republic bank tax advance loan

An Easy Advance* is a loan secured by your tax refund and is offered by Republic Bank & Trust Company, member FDIC, to eligible taxpayers. Jackson Hewitt amended its agreement with Republic Bank & Trust Co. to allow 80 percent of the expected refund anticipation loans. 2016 TAX SEASON. EASY ADVANCE INFORMATION PAGE - Republic Bank & Trust Company. An Easy Advance is a one-time loan not intended for long-term use in the.

Republic bank tax advance loan -

Walmart Launches First-of-its-Kind Cash Pickup Option for Tax Refunds

Available Nationwide, Walmart Direct2Cash to Save Customers Time and Money This Tax Season

BENTONVILLE, Ark., January 20, 2015 – As Americans begin to file their tax returns, Walmart announced the launch of a first-of-its-kind service that allows consumers to “skip the check” and pick up their tax refunds in cash. Walmart Direct2Cash is available nationwide starting today and will help customers save time and money when compared to traditional tax refund options.

Walmart is working with Tax Products Group (TPG), a Green Dot Company, and Republic Bank & Trust Company, member FDIC, two leading providers of tax-related financial products and services, to provide Walmart Direct2Cash as an option to millions of customers. The more than 25,000 tax preparation locations using software with the Walmart Direct2Cash option may provide this service for no additional fee or charge a maximum of $7 at the time of filing. Walmart does not charge customers a fee when refunds are claimed in a store.

“We know tax refunds can be one of the largest financial payouts of the year for many of our customers, and the last thing they want is to wait for their refund check to arrive and then spend money on unnecessary fees – in many cases upwards of $70 – to cash it,” said Daniel Eckert, senior vice president of services for Walmart U.S. “By skipping the check and choosing this new service, customers will not only save time, but also keep some extra cash in their pockets – two things Americans can always use more of.”

Saving People Time and Money
Walmart Direct2Cash offers customers a convenient and secure way to receive their refund amounts when compared to checks. Too often, government issued tax refund checks are subject to theft, fraud and mishandling, which can create weeks or even months of delay before customers can receive their funds. Walmart Direct2Cash is a secure, one-stop cash pickup transaction that reduces the potential for a variety of check-related problems.

Americans who choose the new Walmart Direct2Cash option can also save on fees when compared to traditional check-cashing options. For example, a consumer who has the average federal tax refund of $2,900 and chooses a check-cashing provider who charges a 2 percent fee would spend $58 to cash the check. This could also be in addition to a $20 processing fee to issue a paper refund check.

Convenient for Customers and Tax Preparers
When customers choose Walmart Direct2Cash, they will receive a confirmation code for their federal and/or state tax return through an email from TPG or Republic Bank as soon as their refund is ready to be picked up. Customers will then go to the Walmart MoneyCenter or customer service desk at their local Walmart store, show their confirmation code, confirm their identity, and then receive their refund in cash.

“Walmart Direct2Cash is a groundbreaking new service that reduces the cost and complexity of the refund process for taxpayers and tax preparers,” said Bill Maher, chief executive officer of Tax Products Group, LLC. “The response from tax preparers has already been incredibly positive. They believe this will not only simplify the tax refund process but provide a great benefit to taxpayers.”

"I want to personally thank tax preparers for participating in this program and for providing our customers with this cash option,” added Eckert.

Filing Tax Returns is Easy at Walmart
Walmart is also working with other businesses to help customers better manage their finances at tax time and every day throughout the year. This year, Jackson Hewitt tax preparers will be in more than 3,000 Walmart stores nationwide. Jackson Hewitt is offering its eligible clients a $50 Walmart eGift Card when they e-file through a Jackson Hewitt tax preparer. The Walmart eGift Card, available instantly upon filing, can be used on anything from groceries to tires, in stores or online. 

As an added benefit to Walmart customers, each Jackson Hewitt tax filing consultation at a participating Walmart store will include free tax assistance identifying eligible health care options under the Affordable Care Act. This assistance complements Walmart’s Healthcare Begins Here program, which is designed to educate customers on health insurance options.

###

EDITOR’S NOTES: 

  • Walmart Direct2Cash is applicable to both federal and state tax refunds. Customers who file a federal and state tax return will get two confirmation codes. Cash refunds up to $7,500 are eligible for Walmart Direct2Cash. For customers filing jointly, both filers must be present to receive their cash refund.  Confirmation code expiration dates vary. Customers should check with their tax preparer.
  • Important terms and conditions, including minimum tax preparation fees, govern eligibility for the Jackson Hewitt offer. For details, please see JacksonHewitt.com. Not all Jackson Hewitt Walmart locations offer the Walmart Direct2Cash option.

