The California Middle-Class Tax Refund (MCTR) program was planned to offer some assistance to middle-income earners bearing the increasing burden of inflation costs, high housing charges, and increasing healthcare costs. To lessen these expenses, the state issued rebates of $200-$1,050 depending on their income, status, and number of children. However, despite the distribution of over 9. 5 million debit cards containing refund money, leaving a large chunk of such advantages unused is a rather serious problem that should concern society at the moment.
Unused Debit Cards and Financial Impact
The audit report reveals that as of January 2024, over one million cards for debit transactions have not been utilized by the intended beneficiaries, and these amounted to about $ 611 million. It is an alarming number, meaning that there is a need to spread awareness of the MCTR program among eligible Californians.
Due to this shocking development, the California Franchise Tax Board (FTB) has moved to remind the state’s residents to activate their MCTR debit cards to allow them access to the financial support they are eligible for. The FTB has enlisted different means to compel Californians into action and unlock the program’s benefits, such as social media posts and letter reminders.
It is also very simple to activate the MCTR debit card once you learn how to do it. Here are the steps that you can follow. First of all, the receivers need to dial the number 1-800-240-0223 to activate the debit card, set the four-digit PIN, and know the balance. Following this, they should consider the cardholder agreement, fee table, and transaction or purchase limits. Last of all, they need to write their signature on the back of the Middle-Class Tax Refund Debit Card.
Using the MCTR Debit Card
After activation, the recipients can use their debit cards in the following ways: They can shop anywhere Visa Debit Cards are accepted, including stores, online purchases, or phone orders. Further, they can earn cash back at the check-out point while shopping with their PIN debit card at participating merchants or look for a surcharge-free in-network ATM to complete a cash withdrawal. The recipients can also visit the cardholder website or contact customer service and speak to representatives to check their balance.
Notably, the funds loaded on MCTR’s debit cards can be electronically transferred to any bank account of the recipient’s preference, making the relief monies easy to use. Additionally, the debit cards are usually issued with the possibility of being used for up to 3 years from the date they were issued to the recipient, hence providing enough time to utilize the cards.
Address Update for Eligible Residents
The FTB has also urged those who have not received their debit cards but are qualified for the MCTR to update their address with the agency. This can be done by visiting the FTB’s Help with the Middle-Class Tax Refund page.
It is prudent to note that the California Franchise Tax Board has actively engaged in creating awareness of the MCTR debit cards and giving clear guidance on how to activate and use the cards. In addressing this problem squarely, the FTB seeks to help qualified residents receive the Help needed to manage the impact of inflation and support their middle-income families.
But, the success of this initiative will depend solely on the people residing in California. They must heed the call and follow the directions given by FTB to activate the debit card and spend the money in order to reduce the impact of economic adversity. Thus, the only way to speak about the enhancement of the MCTR program is to discuss the united actions that can be effective enough to help the ones in need.