jackie.Pennington@lnfcu.com

This program in Louisville will be offered directly to those who are
receiving a refund at a vita site, but who are unbanked.

-----Original Message-----
From: Lauren Saunders [mailto:lsaunders@nclc.org]
Sent: Friday, January 14, 2011 12:44 PM
To: Jackie Pennington; English, Barksdale;
communitydevelopmentbanking-l@cornell.edu
Subject: RE: Fed Tax Return via prepaid debt cards

That (Vita prepaid cards) is different. I'm familiar with this one.
It's a pilot program to mail solicitations to people to see if they want
to sign up for a prepaid card offered under a contract with Treasury, in
preparation for a full program that would let people check off a box on
their income tax forms.

Lauren Saunders
Managing Attorney
National Consumer Law Center
1001 Connecticut Ave., NW, Suite 510
Washington, DC 20036
(202) 452-6252 x 105
lsaunders@nclc.org
www.nclc.org <http://www.nclc.org/> ('http://www.nclc.org/>')

________________________________

From: bounce-7661157-14529746@list.cornell.edu on behalf of Jackie
Pennington
Sent: Fri 1/14/2011 11:53 AM
To: English, Barksdale; communitydevelopmentbanking-l@cornell.edu
Subject: RE: Fed Tax Return via prepaid debt cards

I can tell you that in Louisville Bank On is working with the Vita sites
to issue refunds through a prepaid card from PNC. If you are
interested, you might contact PNC to inquire.

Jacqueline L. Pennington

Director, Business Development

L&N Federal Credit Union

4700 Southern Pky.

Louisville, KY 40214

jackie.pennington@LNFCU.com

Office 502-315-5387

Fax 502-515-1648

From: bounce-7660954-9347076@list.cornell.edu
[mailto:bounce-7660954-9347076@list.cornell.edu] On Behalf Of English,
Barksdale
Sent: Friday, January 14, 2011 11:01 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Fed Tax Return via prepaid debt cards

Hi y'all,

I heard a report on NPR this morning that the IRS is considering
distributing tax returns to about 600,000 unbanked tax payers throughout
the country via pre-paid debit cards. I'm wondering if anyone on the
listserv knows more about this, especially if the IRS will be working
through various Bank On partnerships as well as how a local municipality
can help with outreach efforts to get as many folks singed up as
possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

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________________________________

This email and any files transmitted with it are confidential and are
intended solely for the use of the individual or entity to which they
are addressed. This communication represents the originator's personal
views and opinions, which do not necessarily reflect those of L&N
Federal Credit Union. If you are not the original recipient or the
person responsible for delivering the email to the intended recipient,
be advised that you have received this email in error, and that any use,
dissemination, forwarding, printing, or copying of this email is
strictly prohibited. If you receive this email in error, please delete
it and immediately notify postmaster@LNFCU.com. ZX

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

-------------------------------------------------------------------------

This email and any files transmitted with it are confidential and are intended solely for the use of the individual or entity to which they are addressed. This communication represents the originator's personal views and opinions, which do not necessarily reflect those of L&N Federal Credit Union. If you are not the original recipient or the person responsible for delivering the email to the intended recipient, be advised that you have received this email in error, and that any use, dissemination, forwarding, printing, or copying of this email is strictly prohibited. If you receive this email in error, please delete it and immediately notify postmaster@LNFCU.com.

Community Development Banking List

01-14-2011, 02:30 PM

Original message from: kayedschmitz@bellsouth.net

Hi Barksdale,

Here is a link to the Treasury program and the description of the card
itself.

http://www.treasury.gov/press-center/press-releases/Pages/tg1021.aspx ('http://www.treasury.gov/press-center/press-releases/Pages/tg1021.aspx')

http://www.myaccountcard.gov/ ('http://www.myaccountcard.gov/')

I saw this on the NCTC's Tax Buzz.
http://hosted.verticalresponse.com/734060/134e7c8b23/316555863/5923b05d9e/ ('http://hosted.verticalresponse.com/734060/134e7c8b23/316555863/5923b05d9e/')

Hope this helps.

Kaye

904-940-0296

From: bounce-7660954-14193987@list.cornell.edu
[mailto:bounce-7660954-14193987@list.cornell.edu] On Behalf Of English,
Barksdale
Sent: Friday, January 14, 2011 11:01 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Fed Tax Return via prepaid debt cards

Hi y'all,

I heard a report on NPR this morning that the IRS is considering
distributing tax returns to about 600,000 unbanked tax payers throughout the
country via pre-paid debit cards. I'm wondering if anyone on the listserv
knows more about this, especially if the IRS will be working through various
Bank On partnerships as well as how a local municipality can help with
outreach efforts to get as many folks singed up as possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-14-2011, 02:36 PM

Original message from: JUpdike@HondaFCU.org

Michael,

I appreciate your concerns that this is going to be a setback in efforts to get folks to save. Perhaps there are other ways to overcome that issue. For example, many of us have credit card terminals in our offices. Could we do a â€˜Cash Advanceâ€™ transaction without charge as long as the person puts the funds into a savings account?

Iâ€™m of the opinion that this new program will, at least, result in reduced costs for the recipients (check-cashing fees) as well as enhancing the safety for the individual. In addition, as a tax-payer, since we all pay for the costs of the distribution of refunds, programs that reduce these costs are welcome.

Jim Updike

CEO

Honda Federal Credit Union

Part of the Family

310-217-8655

jupdike@hondafcu.org

"Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming; WOW-- What a Ride!"

From: bounce-7661152-14528599@list.cornell.edu [mailto:bounce-7661152-14528599@list.cornell.edu] On Behalf Of Michael Daugherty
Sent: Friday, January 14, 2011 9:00 AM
To: English, Barksdale; communitydevelopmentbanking-l@cornell.edu
Subject: Re: Fed Tax Return via prepaid debt cards

My initial reaction based on very limited information is that this is going to be a setback in efforts to bring the unbanked into the world of traditional banking services. Many credit unions and CDFIs have worked at developing programs to encourage people to save at least a portion of their return. Returns on a prepaid debit card will likely get spent. Just think of the studies that show how people are more likely to spend more money when shopping if they use a debit card rather than cash. Hopefully, I am just being overly pessimistic.

