This tax season, South Carolina taxpayers will have three options for getting their tax refunds: direct deposit, paper check, or a prepaid debit card from Bank of America. While this last option might seem like a good idea to some, they could be paying for the convenience.
Every time you use the card at a non-Bank of America ATM, there is a $2.50 fee. There is also a $5 fee to close the account. You can go to a bank that is part of the VISA network to withdraw funds without paying a fee, but if you don’t take out all the cash the first time, there is a $10 fee for each future bank withdrawal.
Unlike some pre-paid debit cards, you can’t add money to this account. Thus, some users will choose to abandon their cards when the available funds get down to a couple bucks.
S.C. tax refunds could come with BofA card fees [Charlotte Observer]
Thanks to Sarah for the tip!