- Associated Press - Wednesday, January 28, 2015

LITTLE ROCK, Ark. (AP) - Arkansas Attorney General Leslie Rutledge has issued a consumer alert warning residents to watch out for so-called “rapid” refund products as tax season gears up.

Rutledge issued the alert Wednesday, saying millions of American taxpayers obtain these products - such as refund anticipation checks or bonus deposit checks - every year.

Her office says refund anticipation checks are essentially high-interest loans which must be repaid by an actual tax return and in many cases are deducted directly from refund proceeds.

With those products, she says consumers are essentially borrowing and paying interest on their own money - and sometimes the refund is less than the loan amount that needs to be repaid.

For more information, visit www.irs.gov or www.ArkansasAG.gov .

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