Michael Daugherty
President/Manager
Community Plus Federal Credit Union

From: English, Barksdale <mailto:Barksdale.English@ci.austin.tx.us>

Sent: Friday, January 14, 2011 10:00 AM

To: communitydevelopmentbanking-l@cornell.edu

Subject: Fed Tax Return via prepaid debt cards

Hi yâ€™all,

I heard a report on NPR this morning that the IRS is considering distributing tax returns to about 600,000 unbanked tax payers throughout the country via pre-paid debit cards. Iâ€™m wondering if anyone on the listserv knows more about this, especially if the IRS will be working through various Bank On partnerships as well as how a local municipality can help with outreach efforts to get as many folks singed up as possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

This E-mail message is intended for the use of the individual or entity to which it is addressed, and may contain information that is privileged, confidential and exempt from disclosure under applicable law. If the reader of this E-mail message is not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this communication is strictly prohibited. If you have received this communication in error, please notify Honda Federal Credit Union immediately by calling 1-800-63-Honda and ask for our IT Department, or E-mail us at www.hondafcu.org, click on the Contact Us link at the top of the home page, and send your E-mail to the Torrance or Marysville Branch.

Community Development Banking List

01-14-2011, 02:36 PM

Original message from: Toni.C.Ruble@irs.gov

I am answering based on the information we have received in the field
thus far.

My understanding is that the pilot will be limited to those that receive
a letter from the IRS inviting them to participate. Instructions as to
how the information is to be entered at the VITA site if their card is
activated will be in the letters they receive. There is not a marketing
plan for this initiative and my understanding is that this is because
not all the letters will be the same. Different options and services
will be offered in different letters. This is to gather data that will
identify which services are most desired and which marketing approach
works best with taxpayers.

I enjoy this board very much and hope this answers your questions.

Toni C. Ruble
Senior Stakeholder Relationship Tax Consultant
Internal Revenue Service
151 Patton, Room 167
Asheville, N.C. 28801-2638
Cell : 803-873-8804
Toni.Ruble@IRS.gov
"Make a difference, every day"

________________________________

From: bounce-7661158-9378704@list.cornell.edu
[mailto:bounce-7661158-9378704@list.cornell.edu] On Behalf Of Ellen
Carter
Sent: Friday, January 14, 2011 12:02 PM
To: English, Barksdale; communitydevelopmentbanking-l@cornell.edu
Subject: RE: Fed Tax Return via prepaid debt cards

Check out their website for more information:
http://www.myaccountcard.gov/. ('http://www.myaccountcard.gov/.')

I think the IRS is informing VITA sites about how to enter the
information in for direct deposit when they prepare a tax return. Not
sure how much advertising is going on directly at sites.

Ellen Carter

Financial Education Programs Coordinator
Connecticut Association for Human Services
110 Bartholomew Ave, Suite 4030
Hartford, CT 06106
www.cahs.org <http://www.cahs.org/> ('http://www.cahs.org/>') ; www.ctmoney.org

ecarter@cahs.org <mailto:ecarter@cahs.org>
phone. 860.951.2212, ext. 230
fax.860.951.6511

Click below to join CAHS social media groups

<http://www.facebook.com/group.php?gid=58200404591&ref=ts> ('http://www.facebook.com/group.php?gid=58200404591&ref=ts>')
<http://twitter.com/CAHSDOTORG> ('http://twitter.com/CAHSDOTORG>')

From: bounce-7660954-8419187@list.cornell.edu
[mailto:bounce-7660954-8419187@list.cornell.edu] On Behalf Of English,
Barksdale
Sent: Friday, January 14, 2011 11:01 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Fed Tax Return via prepaid debt cards

Hi y'all,

I heard a report on NPR this morning that the IRS is considering
distributing tax returns to about 600,000 unbanked tax payers throughout
the country via pre-paid debit cards. I'm wondering if anyone on the
listserv knows more about this, especially if the IRS will be working
through various Bank On partnerships as well as how a local municipality
can help with outreach efforts to get as many folks singed up as
possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-14-2011, 02:36 PM

Original message from: dnewville@cfsinnovation.com

The Center for Financial Services Innovation (CFSI) applauds the U.S.
Treasury Department for launching the MyAccountCard Visa Prepaid Card Tax
Time Program this week. The national pilot is an excellent start to bringing
low cost transaction and savings products to millions of tax filers. The
pilot program was also informed by CFSI's SAFE-T Accounts proposal. For more
information please see our press release on the announcement:
http://cfsinnovation.com/system/files/Taxtime_GPR_Jan2011_0.pdf ('http://cfsinnovation.com/system/files/Taxtime_GPR_Jan2011_0.pdf')

Community Development Banking List

01-14-2011, 02:36 PM

Original message from: leatricek@oha.org

Is there a way we can find out if our state will be participating in the
pilot program? What would our percentage be of the 600,000 targeted?

Leatrice M. Kauahi

Manager, Native Hawaiian Revolving Loan Fund

The Office of Hawaiian Affairs

711 Kapiolani Blvd., Suite 500

Honolulu, Hawaii 96813

Phone: 808-594-1911

From: bounce-7661402-12596326@list.cornell.edu
[mailto:bounce-7661402-12596326@list.cornell.edu] On Behalf Of Lauren
Saunders
Sent: Friday, January 14, 2011 7:40 AM
To: Jim Glozier; English, Barksdale
Cc: communitydevelopmentbanking-l@cornell.edu
Subject: RE: Fed Tax Return via prepaid debt cards

We put out a press release on it yesterday:

http://www.nclc.org/images/pdf/pr-reports/pr_irs_myaccountnow.pdf ('http://www.nclc.org/images/pdf/pr-reports/pr_irs_myaccountnow.pdf')

**Note new email: LSaunders@nclc.org (not nclcDC.org)

Lauren Saunders

Managing Attorney

National Consumer Law Center

1001 Connecticut Ave., NW, Suite 510

Washington, DC 20036

(202) 452-6252 x 105

lsaunders@nclc.org

www.nclc.org <http://www.nclc.org/> ('http://www.nclc.org/>')

