Everyone Wants Your Economic Stimulus Check
As the economic stimulus check makes its way to your door, it is important to consider what you are going to do with it. Spend it on something fun? Pay down debt? Invest it? Build your emergency fund? There are several options. You can even take your economic stimulus tax rebate check to some stores and they’ll give you an extra 10% on a gift card.
But there are also plenty of opportunities for the unscrupulous to take advantage of the whole economic stimulus check situation. Some of these are outright scams. One of those to be exceptionally careful of is the old “your check is being slowed because you don’t have direct deposit” standby. You provide your personal information, including your bank account and routing number, and the scammer has all that is needed to clean you out. Be warned that it is too late to take this option. If you didn’t file your tax return to get your refund (or if you didn’t get a refund) via direct deposit, you will be getting a paper check. No one can change that at this point.
Other schemes to take advantage of the economic stimulus check are not so evident. They are much more subtle. They include things like this mail advertisement, which I was notified of by the Taxgirl:
It was stamped “Documented Mail” - a term that the United States Post Office does not use but that the company is trying really hard to make you believe is “official.” The green faux bar code on the front of the envelope is clearly meant to imply some sort of Certified Mail and is stamped “FIRST CLASS” when in fact, this mailing was not sent first class. It was sent bulk metered mail. …
Inside, the header reads “Housing Stimulus Rebate”: $1200. No coincidence there, huh? That is the exact amount that the government will issue to most married taxpayers in the form of an economic stimulus/rebate check.
In bold letters, you are encouraged to “Call Today” - the “approval code” conveniently ends in GVMT.
The letter advises me that the FHA has “authorized us to assist in substantially reducing your over-all monthly payments and interest rate on your mortgage.”
Nice.
While it may not be a scam, it does verge on false advertising (maybe it is). And it may not be the best use of your economic stimulus check. Especially when one considers the rates that are probably being charged.
So be careful. Just because it’s legal, doesn’t mean that it is a good idea for your economic stimulus check.
Tags: economic stimulus, economic stimulus check, home mortgage loan, refinance,
mortgage loan blog, tax rebate, tax rebate scam
