Treasury Department to Help Under-Banked Citizens at Tax Time

Treasury Department to Help Under-Banked Citizens at Tax Time
Every week, I’m bombarded by press releases from companies and publications wanting me to share their products and stories. I’d love to be able to pass this info on to you — at least the stuff that’s both relevant and good (actual subject line from one irrelevant press release this morning: “Rev. Jesse Jackson holds Automotive Summit in Detroit Sept. 30 - Oct. 1″ … spam!) — but doing so would be a full-time job. (No joke!) But every now and then, somebody sends me a press release that piques my interest.

Recently, somebody from the U.S. Treasury sent me a press release about a new program the federal government intends to implement this tax season. Here’s a run-down:
The U.S. Department of the Treasury announced that it will launch a new pilot program to help capitalize on tax refund season as an opportunity to provide unbanked and underbanked Americans with access to safe, low-cost financial accounts. This pilot will deliver targeted offers to certain low and moderate income individuals to sign up for new accounts with debit card access at tax time in order to receive their refunds through direct deposit. It will also test offering accounts that can be used year-round in the future to deposit other sources of income, store money safely, make purchases, pay bills, withdraw cash, and build savings.