________________________________

From: bounce-7661150-14529746@list.cornell.edu on behalf of Jim Glozier
Sent: Fri 1/14/2011 11:44 AM
To: English, Barksdale
Cc: communitydevelopmentbanking-l@cornell.edu
Subject: Re: Fed Tax Return via prepaid debt cards

link to here is an article on this topic

http://blogs.smartmoney.com/tax/2011/01/14/will-irs-debit-cards-curb-ref ('http://blogs.smartmoney.com/tax/2011/01/14/will-irs-debit-cards-curb-ref')
und-anticipation-loans/?mod=rss_

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-14-2011, 05:08 PM

Original message from: lbonham@cfsinnovation.com

Hi all,

Earlier this year CFSI put out a guide designed for nonprofits focused on
consumer finance issues to build general awareness around prepaid cards and
provide the tools and resources needed by nonprofits to start to incorporate
prepaid into their programming. You can download it on our website:
http://www.cfsinnovation.com/nonprofitguide ('http://www.cfsinnovation.com/nonprofitguide')

Second, Some participants of the pilot will be offered savings accounts
associated with their MyAccountCard. From the treasury site:

*For those participants who are offered a savings feature, there is no
charge to open or maintain the account. No minimum balance and 0.25% annual
percentage yield (Variable rate, subject to change). Fees may apply to
withdraw your funds if you use an ATM outside of the MyAccountCard network.
There are limitations on the number of withdrawals per month.*

<http://www.cfsinnovation.com> ('http://www.cfsinnovation.com>')

Lorie Bonham
Marketing & Communication Director
312.881.5807 | lbonham@cfsinnovation.com
Twitter: CFSInnovation <http://twitter.com/cfsinnovation>* ('http://twitter.com/cfsinnovation>*') *

*Register Today! <http://www.americanbanker.com/conferences/cfsi/>** ('http://www.americanbanker.com/conferences/cfsi/>**') *The
6th Annual Underbanked Financial Services Forum, June 8-10, 2011, New
Orleans

On Fri, Jan 14, 2011 at 11:51 AM, Lauren Saunders <lsaunders@nclc.org>wrote:

For those considering doing their own prepaid cards, here's some stuff
from our prepaid cards page (under Issues, Banking):

Issue Brief: Features of a Safe Basic Banking or Prepaid Card Account<http://images/pdf/banking_and_payment_systems/issue-brief-safe-banking.pdf>, ('http://images/pdf/banking_and_payment_systems/issue-brief-safe-banking.pdf>,')
December 2010
http://www.nclc.org/images/pdf/banking_and_payment_systems/issue-brief-safe-banking.pdf ('http://www.nclc.org/images/pdf/banking_and_payment_systems/issue-brief-safe-banking.pdf')

7 Essentials for Consumer-Safe Prepaid Cards<http://images/pdf/banking_and_payment_systems/presentation-prepaid-cards.pdf>(presentation ('http://images/pdf/banking_and_payment_systems/presentation-prepaid-cards.pdf>(presentation') to Federal Reserve Bank of Philadelphia), April 2010
http://www.nclc.org/images/pdf/banking_and_payment_systems/presentation-prepaid-cards.pdf ('http://www.nclc.org/images/pdf/banking_and_payment_systems/presentation-prepaid-cards.pdf')
Lauren Saunders
Managing Attorney
National Consumer Law Center
1001 Connecticut Ave., NW, Suite 510
Washington, DC 20036
(202) 452-6252 x 105
lsaunders@nclc.org
www.nclc.org

------------------------------
*From:* bounce-7661158-14529746@list.cornell.edu on behalf of Ellen Carter
*Sent:* Fri 1/14/2011 12:01 PM
*To:* English, Barksdale; communitydevelopmentbanking-l@cornell.edu
*Subject:* RE: Fed Tax Return via prepaid debt cards

Check out their website for more information:
http://www.myaccountcard.gov/. ('http://www.myaccountcard.gov/.')

I think the IRS is informing VITA sites about how to enter the information
in for direct deposit when they prepare a tax return. Not sure how much
advertising is going on directly at sites.

*Ellen Carter*

Financial Education Programs Coordinator
Connecticut Association for Human Services
110 Bartholomew Ave, Suite 4030
Hartford, CT 06106
www.cahs.org; *www.ctmoney.org*

ecarter@cahs.org
phone. 860.951.2212, ext. 230
fax.860.951.6511

[image: 100 year Logo]

Click below to join CAHS social media groups

[image: facebook]<http://www.facebook.com/group.php?gid=58200404591&ref=ts>[image: ('http://www.facebook.com/group.php?gid=58200404591&ref=ts>[image:')
Tweeter] <http://twitter.com/CAHSDOTORG> ('http://twitter.com/CAHSDOTORG>')

*From:* bounce-7660954-8419187@list.cornell.edu [mailto:
bounce-7660954-8419187@list.cornell.edu] *On Behalf Of *English, Barksdale
*Sent:* Friday, January 14, 2011 11:01 AM
*To:* communitydevelopmentbanking-l@cornell.edu
*Subject:* Fed Tax Return via prepaid debt cards

Hi y’all,

I heard a report on NPR this morning that the IRS is considering
distributing tax returns to about 600,000 unbanked tax payers throughout the
country via pre-paid debit cards. I’m wondering if anyone on the listserv
knows more about this, especially if the IRS will be working through various
Bank On partnerships as well as how a local municipality can help with
outreach efforts to get as many folks singed up as possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P* *Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-14-2011, 10:30 PM

Original message from: richard@bancofino.com

Michael,

I agree with you. If you put the funds in a prepaid card, it will only encourage the card holder to spend the money. If you want them to save money, then put the funds in a vehicle that encourages saving money. We are studying ways on how to lend money to those that are unbanked, then weâ€™ll address the other factors. Weâ€™ll be coming up with solutions. I guarantee it!

