PYMNTS

APRIL 9, 2020

The global spread of the new coronavirus has had a wide and varied impact on the way that both consumers and businesses think about transacting with each other as well as government or financial entities. Fraudsters are moving in to take advantage of tax confusion and consumer stress, however.

Checks 71

Checks Online and Mobile Banking Direct Deposit Scams 71

PYMNTS

FEBRUARY 23, 2017

That day is when the IRS hands out tax refund checks from the previous year’s tax filing. Research conducted by the National Retail Federation (NRF) and Prosper Insights & Analytics paints a much different picture for this year’s tax refund spending — or, in this case, not spending — activities.

Tax Refunds 40

Tax Refunds Payer IRS Returns 40

Payment Savvy

SEPTEMBER 5, 2024

It’s a way to move money directly from one bank account to another without using paper checks, credit cards, or cash. Your paycheck, tax refund, or even a government benefit could be sent to you this way. Simply put, an ACH deposit, or an ACH payment, is a way to move money between banks without needing checks or cash.

ACH 52

ACH ACH Network Wire Transfer Direct Deposit 52

PYMNTS

JANUARY 16, 2020

billion merger deal with Switzerland’s tourism shopping tax refund company Global Blue , earning it a listing on the New York Stock Exchange (NYSE), the companies announced Thursday (Jan. Global Blue runs airport kiosks and storefronts that enable shoppers to get sales tax refunds when they return home.

Tax Refunds 52

Tax Refunds Returns Acquirers Checks 52

PYMNTS

DECEMBER 3, 2020

billion acquisition of Credit Karma, which offers credit scores and reports to consumers and counts 110 million “members.” Intuit first announced its plans to buy Credit Karma in February, with an eye toward helping TurboTax , one of its flagship products, push deeper into consumer finance. The company said on Thursday (Dec.

Tax Refunds 57

Tax Refunds Push-to-Card Acquirers Credit Cards 57

PYMNTS

FEBRUARY 23, 2016

For all the johnny-come-latelies who spend the hours before midnight on April 17 scrambling to submit their tax forms, there are millions more Americans who are sitting pretty with their tax refunds already in hand. It’s a peculiar part of tax season. In the past, the answer may have been yes.

Tax Refunds 40

Tax Refunds Returns Checks Consumer 40

PYMNTS

DECEMBER 18, 2020

As an incoming White House administration and lawmakers talk imminent stimulus relief, consumers and financial institutions (FIs) are feeling mostly anxiety, between dire economic reality on the one hand and bad memories of the first disbursement fresh in people’s minds. Americans Now ‘Less Tolerant’ of Paper Checks.

Instant Payments 60

Instant Payments Tax Refunds Non-Bank Governance 60

PYMNTS

OCTOBER 23, 2019

Waiting for checks to arrive in the mail, or for bank deposits to process, can be frustrating — especially for consumers struggling to make ends meet between paychecks. consumers who have received instant disbursements increased almost fourfold during the past three years alone, jumping from 11 percent in April 2017 to 42.2

Instant Payments 41

Instant Payments Tax Refunds Payments Checks 41

PYMNTS

JUNE 29, 2020

Wealthfront , the online investment service firm, has added checking features to its app. Our clients are anxious for Wealthfront to become their primary financial relationship, and offering checking features puts us in that position,” said Wealthfront’s co-founder and CEO Andy Rachleff in a statement. “Our

Accounts 60

Accounts Direct Deposit Tax Refunds FinTech 60

Payment Savvy

MAY 16, 2023

These rapid transfers not only benefit consumers by providing quick access to funds but also streamline business operations and enhance financial institutions’ services. Some examples of direct deposits include government benefits, such as Social Security or unemployment benefits, tax refunds, and payroll payments from employers.

ACH 94

ACH Same Day ACH Direct Deposit Consumer Financial Protection Bureau (CFPB) 94

EBizCharge

APRIL 25, 2024

Unlike traditional methods that involve cash or paper checks, EFT uses computer-based systems to move funds between accounts securely. EFTs enable seamless direct payments for operations, including payroll, tax refunds, and recurring bills. Business days are pivotal, as weekends and bank holidays can extend the timeline.

Wire Transfer 52

Wire Transfer Wire Wires Electronic Funds Transfer (EFT) 52

PYMNTS

APRIL 21, 2020

Plus, the IRS has shelved processing tax refunds to make room for sending stimulus payments. IRS Puts Tax Refunds In Storage As It Works On Stimulus Checks. To get there and to get consumers to bank with whom they trust, these firms need a platform upon which they can build, test and deploy new offerings.