About Walmart 
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere -- in retail stores, online, and through their mobile devices. Each week, more than 250 million customers and members visit our 11,270 stores under 71 banners in 27 countries and e-commerce websites in 11 countries. With fiscal year 2014 sales of over $473 billion, Walmart employs more than 2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart. Online merchandise sales are available at http://www.walmart.com and http://www.samsclub.com.

Источник: https://corporate.walmart.com/newsroom/2015/01/20/walmart-launches-first-of-its-kind-cash-pickup-option-for-tax-refunds

Insights

Recently, the federal Deposit Insurance Corporation issued a report in its FDIC Quarterly publication regarding “alternative financial services.” “Alternative financial services” is a broad term for credit products that fall outside the mainstream of a “traditional” mortgage loan or a “traditional” auto finance transaction, including payday loans, check cashing, and rent-to-own transactions. According to the FDIC, creditors originate more than $320 billion in alternative financial services transactions each year.

One slice of this market—which accounts for some $26 billion a year—that has generated particular ire from consumer advocates includes refund anticipation loans (RALs). RALs are short-term loans, usually no more than two weeks, offered by tax preparers as a way to get money into the hands of consumers who need it in advance of the actual tax refund. The expected tax refund secures the RAL. Banks generally fund the RALs through partnerships with tax preparers. As recent developments show, the RAL industry continues to face scrutiny in the way it operates.

In February, the FDIC announced a consent cease and desist order against Kentucky-based Republic Bank & Trust Company in connection with the bank’s Tax Refund Solutions program. The order provides, in part, for additional training and monitoring of third-party electronic return originators with whom the bank partners in providing RALs. Although not included as part of the consent order, published news reports indicate that the FDIC determined as part of the bank’s Community Reinvestment Act evaluation that the Bank violated Regulation B, which implements the Equal Credit Opportunity Act, specifically related to the RAL program. The FDIC cited the bank for requiring both spouses who file a joint tax return to sign an RAL check, even if one spouse opted out of the RAL transaction.

Under the federal Equal Credit Opportunity Act and Regulation B, a creditor can require a non-borrowing spouse to sign a loan or a security instrument. Regulation B provides that if an applicant requests secured credit, a creditor may require the signature of the applicant’s spouse or other person on any instrument necessary, or reasonably believed by the creditor to be necessary, under applicable state law to make the property being offered as security available to satisfy the debt in the event of default. The Commentary to Regulation B indicates “[g]enerally, a signature to make the secured property available will only be needed on the security agreement.” A creditor can therefore require a non-titled, non-borrowing spouse to sign a security instrument to ensure that the property offered as collateral is available to satisfy the debt in the event of default. The creditor may not require the spouse to sign the note evidencing the credit obligation if signing only the security agreement is sufficient to make the property available to satisfy the debt in the event of default. Here, the bank could not demonstrate that any law required the non-borrowing spouse to sign the RAL check, thus obligating them under the terms of the loan agreement. The bank agreed to improve its training of its tax preparers.

The Republic Bank consent order points out the need for tight management control of the bank’s third-party relationships with tax preparers.

In addition to the federal requirements for banks to manage their third-party relationships with tax preparers, many states regulate the conduct of these businesses. In North Carolina, police charged a tax preparer with a Liberty Tax Service franchise with 28 counts of fraud. Angela Lea White allegedly helped Latino customers with their personal income tax forms and manipulated the forms so that consumer refunds would be loaded onto a temporary debit card. She also allegedly took out RALs using customer identities.

North Carolina has had its regulatory eye on tax preparers that offer RALs for some time, enacting the Refund Anticipation Loan Act in the late 1980s to specifically target tax preparers who want to offer RALs. Such a tax preparer must register as a “facilitator” with the North Carolina Commission of Banks in accordance with the registration procedure provided in the Act. A facilitator is a “person who individually or in conjunction or cooperation with another person processes, receives or accepts for delivery” an RAL application, a check in payment of RAL proceeds, or who in any other manner facilitates the making of a refund anticipation loan. Failure to register is a misdemeanor punishable by up to $2,000. North Carolina exempts banks, savings associations and credit unions organized under federal or North Carolina law. Registered facilitators must file their loan fees and interest rates with the Commission and post them at the place where they facilitate RALs. If the Commissioner of Banks identifies an RAL fee as unconscionable, the Commissioner will notify the registered RAL facilitator that the fee is, in his opinion, unconscionable, and that the consequences of charging an unconscionable fee include liability to the taxpayer for three times the amount of that fee and possible revocation of the facilitator registration. The Act also imposes various disclosure requirements and prohibits certain specified activities, including directly or indirectly arranging for payment of any portion of the RAL for check cashing, credit insurance or any other good or service unrelated to the preparation and filing or tax returns or the facilitation of RALs. The North Carolina statute mirrors a model Refund Anticipation Loan Act promulgated by the National Consumer Law Center.