Regards,

Richard David x 300

Bancofino of New York

richard@bancofino.com | www.bancofino.com <http://bit.ly/Bancofino> ('http://bit.ly/Bancofino>')

Visit me on Facebook and see us in action <http://bit.ly/BancofinoFacebook> ('http://bit.ly/BancofinoFacebook>')

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Bancofino of New York | Lender of choice for the

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â€¢ BancoPayrollâ„¢ Program <http://bit.ly/BancoPayrollProgram> ('http://bit.ly/BancoPayrollProgram>') | Business Payroll Solution <http://bit.ly/BancoPayrollApp> ('http://bit.ly/BancoPayrollApp>') s

â€¢ BancoSuranceâ„¢ <http://bit.ly/BancoPayrollProgram> ('http://bit.ly/BancoPayrollProgram>') | Pay as You Go Workman's Comp Liability

â€¢ BancoBondâ„¢ Program <http://bit.ly/BancoBondProgram> ('http://bit.ly/BancoBondProgram>') | Surety Services for Contractors

â€¢ Get your BancoBondâ„¢ Today! Click Here to Apply <http://bit.ly/BancoBondApp> ('http://bit.ly/BancoBondApp>')

â€¢ The Bancofino Academy is here. Click here <http://bit.ly/BancofinoAcademyPR> ('http://bit.ly/BancofinoAcademyPR>') for details.

â€¢ Stay tuned for our BancoCash Pronto Loan for Business

â€¢ Click here to indicate your interest in applying for the above loan <mailto:bancocashprontoloan@bancofino.com?subject=B ancoCash%20Pronto%20Loan%20Program%20for%20Busines s>

New York 212.254.2600 | Dallas 214.986.1700 | Houston 281.444.4100

San Antonio 210.333.9700 | Austin 512.444.4200 | Chicago 312.251.4300

Los Angeles | Miami | Atlanta | Boston Coming Soon!

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community support is a key factor in our decision.

Contact us for additional information.

The Bancofino Mortgage Company is coming!

Loan officers interested in joining the Bancofino team

can send an inquiry to loanofficer@bancofino.com.

From: bounce-7661152-10328705@list.cornell.edu [mailto:bounce-7661152-10328705@list.cornell.edu] On Behalf Of Michael Daugherty
Sent: Friday, January 14, 2011 11:00 AM
To: English, Barksdale; communitydevelopmentbanking-l@cornell.edu
Subject: Re: Fed Tax Return via prepaid debt cards

My initial reaction based on very limited information is that this is going to be a setback in efforts to bring the unbanked into the world of traditional banking services. Many credit unions and CDFIs have worked at developing programs to encourage people to save at least a portion of their return. Returns on a prepaid debit card will likely get spent. Just think of the studies that show how people are more likely to spend more money when shopping if they use a debit card rather than cash. Hopefully, I am just being overly pessimistic.

Michael Daugherty
President/Manager
Community Plus Federal Credit Union

From: English, Barksdale <mailto:Barksdale.English@ci.austin.tx.us>

Sent: Friday, January 14, 2011 10:00 AM

To: communitydevelopmentbanking-l@cornell.edu

Subject: Fed Tax Return via prepaid debt cards

Hi yâ€™all,

I heard a report on NPR this morning that the IRS is considering distributing tax returns to about 600,000 unbanked tax payers throughout the country via pre-paid debit cards. Iâ€™m wondering if anyone on the listserv knows more about this, especially if the IRS will be working through various Bank On partnerships as well as how a local municipality can help with outreach efforts to get as many folks singed up as possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-14-2011, 11:36 PM

Original message from: ken.mceldowney@consumer-action.org

Certainly, if all of the participants are offered savings accounts with these features then one of my concerns goes away. If not, I have very real reservations about encouraging the use of any such card that seems to 'encourage' the unbanked to develop a banking relationship that is separate from traditional checking and savings accounts.

While the consumer will avoid the high check cashing fees, they won't be establishing a relationship with a bank that can lead to financial stability or the taking of the first step to a positive credit report. In fact, such a card will reduce the incentive to do so.

I can't understand the logic behind not offering a savings account to all participants. I can understand testing different fees, etc. in the pilot but just limiting savings accounts to one test sample. There can be down side to offering savings accounts.

On Jan 14, 2011, at 1:40 PM, Lorie Bonham wrote:

Hi all,

Earlier this year CFSI put out a guide designed for nonprofits focused on consumer finance issues to build general awareness around prepaid cards and provide the tools and resources needed by nonprofits to start to incorporate prepaid into their programming. You can download it on our website: http://www.cfsinnovation.com/nonprofitguide ('http://www.cfsinnovation.com/nonprofitguide')

Second, Some participants of the pilot will be offered savings accounts associated with their MyAccountCard. From the treasury site:

For those participants who are offered a savings feature, there is no charge to open or maintain the account. No minimum balance and 0.25% annual percentage yield (Variable rate, subject to change). Fees may apply to withdraw your funds if you use an ATM outside of the MyAccountCard network. There are limitations on the number of withdrawals per month.

Lorie Bonham
Marketing & Communication Director
312.881.5807 | lbonham@cfsinnovation.com
Twitter: CFSInnovation
Register Today! The 6th Annual Underbanked Financial Services Forum, June 8-10, 2011, New Orleans

On Fri, Jan 14, 2011 at 11:51 AM, Lauren Saunders <lsaunders@nclc.org> wrote:
For those considering doing their own prepaid cards, here's some stuff from our prepaid cards page (under Issues, Banking):

Issue Brief: Features of a Safe Basic Banking or Prepaid Card Account, December 2010 http://www.nclc.org/images/pdf/banking_and_payment_systems/issue-brief-safe-banking.pdf ('http://www.nclc.org/images/pdf/banking_and_payment_systems/issue-brief-safe-banking.pdf')
7 Essentials for Consumer-Safe Prepaid Cards (presentation to Federal Reserve Bank of Philadelphia), April 2010 http://www.nclc.org/images/pdf/banking_and_payment_systems/presentation-prepaid-cards.pdf ('http://www.nclc.org/images/pdf/banking_and_payment_systems/presentation-prepaid-cards.pdf')

Lauren Saunders
Managing Attorney
National Consumer Law Center
1001 Connecticut Ave., NW, Suite 510
Washington, DC 20036
(202) 452-6252 x 105
lsaunders@nclc.org
www.nclc.org

From: bounce-7661158-14529746@list.cornell.edu on behalf of Ellen Carter
Sent: Fri 1/14/2011 12:01 PM
To: English, Barksdale; communitydevelopmentbanking-l@cornell.edu
Subject: RE: Fed Tax Return via prepaid debt cards

Check out their website for more information: http://www.myaccountcard.gov/. ('http://www.myaccountcard.gov/.')

