I have recently been brought aware of a fraudulent scam that is currently taking place with US citizens tax refunds. I opened up a Wal Mart PrePaid Money Card Visa account last April with my tax return. This year they heavily advertised on websites, emails, voice recordings on customer service line, and instore sales reps to have your tax refund automatically direct deposited on your card. They provided the Bank # and Routing # to G E Bank that is the Bank that issues these Visa Cards available through Wal Mart as well as other retail stores.
I recieved notification from the IRS that my refund had been electronically transferred to the Bank in which I requested on 2/5. An electronic transfer is an immediate deposit so I contacted WalMart Prepaid Money Card customer service and they stated it was not showing up in their system. My daughter that filed at the ame time I did recieved the same notification from the IRS had her return in her checking account on the day the transfer was made.
I contacted the customer service department today and after numerous circles of conversation the representative kept wanting to know on what date I had filed my taxes and how I filed such as married, single, ect. I kept informing them that that was personal information between me and the IRS and should have nothing to do with my direct deposit. The IRS had sent me information that it had been recieved and accepted and then again on 2/4 that it would be sent to the bank on 2/5. At this point it was no longer an IRS issue. They were trying to base the funds being transferred into my account by the original information that the IRS gives you upon the filing date of you return. They were telling me that my return would quite possibly not be available until 2/19.
Customer service representatives are not able to give out any contact information on G E Money Bank and I was told I would have to research the information on the internet to try and contact the Financial Institution that had recieved over $5000.00 of my US tax dollars on 2/5.
The only information I could collect off the internet concerning G E Money Bank was that it is located outside of the USA. This means that hundreds of thousands of dollars possibly millions of US citizens tax refund dollars are being deposited an held in a Bank in a foriegn country collecting interest until it will be deposited into our accounts.
I called the local Wal Mart store in which I go to and spoke to the store manager. At first he was trying to pass the buck over to Visa. I informed him that the first name on my prepaid card was Walmart and it was Walmart that paired up with Visa to offer their customers the service of these prepaid cards. He listened very intently and had no valid reason as to why this direct deposit for tax refunds was being handled in this way. I explained to him that the last time I made a deposit on my card at his store it was one of his customer service reps that was really selling me this service for my tax refund. I explained to him that from all indications this is a case of fraud / theft for G E Money Bank to gain the interest of this money for as long as they hold on to it.
The worst part of this is that with the economic crises that our country is in one of our countries biggest retailers Wal Mart is providing a foriegn bank to make a profit from United States Citizens tax dollars. I am sure Wal Mart is getting a cut of these profits as well.
It is imperative that his information reaches as many people as possible in a timely manner. Tax season is until April 15th I hate to think of this foriegn financial intitution being able to benefit off of thousands of peoples hard earned tax dollars.
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