Tax Refunds 56

Tax Refunds IRS Payments AI 56

PYMNTS

JANUARY 8, 2018

Credit Karma said yes to early tax refunds for consumers – for free. Good Tax Lending Karma. Good news for consumers avidly awaiting their tax refund for 2018: Credit Karma Tax is rolling out a new product call Earlybird Advance, an online refund advance service.

Tax Refunds 42

Tax Refunds Scams Legal Wires 42

FICO

MARCH 29, 2020

Social engineering and attempts to get you to disclose personal information that will facilitate financial fraud are rampant and even include creative attempts at COVID-19 tax refund schemes. Double check their legitimacy during this time of social distancing.

Scams 92

Scams Tax Refunds Phishing Wire Transfer 92

PYMNTS

MARCH 13, 2020

Tax season frustrations can blossom into real financial problems, especially when refunds are paper checks sent through postal mail. tax code changes passed in 2017 did not soothe these frictions, either, as they shifted income brackets and altered rates, affecting consumers’ refunds and earnings.

Innovation 64

Innovation ACH Checks Tax Refunds 64

Nanonets

SEPTEMBER 28, 2023

It is a system of transferring money from one bank account to another without the use of paper checks, or cash. When you make an EFT payment, the funds are transferred directly from your bank account to the recipient's bank account - there's no need to worry about carrying cash or checks. Check with your bank for specifics.

Electronic Funds Transfer (EFT) 52

Electronic Funds Transfer (EFT) Funds Transfer Wire Transfer Wires 52

Nanonets

SEPTEMBER 28, 2023

It is a system of transferring money from one bank account to another without the use of paper checks, or cash. When you make an EFT payment, the funds are transferred directly from your bank account to the recipient's bank account - there's no need to worry about carrying cash or checks. Check with your bank for specifics.

Electronic Funds Transfer (EFT) 52

Electronic Funds Transfer (EFT) Funds Transfer Wire Transfer Wires 52

PYMNTS

NOVEMBER 10, 2017

Technology advancements mean two things: innovative solutions that aim to make consumers’ lives easier and a handful of cybercriminals who want to do anything but that. federal tax filers have made their disbursement preferences known. . 80 percent | Percentage of U.S.

B2B 40

B2B Tax Refunds Direct Deposit FinTech 40

PYMNTS

OCTOBER 29, 2019

consumers about whether they have received disbursements, the types of institutions from which they received them and how they would like to receive them if they could choose. This adoption is being driven by consumers’ near-universal understanding of instant payments. percent of consumers want instant payments to a bank account, 11.7

Instant Payments 40

Instant Payments Tax Refunds Debit Card Real Time Payments 40

PYMNTS

DECEMBER 6, 2016

From insurance claims to e-marketplace payouts, from shared economy payments to social benefits and even tax refunds, a new Mastercard and Wells Fargo partnership is aiming to speed up payments between domestic customers. Mastercard says the concept was designed for and with the treasurer of those businesses in mind.

Visa 68

Visa Tax Refunds Treasury Management Treasury 68

FICO

JUNE 21, 2021

The duration and depth of the COVID-19 pandemic have been increasingly challenging to predict, especially its impact on consumer finances. To date, the US bankcard delinquency rates have improved drastically largely due to reduced transactional spend, tax refunds, government stimulus checks and payment deferment programs.

Card Issuer 52

Card Issuer Issuers Tax Refunds Credit Cards 52

PYMNTS

JANUARY 27, 2020

The Oregon Department of Revenue favors ACH but still mails a ton of checks for its disbursements. Beyond that, public information officer Robin Maxey told PYMNTS, “We aren’t looking to add to [ACH] or eliminate paper checks.” billion worth of government checks in 2018 at an average cost of $2.50 Not all states feel the same.

Faster Payments 52

Faster Payments Governance Government Tax Refunds 52

PYMNTS

JUNE 20, 2016

In a press release , the financial institution said that check usage may be slowing but the issuance of paper as a form of payment still tops more than 3 billion checks annually. That archaic form of payment spans everything from tax refunds to insurance claims.

Tax Refunds 40

Tax Refunds Payee Treasury Management Payments 40

PYMNTS

AUGUST 10, 2020

Part of the tailwind comes from the fact that consumers are becoming more aware that there’s a better mousetrap out there. As has been widely reported, millions of Americans had to wait weeks and months for paper checks to arrive. In other cases, stimulus payments were commingled with tax refunds, and were subject to garnishment.

Real Time Payments 138

Real Time Payments RTP TCH Federal Reserve 138

PYMNTS

JULY 15, 2020

Those paper returns will be just a small subset of the total tax filings coming in today, but will present a big challenge for the IRS, which has sent most of its workforce home to work remotely amid COVID-19. Olson thinks the IRS might need 18 months to work through all of that paper, delaying some tax refunds.