I think the IRS is informing VITA sites about how to enter the information in for direct deposit when they prepare a tax return. Not sure how much advertising is going on directly at sites.

Ellen Carter
Financial Education Programs Coordinator
Connecticut Association for Human Services
110 Bartholomew Ave, Suite 4030
Hartford, CT 06106
www.cahs.org; www.ctmoney.org

ecarter@cahs.org
phone. 860.951.2212, ext. 230
fax.860.951.6511

Click below to join CAHS social media groups

From: bounce-7660954-8419187@list.cornell.edu [mailto:bounce-7660954-8419187@list.cornell.edu] On Behalf Of English, Barksdale
Sent: Friday, January 14, 2011 11:01 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Fed Tax Return via prepaid debt cards

Hi y’all,

I heard a report on NPR this morning that the IRS is considering distributing tax returns to about 600,000 unbanked tax payers throughout the country via pre-paid debit cards. I’m wondering if anyone on the listserv knows more about this, especially if the IRS will be working through various Bank On partnerships as well as how a local municipality can help with outreach efforts to get as many folks singed up as possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

************************************************** *******************
Ken McEldowney, Executive Director
CONSUMER ACTION
221 Main Street, Suite 480
San Francisco, CA 94105
415-777-9648, ext. 304
415-777-5267 (fax)
ken.mceldowney@consumer-action.org
www.consumer-action.org
Find us on Facebook: http://www.facebook.com/consumeraction ('http://www.facebook.com/consumeraction')
************************************************** *******************

Community Development Banking List

01-15-2011, 09:08 AM

Original message from: davidcay@me.com

While prepaid refund cards mean huge fee reductions compared to RALs,
are they also a subtle and cheap way for prepaid card issuers to
develop new customers so they can lure them into other products with
high fees, including other prepaid cards?

Will they help tax preparers raise their own fees by reducing the
overall price level repeat customers have come to expect?

Will they help blunt debate about eliminating tax filing for the 70%
of taxpayers who file a short-form but rely on a paid preparer, which
drains several billion dollars each year from these American
households to the benefit of Intuit, H&R Block, Jackson-Hewitt,
Liberty and many mom-and-pop tax preparers?

Would that we had the internal analysis, studies and marketing
committee meeting minutes of the participating prepaid card issuers
now, rather than having to reconstruct their intentions after the
fact. Likewise, the government's internal evaluations would be useful
in understanding these important public policy issues.

I will be weighing the pros and cons of this in future columns and,
maybe, in my almost finished next book.

To anyone who has insights, and especially documents, on what is
motivating the prepaid card issuers, on the genesis of this, on the
government’s analysis and the measures that should be used to
determine the value of this program -- please get in touch. Mailing
address for over-the-transom documents is below. If you send
documents, adding a note on how to interpret them is always helpful,
sometimes crucial.

David Cay Johnston
Recipient of the Pulitzer Prize,
an IRE Medal and the George Polk Award

585-473-8704 home office
585-230-0558 cell
www.davidcayjohnston.com

285 Council Rock Ave.
Rochester NY 14610-3333

"Johnston's Take" Columnist, Tax Notes, Tax Notes International, State
Tax Notes and tax.com
www.tax.com

Lecturer, Syracuse University College of Law and Whitman School of
Management
The property, tax and regulatory laws of the ancient world and their
relevance to today

Reporter, remappingdebate.org
Asking why, and why not, in public policy

Free Lunch: How the Wealthiest Americans Enrich Themselves at
Government Expense (and Stick You With the Bill)
New York Times and Wall Street Journal best seller in 2008; now in
paperback

Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit
the Super Rich -- and Cheat Everybody Else
Book of the Year, 2004, Investigative Reporters and Editors
New York Times and Wall Street Journal best seller

Temples of Chance: How America Inc. Bought Out Murder Inc. To Win
Control of the Casino Business
(1992)

Coming in 2011:
The Fine Print: How Big Companies Abuse "Plain English" and Other
Tricks to Rob You Blind

Community Development Banking List

01-15-2011, 04:58 PM

Original message from: jdinsmore@ywcaworks.org

Hi All,

My United Way VITA site in Seattle is one of the sites selected to offer
the pre-paid debit cards. We decided NOT to offer these pre-paid debit
cards and instead have a credit union representative available to open
savings accounts. It will be interesting to see the response from tax
payers and difference from our site compared to those sites who did
choose to offer the pre-paid debit cards.

jamie dinsmore

Express Credit Union Project Coordinator & MSW (2012) Student Intern

YWCA Snohomish & King County

Greenbridge Learning Center - 9720 8th Avenue SW - Seattle, WA 98106

{p} 206.336.6981
{f} 206.336.6997

YWCA Somerset Family Village - 19703 68th Avenue W - Lynnwood, WA 98036

{p} 425.412.2360 ext 2441

give help. get help.

ywcaworks.org <http://www.ywcaworks.org/> ('http://www.ywcaworks.org/>')

This e-mail message, including any attachments, is for the sole use of
the intended recipient(s) and may contain Protected Health information
or confidential information. Any unauthorized review, use, disclosure
or distribution is prohibited. If you are not the intended recipient,
please contact the sender and destroy this message immediately. All
incoming e-mails to the domain ywcaworks.org are filtered for SPAM,
malicious content, and electronic viruses.

From: bounce-7660954-10409150@list.cornell.edu
[mailto:bounce-7660954-10409150@list.cornell.edu] On Behalf Of English,
Barksdale
Sent: Friday, January 14, 2011 11:01 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Fed Tax Return via prepaid debt cards

Hi y'all,

I heard a report on NPR this morning that the IRS is considering
distributing tax returns to about 600,000 unbanked tax payers throughout
the country via pre-paid debit cards. I'm wondering if anyone on the
listserv knows more about this, especially if the IRS will be working
through various Bank On partnerships as well as how a local municipality
can help with outreach efforts to get as many folks singed up as
possible.

