Unclaimed tax refunds on debit cards exceed $14 million
RICHMOND, Va. (AP) - More than 100,000 Virginia taxpayers who had their tax refunds issued on prepaid debit cards never used them, leaving $14 million in refunds unclaimed.
Virginia issued the prepaid cards from 2013 to 2015, in an effort to save money on paper checks. Taxpayers due refunds had the option of a direct deposit or a prepaid debit card.
The program proved unpopular and was discontinued after tax year 2014. Recipients complained the cards were unwieldy and carried hidden fees.
The Richmond Times-Dispatch reported Sunday (http://bit.ly/2mPQt1H ) that 9 percent of the 1.2 million cards issued were never activated. The money is transferred into the state treasury as unclaimed property. The last batch will be transferred later this month.
Taxpayers can search www.vamoneysearch.org to find and recover any unclaimed refund.
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