ALBANY - Considering a refund anticipation loan or a refund anticipation check to speed up the arrival of your state income tax refund? The state Department of Taxation and Finance would like you to reconsider.
The Tax Department and the state’s Consumer Protection Board say there are other ways to get your refund – ways that are less expensive or free. Refund anticipation loans are actually high-interest bank loans, secured with your anticipated refund. Some lenders charge substantial fees, which cut into your refund. Refund anticipation checks are geared toward people who don’t have bank accounts or who can’t pay tax prep fees upfront. The preparer sets up a temporary account for them; the refund is direct-deposited, with fees subtracted. Instead of these products, taxpayers can file electronically and use direct deposit for the quickest return. Or, for those without accounts, the refund can be loaded onto an existing prepaid debit or payroll card.
For more information, visit or call 518-457-5181.