IRS 58

IRS Tax Refunds Returns Process 58

PYMNTS

AUGUST 10, 2020

Consumers have been using internet technology for everything from nonessential health services to ordering from restaurants in the last few years, especially shopping more frequently online for retail products and groceries. Checks and bank account deposits can take several days to settle yet continue to serve as the main disbursement method.

Payee 91

Payee Instant Payments Point-of-Sale (POS) Debit Card 91

Payment Savvy

DECEMBER 11, 2023

ACH Direct Deposits ACH direct deposits involve electronic transfers from a business or government entity to a consumer. These transfers include various payment types, such as paychecks, employer-reimbursed expenses, government benefits, tax refunds, annuity payments, and interest payments.

ACH 52

ACH Wire Transfer Direct Deposit Wires 52

PYMNTS

JUNE 28, 2016

The financial institution said that check usage may be slowing but the issuance of paper as a form of payment still tops more than 3 billion checks annually. That archaic form of payment spans everything from tax refunds to insurance claims. bank account and will not need to store that bank account information.

P2P 43

P2P Tax Refunds Credential Funds Availability 43

PYMNTS

MARCH 22, 2017

Among factors pushing down price: a higher supply of used cars hitting the market, better sales incentives for new vehicles and even delays in tax-refund checks have all contributed to the problem. on the other hand, makes nearly all its consumer auto loans to this group.

Tax Refunds 40

Tax Refunds Adjustments Checks Consumer 40

PYMNTS

FEBRUARY 13, 2020

11), Visa executives laid out a roadmap to displacing cash and checks across the global stage, digitizing payments through click to pay, tap to pay, digital wallets and cross-border flows – along with capturing a sizable slice of B2B spend, too. The Consumer. At its investor day presentation Tuesday (Feb. It is a platform.” In the U.S.

B2B 65

B2B Cross-Border Payments Cross-Border Payments 65

PYMNTS

JANUARY 24, 2020

Why State And Local Governments Struggle To Shred The Paper Check. Fifty-one percent of United States consumers stated in the most recent PYMNTS Disbursements Satisfaction Report that they would prefer to receive tax refunds, child support payments and other government payments through instant payout methods.

Online and Mobile Banking 60

Online and Mobile Banking Office of the Comptroller of the Currency Central Bank OCC 60

Payment Savvy

FEBRUARY 23, 2023

It is a kind of payment that goes from a commercial account holder to a consumer. Common ACH direct deposits include payrolls, benefits, tax refunds, or interest payments. ACH direct payments : These payments are electronically transferred from one bank account to another. How Does an ACH Transaction Work?

ACH 52

ACH Returns RDFI ODFI 52

PYMNTS

JUNE 26, 2018

Government payouts include tax refunds at the state and federal levels, but also the regular payouts of various governmental assistant programs and the unpredictable flows of funds associated with emergency payouts. A set of needs, Sheth told Webster, that can vary widely and unexpectedly.

Tax Refunds 52

Tax Refunds Economy Visa Use Case 52

PYMNTS

AUGUST 3, 2016

Ninety percent of the $10 trillion “push” payments market opportunity is concentrated in a variety of disbursements made between businesses and consumers that today rely on cash, checks and ACH to move money between those parties. Cecelia Frew, SVP of Visa Direct U.S.

P2P 50

P2P Debit Card ACH Ubiquitous 50

EBizCharge

SEPTEMBER 17, 2024

ACH transfer limits can vary substantially between different banks and account types and depend on whether the transfer is a direct deposit, direct payment, tax payment, or for other purposes like business payments or insurance claim payments. It’s important to check with your financial institution to verify your ACH daily limit.

ACH 52

ACH Same Day ACH Electronic Funds Transfer (EFT) Direct Deposit 52

PYMNTS

OCTOBER 5, 2016

The use of prepaid cards has exploded over the last decade or so — in 2003 consumers put less than $1 billion on prepaid cards annually, but by 2012 that figure had grown to $65 billion and by 2018 that figure is projected to reach as much as $121 billion. The user base of prepaid cards has grown significantly as well.

CFPB 75

CFPB Rules PayPal Debit Card 75

PYMNTS

MARCH 18, 2019

This new feature, available to PayPal customers in good standing, leverages the company’s partnership with Chase, and Chase’s connection to The Clearing House’s RTP network, to move money instantly into the bank accounts of consumers and SMBs. That’s roughly 95 percent of consumers in the U.S., In the U.S.,

Faster Payments 80

Faster Payments Fed RTP Same Day ACH 80