Best,

Barksdale

Barksdale English

Policy Aide to Bill Spelman

Austin City Council, Place 5

512.974.2256 (office)

512.974.7655 (fax)

http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-15-2011, 04:58 PM

Original message from: gerr4040@aol.com

What concerns me more than the recipients not saving, is that some of these "cards" that can be used to receive tax refunds will end up being high cost and will provide an opportunity for the holders of these cards to be targets for predatory payday-type loans and other high cost products and services.

We offer a low cost prepaid debit card and that type of card can be ideal for the "unbanked",

Ironically, because it is low cost, we don;t have the income to spend on promoting the card. So, few take advantage of it, while the high priced cards (some of which are predatory) are actively promoted and advertised.

Dan Morrisey, NCCO
Queen of Peace Arlington FCU
$1.9 Million assets, 500 members
Treasurer/CEO
gerr4040@aol.com

-----Original Message-----
From: * Richard David | Bancofino of New York * <richard@bancofino.com>
To: 'Michael Daugherty' <manager@cuplus.org>; 'English, Barksdale' <Barksdale.English@ci.austin.tx.us>; communitydevelopmentbanking-l <communitydevelopmentbanking-l@cornell.edu>
Sent: Fri, Jan 14, 2011 11:20 pm
Subject: RE: Fed Tax Return via prepaid debt cards

Michael,

I agree with you. If you put the funds in a prepaid card, it will only encourage the card holder to spend the money. If you want them to save money, then put the funds in a vehicle that encourages saving money. We are studying ways on how to lend money to those that are unbanked, then weâ€™ll address the other factors. Weâ€™ll be coming up with solutions. I guarantee it!

Regards,
Richard David x 300
Bancofino of New York
richard@bancofino.com | www.bancofino.com
Visit me on Facebook and see us in action
See my profile on Linkedin
Follow me on Twitter

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Hispanic and minority small business community

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â€¢ Get your BancoBondâ„¢ Today! Click Here to Apply
â€¢ The Bancofino Academy is here. Click here for details.
â€¢ Stay tuned for our BancoCash Pronto Loan for Business
â€¢ Click here to indicate your interest in applying for the above loan

New York 212.254.2600 | Dallas 214.986.1700 | Houston 281.444.4100
San Antonio 210.333.9700 | Austin 512.444.4200 | Chicago 312.251.4300
Los Angeles | Miami | Atlanta | Boston Coming Soon!

Do you want a BancoCenter in your city? Local
community support is a key factor in our decision.
Contact us for additional information.

The Bancofino Mortgage Company is coming!
Loan officers interested in joining the Bancofino team
can send an inquiry to loanofficer@bancofino.com.

From: bounce-7661152-10328705@list.cornell.edu [mailto:bounce-7661152-10328705@list.cornell.edu] On Behalf Of Michael Daugherty
Sent: Friday, January 14, 2011 11:00 AM
To: English, Barksdale; communitydevelopmentbanking-l@cornell.edu
Subject: Re: Fed Tax Return via prepaid debt cards

My initial reaction based on very limited information is that this is going to be a setback in efforts to bring the unbanked into the world of traditional banking services. Many credit unions and CDFIs have worked at developing programs to encourage people to save at least a portion of their return. Returns on a prepaid debit card will likely get spent. Just think of the studies that show how people are more likely to spend more money when shopping if they use a debit card rather than cash. Hopefully, I am just being overly pessimistic.

Michael Daugherty
President/Manager
Community Plus Federal Credit Union

From: English, Barksdale

Sent: Friday, January 14, 2011 10:00 AM

To: communitydevelopmentbanking-l@cornell.edu

Subject: Fed Tax Return via prepaid debt cards

Hi yâ€™all,
I heard a report on NPR this morning that the IRS is considering distributing tax returns to about 600,000 unbanked tax payers throughout the country via pre-paid debit cards. Iâ€™m wondering if anyone on the listserv knows more about this, especially if the IRS will be working through various Bank On partnerships as well as how a local municipality can help with outreach efforts to get as many folks singed up as possible.

Best,
Barksdale

Barksdale English
Policy Aide to Bill Spelman
Austin City Council, Place 5
512.974.2256 (office)
512.974.7655 (fax)
http://www.ci.austin.tx.us/council/spelman.htm ('http://www.ci.austin.tx.us/council/spelman.htm')

P Please consider the environment before printing this

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-16-2011, 05:46 PM

Original message from: mrjessetorres@gmail.com

I think getting VITA returns placed on prepaid cards is a solid first step
for the unbanked that refuse a traditional account. For most readers on the
listserv it seems like a slam dunk to have a bank or credit union offer low
cost or free accounts to taxpayers. However, over and over we get extremely
poor traction.

The question of high cost prepaid card is a valid concern. However, having
worked on such projects in the past I can tell you that as long as the VITA
coordinators sign up legitimate prepaid card providers they should not have
a problem.

But who are the good guys? Generally speaking, if the provider is a bank or
credit union and not a third party marketer such as the Kardasian Kard
marketer, then you are in the safe zone. Third party marketers buy their
inventory from the banks and credit unions as MasterCard and Visa only allow
banks and CUs to act as issuers. As such, anytime a program works with a
"marketer" you are dealing with a middle man that must upcharge on
transaction fees to cover their cost plus profit. In some cases the product
is passing through several hands, with each party taking a piece of the
action. This is not to say that banks or credit unions would not act in a
predatory manner but the risk is SIGNIFICANTLY diminished.

The best approach in my opinion is to offer the bank account as the primary
option and the prepaid card as a back up. Conversion will still be tough
but two options are always better then one.

--
Jesse Torres
President and CEO
Pan American Bank
3626 East First Street
Los Angeles, CA 90063
JTorres@PanAmericanBank.us
(323) 264-3310
(323) 264-8057 fax
"California's Oldest Latino-Owned Bank"

"Small opportunities are often the beginning of great enterprises."
Demosthenes

Let's connect!
http://www.linkedin.com/in/jessetorres ('http://www.linkedin.com/in/jessetorres')

Pan American Bank Blog
http://PanAmericanBank.blogspot.com/ ('http://PanAmericanBank.blogspot.com/')

Tweet Me
http://www.twitter.com/PanAmericanBank ('http://www.twitter.com/PanAmericanBank')

Community Development Banking List

01-17-2011, 11:18 AM

Original message from: lsaunders@nclc.org

Whether it is a prepaid card or a bank account, the most important question is whether there are overdraft fees or bank payday loans ("account advances"). The Fed's new opt-in rules don't go far enough. Either type of account can be safe for low income consumers but only if they are not induced into being trapped into destructive forms of credit. The other important issue to look for on prepaid cards is whether there are fees to check balances or use customer service. Consumers should not be charged for responsible behavior or for getting the help they need to understand and use the card.

