"More than 6 million Americans receive paper tax refund checks annually. Often, those refunds go to purchase groceries or pay the bills. But this year, those taxpayers may be surprised to learn that the paper check they're waiting for no longer exists. That's because of executive order 14247, which President Donald Trump signed in 2025. It directed the Treasury Department to stop issuing paper checks for tax refunds."
"The executive order has its fans. Nacha, the organization that runs the network that electronically moves money between financial institutions, says the new rules could save the government US$68 million each year. The American Bankers Association is also excited, predicting the move will help people save on check-cashing fees. Other supporters argue the change will prevent mail theft and check fraud."
Executive order 14247 requires the Treasury to stop issuing paper tax refund checks and move refunds to electronic payments. Nacha estimates the change could save the government US$68 million annually, and banking groups predict savings on check-cashing fees and reduced mail theft and fraud. More than 6 million Americans currently receive paper refund checks, and about 23% of people earning under $25,000 were unbanked in 2023 while only 1% of those earning over $100,000 lacked accounts. Black and Hispanic Americans, young adults, and people with disabilities are disproportionately unbanked. Without adequate exceptions and outreach, the unbanked could face higher fees or exclusion.
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