I was due a small tax refund from Louisiana. To pay it, they sent 2 Chase debit/visa cards.
If you don’t read the find print about how to claim your refund, you can activate the cards, spend past the refund amount, and end up owing money to Chase.
Perhaps Elizabeth Warren needs to worry less about the banks and more about their cronies in government.
Lovely: here is more information:
http://www.nola.com/business/index.ssf/2012/04/louisiana_tax_refund_cards_get.html
Posted by: Michael Stack | March 05, 2013 at 02:50 PM
Thanks. I should've researched this more ... but I guess I'm proud that my crack team of research assistants took care of it!
Here's my details:
1) I did call and ask for a check. I was told they would have to mail me a form to enter my address on that I would have to return. I haven't gotten the form yet (and it's been about 6 months).
2) So I took my card to a local bank (no Chase banks here either) and was told that they would need the exact amount to zero out the card.
I still haven't followed up on that.
Posted by: Dave Tufte | March 05, 2013 at 10:43 PM
But it's OK - Chase isn't charging the state a dime:
The Louisiana Department of Revenue said that Chase beat out two other applicants in a competitive bid for the three-year contract, and the company was willing to meet the state's requirement to do it as a "no-cost operating contract," meaning that Chase will handle the job at no cost to the state.
Posted by: Michael Stack | March 06, 2013 at 07:11 AM
No cost to the state ...
But the people who pay extra taxes and get a refund get to pay fees.
Yet, the people who don't pay anything or any extra don't get a fee at all.
So ... these are a transfer payment from people who get excess tax withdrawn to those that don't.
Posted by: Dave Tufte | March 06, 2013 at 03:21 PM