Tuesday, January 29, 2008

Couldn't Log into My Blog Yesterday...And A Really Dumb Thing to do with Your Refund

I don't know what was going on yesterday but blogger was NOT letting me in!!! Sorry about that.

Anyway, I just wanted to comment on something really stupid I have been seeing lately. H&R Block has this new thing. It is a refund anticipation loan, which is stupid anyway, but now they will put it on a little pre-paid card for you. They even offer the lowest interest rate. Now, this is something that a couple years ago I would have thought was "neat" and I probably would have gone there just for the novelty.

Anyway, first off, you are taking a loan against your refund. So you will not be getting all the money that is coming to you. This is AFTER you pay them to do your taxes. They have just charged you twice. Next, they put it in THEIR account which you have access to with your little card. So you cannot make any interest on the money that you do get back. Money maker number 3 for HRB!! Then, I bet if you read the fine print, if you fail to spend all of the money within a specified period of time they probably start deducting money from the card.

I have no idea if you get any protection if the card is stolen, but this has got to be the dumbest thing I have ever heard of. I hope no one is falling for this. However, like I said, a few years ago, I sure would have. I would love to see some real life numbers on this to see how much money you actually could stand to lose based on your refund amount.

My husband and I have never taken an anticipation loan and we have always had the money within a few weeks. To me it is well worth the wait to make sure I get ALL of my money back.

No comments: