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Banks Face Taxing Issue As Rate-Seeking Consumers Deposit Refunds

Tax refunds are filling the pockets of American consumers, providing banks with a brief opportunity to capture those funds. The IRS has issued some $285 billion in refunds to more than 102 million people so far this year, averaging nearly $3,000 per filed tax return. That is likely to increase in coming weeks and months as more federal tax returns are processed and state tax refunds are added to the mix. The first stop for ...

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Banks Face Taxing Issue As Rate-Seeking Consumers Deposit Refunds

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Inside Look at Deposits

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