Lauren Saunders
Managing Attorney
National Consumer Law Center
1001 Connecticut Ave., NW, Suite 510
Washington, DC 20036
(202) 452-6252 x 105
lsaunders@nclc.org
www.nclc.org <http://www.nclc.org/> ('http://www.nclc.org/>')

________________________________

From: bounce-7663879-14529746@list.cornell.edu on behalf of Jesse Torres
Sent: Sun 1/16/2011 5:43 PM
To: communitydevelopmentbanking-l@list.cornell.edu
Subject: Re: Fed Tax Return via prepaid debt cards

I think getting VITA returns placed on prepaid cards is a solid first step for the unbanked that refuse a traditional account. For most readers on the listserv it seems like a slam dunk to have a bank or credit union offer low cost or free accounts to taxpayers. However, over and over we get extremely poor traction.

The question of high cost prepaid card is a valid concern. However, having worked on such projects in the past I can tell you that as long as the VITA coordinators sign up legitimate prepaid card providers they should not have a problem.

But who are the good guys? Generally speaking, if the provider is a bank or credit union and not a third party marketer such as the Kardasian Kard marketer, then you are in the safe zone. Third party marketers buy their inventory from the banks and credit unions as MasterCard and Visa only allow banks and CUs to act as issuers. As such, anytime a program works with a "marketer" you are dealing with a middle man that must upcharge on transaction fees to cover their cost plus profit. In some cases the product is passing through several hands, with each party taking a piece of the action. This is not to say that banks or credit unions would not act in a predatory manner but the risk is SIGNIFICANTLY diminished.

The best approach in my opinion is to offer the bank account as the primary option and the prepaid card as a back up. Conversion will still be tough but two options are always better then one.

--
Jesse Torres
President and CEO
Pan American Bank
3626 East First Street
Los Angeles, CA 90063
JTorres@PanAmericanBank.us
(323) 264-3310
(323) 264-8057 fax
"California's Oldest Latino-Owned Bank"

"Small opportunities are often the beginning of great enterprises." Demosthenes

Let's connect!
http://www.linkedin.com/in/jessetorres ('http://www.linkedin.com/in/jessetorres')

Pan American Bank Blog
http://PanAmericanBank.blogspot.com/ ('http://PanAmericanBank.blogspot.com/')

Tweet Me
http://www.twitter.com/PanAmericanBank ('http://www.twitter.com/PanAmericanBank')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

Community Development Banking List

01-17-2011, 04:36 PM

Original message from: karenharris@povertylaw.org

ALL: We will be hosting a free webinar dealing with the issue of electronic
prepaid cards and the advantages and disadvantages that they pose to low
income families. Attached is the registration information.

The Sargent Shriver National Center on Poverty Law, the National Consumer
Law Center (NCLC) and Consumers Union present a FREE webinar on the
implications for low-income families of receiving public benefit payments
through electronic payment cards (EPCs). To get more information and
register for the event, click here.

THE NEXT FRONTIER IN PUBLIC BENEFITS: ELECTRONIC BENEFIT CARDS
Thursday, February 3, 2011
1:30 PM – 3:00 PM CST
Register Now: https://www2.gotomeeting.com/register/845481163

Over the past 20 years electronic deposit and electronic benefit transfers
(EBT) have replaced paper checks for the delivery of public assistance
benefits. Recently, more and more states are transitioning away from EBTs
and toward the use of electronic payment cards (EPCs) – i.e., prepaid Visa
or MasterCard branded cards. These cards deliver government benefits by
allowing recipients to use a plastic card to access their benefits through
ATMs and point of sale (POS) devices located in select retail outlets. Last
month, the U.S. Treasury finalized a new regulation that requires federal
public benefit payments to be delivered via direct deposit or Direct Express
Debit MasterCard, a form of EPC. Although EPC systems appear to be an
effective and efficient way to distribute benefits, there are potential
negative ramifications for low income families.

This webinar will discuss the differences between various electronic benefit
payment methods and investigate the implications of the new trend toward
EPCs for low-income families. Slated to speak are:

Kay Kuhlman, Assistant Director, Financial Markets and Community Investment,
the U.S. Government Accountability Office (GAO);
Walt Henderson, Director of the EFT Strategy Division, the U.S. Department
of Treasury;
Suzanne Martindale, Attorney and Associate Policy Analyst, Consumers Union;
Lauren Saunders, Managing Attorney, National Consumer Law Center (NCLC); and
Jean Ann Fox, Director of Financial Services, Consumer Federation of America
(CFA).

Topics include an overview of the difference between EBT and EPC, the
Treasury’s new regulations requiring the electronic payment of social
security, and the advantages and disadvantages associated with EPCs,
including hardship waivers, lack of protection under the Electronic Transfer
Act, and garnishment of federal benefits. The panel will also explore
legislative remedies to protect low income public benefit recipients.

REGISTER HERE

On Sun, Jan 16, 2011 at 4:43 PM, Jesse Torres <mrjessetorres@gmail.com>wrote:

I think getting VITA returns placed on prepaid cards is a solid first step
for the unbanked that refuse a traditional account. For most readers on the
listserv it seems like a slam dunk to have a bank or credit union offer low
cost or free accounts to taxpayers. However, over and over we get extremely
poor traction.

The question of high cost prepaid card is a valid concern. However, having
worked on such projects in the past I can tell you that as long as the VITA
coordinators sign up legitimate prepaid card providers they should not have
a problem.

