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Chandler— Oklahomans who are owed state tax refunds and choose not to deposit them directly into the bank will receive the funds on debit cards.
Beginning this tax filing season, the Oklahoma Tax Commission (OTC) will no longer issue paper checks. Instead taxpayers will have the option of receiving their refunds on an Oklahoma Tax Refund Debit Card if they elect not to route the funds into a checking or savings account.
A new state law that requires that disbursements from the state treasury be made electronically prompted the change.
The card can be used at stores and ATMs that accept MasterCard debit cards, according to a Jan. 25 OTC press release about the new policy. Additionally, taxpayers can use it to pay bills online or by phone. They can deposit the amount on the card in a bank or credit union account, or simply cash in the card.
“Even though just about everyone is familiar with how to use debit cards these days, this is the first time Oklahoma taxpayers will have a second electronic option for receiving their state tax refunds,” said Jessica Riggin, Lincoln County Cooperative Extension Educator.
Recipients who decide to take advantage of the new alternative will receive an inactive card in the mail, which can be activated by calling an accompanying toll-free number, then following the prompts to enter the card number, the last four digits of the taxpayer’s Social Security number, and zip code before selecting a PIN number.
The debit card cannot be used until it is activated, and also can only be used with the correct PIN number.
Couples who filed jointly will each receive a debit card allowing both of them full access to the couple’s refund monies.
Besides being able to use the card anywhere MasterCard debit cards are accepted, consumers can withdraw funds from the card free of charge at any MoneyPass ATM in Oklahoma, but will have to pay standard fees at other ATMs. They can get cash back on purchases that do not exceed the total amount loaded on the card from participating merchants.
While the card does offer a measure of convenience, safety and privacy, Riggin encouraged taxpayers to make sure they understand exactly how the card works.
“If you decide to receive your refund on an Oklahoma Tax Refund Debit Card, it is a good idea to read all the fine print and to be aware of any fees and charges connected with using it,” she said.
Chandler— Oklahomans who are owed state tax refunds and choose not to deposit them directly into the bank will receive the funds on debit cards.
Beginning this tax filing season, the Oklahoma Tax Commission (OTC) will no longer issue paper checks. Instead taxpayers will have the option of receiving their refunds on an Oklahoma Tax Refund Debit Card if they elect not to route the funds into a checking or savings account.
A new state law that requires that disbursements from the state treasury be made electronically prompted the change.
The card can be used at stores and ATMs that accept MasterCard debit cards, according to a Jan. 25 OTC press release about the new policy. Additionally, taxpayers can use it to pay bills online or by phone. They can deposit the amount on the card in a bank or credit union account, or simply cash in the card.
“Even though just about everyone is familiar with how to use debit cards these days, this is the first time Oklahoma taxpayers will have a second electronic option for receiving their state tax refunds,” said Jessica Riggin, Lincoln County Cooperative Extension Educator.
Recipients who decide to take advantage of the new alternative will receive an inactive card in the mail, which can be activated by calling an accompanying toll-free number, then following the prompts to enter the card number, the last four digits of the taxpayer’s Social Security number, and zip code before selecting a PIN number.
The debit card cannot be used until it is activated, and also can only be used with the correct PIN number.
Couples who filed jointly will each receive a debit card allowing both of them full access to the couple’s refund monies.
Besides being able to use the card anywhere MasterCard debit cards are accepted, consumers can withdraw funds from the card free of charge at any MoneyPass ATM in Oklahoma, but will have to pay standard fees at other ATMs. They can get cash back on purchases that do not exceed the total amount loaded on the card from participating merchants.
While the card does offer a measure of convenience, safety and privacy, Riggin encouraged taxpayers to make sure they understand exactly how the card works.
“If you decide to receive your refund on an Oklahoma Tax Refund Debit Card, it is a good idea to read all the fine print and to be aware of any fees and charges connected with using it,” she said.
In the case of the new state-issued debit card, $1.50 per month will be deducted from the total amount after 60 days of inactivity. In order to avoid the fee, the OTC suggests using the card periodically or withdrawing the entire balance immediately.
Card users will be able to track their balance online for free; however, for those who prefer to do it by phone, only the first two inquiries are free. A 35-cent charge will apply to each additional query. Taxpayers can receive balance alerts on their cell phones as well. After the initial alert, which is free, each notification is 10 cents.
Recipients interested in using the card to pay bills online can do so for a 25-cent fee per transaction. Card funds also can be transferred into a checking or savings account for a charge of 75 cents per transaction.
If the card is lost or stolen, taxpayers can receive one replacement free of charge. Any additional replacements can be issued at a cost of $4 each.
Debit cards with a zero balance have no remaining value and should be safely disposed.
For more information about the Oklahoma Tax Refund Debit Card, visit the OTC website at www.tax.ok.gov.
