Under this pilot program, Americans can receive their federal tax refunds via direct deposit through MyAccountCard Visa Prepaid Card, issued by Bonneville Bank.
In connection with this, Bonneville Bank has selected prepaid financial services company Green Dot as a program manager for MyAccountCard Visa prepaid card.
MyAccountCard Visa Prepaid Card offers Americans who do not have a traditional bank account to receive their tax refund.
The MyAccountCard Visa Prepaid Card is a relaodable prepaid card and it can be used to receive wages by direct deposit, obtain cash, make purchases and pay bills online.
The card can also be used to conduct everyday financial transactions. It also features free online bill pay, free ATM cash withdrawals at nearly 15,000 ATMs nationwide.
The cards can be loaded with proceeds from payroll or government direct deposit and can be reloaded with cash at over 50,000 retail stores nationwide via the Green Dot Network.
The program is also designed to give moderate and low-income Americans the opportunity to use an FDIC-insured reloadable prepaid debit card as a safe convenient and cost-effective tool to manage their daily financial needs.
In February, 2010, Green Dot entered into a definitive agreement to purchase Bonneville Bank, subject to regulatory approval.