But who are the good guys? Generally speaking, if the provider is a bank
or credit union and not a third party marketer such as the Kardasian Kard
marketer, then you are in the safe zone. Third party marketers buy their
inventory from the banks and credit unions as MasterCard and Visa only allow
banks and CUs to act as issuers. As such, anytime a program works with a
"marketer" you are dealing with a middle man that must upcharge on
transaction fees to cover their cost plus profit. In some cases the product
is passing through several hands, with each party taking a piece of the
action. This is not to say that banks or credit unions would not act in a
predatory manner but the risk is SIGNIFICANTLY diminished.

The best approach in my opinion is to offer the bank account as the primary
option and the prepaid card as a back up. Conversion will still be tough
but two options are always better then one.

--
Jesse Torres
President and CEO
Pan American Bank
3626 East First Street
Los Angeles, CA 90063
JTorres@PanAmericanBank.us
(323) 264-3310
(323) 264-8057 fax
"California's Oldest Latino-Owned Bank"

"Small opportunities are often the beginning of great enterprises."
Demosthenes

Let's connect!
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http://PanAmericanBank.blogspot.com/ ('http://PanAmericanBank.blogspot.com/')

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Community Development Banking List

01-18-2011, 09:46 AM

Original message from: adam@cra-nc.org

I think it is worth mentioning that the institution that issued the prepaid
card was a CDFI - Sunrise Community Bank, of St. Paul, Minnesota. Sunrise is
a subsidiary of University National Bank.

http://banktalk.org/2010/12/09/sbtpg-secures-settlement-product-funding/ ('http://banktalk.org/2010/12/09/sbtpg-secures-settlement-product-funding/')

Their subsequent product has been to provide refund anticipation checks for
Santa Barbara Tax Products Group.

On Mon, Jan 17, 2011 at 4:52 PM, Karen Harris <karenharris@povertylaw.org>wrote:

ALL: We will be hosting a free webinar dealing with the issue of
electronic prepaid cards and the advantages and disadvantages that they pose
to low income families. Attached is the registration information.

The Sargent Shriver National Center on Poverty Law, the National Consumer
Law Center (NCLC) and Consumers Union present a FREE webinar on the
implications for low-income families of receiving public benefit payments
through electronic payment cards (EPCs). To get more information and
register for the event, click here.

THE NEXT FRONTIER IN PUBLIC BENEFITS: ELECTRONIC BENEFIT CARDS
Thursday, February 3, 2011
1:30 PM – 3:00 PM CST
Register Now: https://www2.gotomeeting.com/register/845481163

Over the past 20 years electronic deposit and electronic benefit transfers
(EBT) have replaced paper checks for the delivery of public assistance
benefits. Recently, more and more states are transitioning away from EBTs
and toward the use of electronic payment cards (EPCs) – i.e., prepaid Visa
or MasterCard branded cards. These cards deliver government benefits by
allowing recipients to use a plastic card to access their benefits through
ATMs and point of sale (POS) devices located in select retail outlets. Last
month, the U.S. Treasury finalized a new regulation that requires federal
public benefit payments to be delivered via direct deposit or Direct Express
Debit MasterCard, a form of EPC. Although EPC systems appear to be an
effective and efficient way to distribute benefits, there are potential
negative ramifications for low income families.

This webinar will discuss the differences between various electronic
benefit payment methods and investigate the implications of the new trend
toward EPCs for low-income families. Slated to speak are:

Kay Kuhlman, Assistant Director, Financial Markets and Community
Investment, the U.S. Government Accountability Office (GAO);
Walt Henderson, Director of the EFT Strategy Division, the U.S. Department
of Treasury;
Suzanne Martindale, Attorney and Associate Policy Analyst, Consumers Union;
Lauren Saunders, Managing Attorney, National Consumer Law Center (NCLC);
and
Jean Ann Fox, Director of Financial Services, Consumer Federation of
America (CFA).

Topics include an overview of the difference between EBT and EPC, the
Treasury’s new regulations requiring the electronic payment of social
security, and the advantages and disadvantages associated with EPCs,
including hardship waivers, lack of protection under the Electronic Transfer
Act, and garnishment of federal benefits. The panel will also explore
legislative remedies to protect low income public benefit recipients.

REGISTER HERE

On Sun, Jan 16, 2011 at 4:43 PM, Jesse Torres <mrjessetorres@gmail.com>wrote:

> I think getting VITA returns placed on prepaid cards is a solid first step
> for the unbanked that refuse a traditional account. For most readers on the
> listserv it seems like a slam dunk to have a bank or credit union offer low
> cost or free accounts to taxpayers. However, over and over we get extremely
> poor traction.
>
> The question of high cost prepaid card is a valid concern. However,
> having worked on such projects in the past I can tell you that as long as
> the VITA coordinators sign up legitimate prepaid card providers they should
> not have a problem.
>
> But who are the good guys? Generally speaking, if the provider is a bank
> or credit union and not a third party marketer such as the Kardasian Kard
> marketer, then you are in the safe zone. Third party marketers buy their
> inventory from the banks and credit unions as MasterCard and Visa only allow
> banks and CUs to act as issuers. As such, anytime a program works with a
> "marketer" you are dealing with a middle man that must upcharge on
> transaction fees to cover their cost plus profit. In some cases the product
> is passing through several hands, with each party taking a piece of the
> action. This is not to say that banks or credit unions would not act in a
> predatory manner but the risk is SIGNIFICANTLY diminished.
>
> The best approach in my opinion is to offer the bank account as the
> primary option and the prepaid card as a back up. Conversion will still be
> tough but two options are always better then one.
>
>
> --
> Jesse Torres
> President and CEO
> Pan American Bank
> 3626 East First Street
> Los Angeles, CA 90063
> JTorres@PanAmericanBank.us
> (323) 264-3310
> (323) 264-8057 fax
> "California's Oldest Latino-Owned Bank"
>
>
> "Small opportunities are often the beginning of great enterprises."
> Demosthenes
>
> Let's connect!
> http://www.linkedin.com/in/jessetorres ('http://www.linkedin.com/in/jessetorres')
>
> Pan American Bank Blog
> http://PanAmericanBank.blogspot.com/ ('http://PanAmericanBank.blogspot.com/')
>
> Tweet Me
> http://www.twitter.com/PanAmericanBank ('http://www.twitter.com/PanAmericanBank')
>
> CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')
>

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