In Michigan, the state legislature has taken up House Bill 4166 and House Bill 4607, which would prohibit tax preparers that offer RALs from:

  • Requiring a consumer to enter into an RAL in order to complete a tax return;

  • Misrepresenting a material factor or condition of granting the RAL (without, of course, describing what a material factor or condition would include);

  • Failing to process an RAL application;

  • Engaging in any fraudulent transaction or practice in connection with the RAL.

HB 4607 also would allow consumers to rescind the RAL on or before the close of business on the business day following the day the loan is made. Violations of HB 4607 could result in a criminal misdemeanor charge punishable by a maximum fine of $500 and 93 days in jail. HB 4166, which includes the disclosures a tax preparer would have to make in connection with the origination of an RAL, would require the tax preparer to “clearly disclose” a raft of information on a form separate from the application, including:

  • a listing or table of RAL fees and the APR charged by the lender for 3 or more representative RAL amounts;

  • the average time announced by the IRS or the Michigan tax authority within which the taxpayer can expect to receive a refund if the taxpayer does not obtain an RAL;

  • the taxpayer’s responsibility for repayment of the RAL and all fees in the event the taxing authority does not pay a refund.

The Michigan House has approved both bills, which are currently pending in the Michigan Senate Banking and Financial Institutions Committee.

Cathy Brennan is a partner in the Maryland office of Hudson Cook, LLP. Basis Points readers can reach Cathy at 410.865.5405 or by email at [email protected]

Источник: https://www.counselorlibrary.com/insights/article.cfm?articleID=410

Tax Refund Anticipation Loans Return, But Who's Paying the Cost?

Is there a free lunch after all?

A new breed of tax refund anticipation loans is testing that age-old maxim, with supporters saying that free really does mean free and critics suggesting that the products' 0% interest rates are masking the actual costs.

The loans — which are available at two large national chains, Jackson Hewitt and Liberty Tax Service, as well as smaller tax preparers — allow consumers to receive part of their tax refund in advance of its arrival from the Internal Revenue Service. Many of the stores that offer the loans cater to low-income taxpayers, who are more likely than wealthier consumers to need their tax refunds as soon as possible.

Unlike an earlier generation of refund anticipation loans, which was driven to near-extinction by banking regulators, the latest version is being advertised as free to consumers. Banks and other lenders supply the loans, but fees are now paid by the tax preparers.

Among the lenders offering the loans is Republic Bank and Trust, a Louisville, Ky., community bank that had been one of the nation's top refund anticipation lenders until it was essentially forced out of the business in 2012. It is partnering with Liberty Tax Service and other smaller preparers, charging them $35 for each approved loan.

Under the terms of their agreements with Republic, the preparers are prohibited from passing that cost along to borrowers, who will often already owe several hundred dollars in tax preparation fees. It's that twist — under previous models borrowers typically paid the loan fees — that has made regulators more comfortable with refund anticipation loans.

"It's a product that obviously consumers like and want so far, so we're happy that we're able to offer it," said John Ripper, the chief risk management officer at the $4 billion-asset Republic.

For Liberty Tax Service, which is offering the product for the first time this year, interest-free loans are a way to attract and retain customers, said company spokeswoman Martha O'Gorman.

She argued in an email that Virginia Beach-based Liberty does not need to pass the loan fees on to customers because the company expects the new revenue generated from additional business to exceed the fees being paid to the banks that supply the loans.

But consumer advocates, after many years of battles over high-cost financial products for taxpayers, are skeptical.

"These are advertised as free," said Adam Rust, director of research at Reinvestment Partners, a community development group based in Durham, N.C. "At the same time, you know, nothing is ever really free."

Pricing in the tax-preparation business is opaque, consumer advocates say. This makes it difficult for taxpayers to comparison-shop.

"Preparers might pass along these fees, or charge even more," the National Consumer Law Center and the Consumer Federation of America argued in a recent press release. "Since few consumers get a firm price estimate before having their refund prepared, these hidden fees can be hard to avoid."

Rust said that Reinvestment Partners intends to share its concerns about the loans with federal banking agencies.

The earlier incarnation of refund anticipation loans carried high costs that amounted to triple-digit annual percentage rates, and blossomed into a big business prior to a crackdown by the banking regulators.

Back in 2002, 12.7 million U.S. consumers got one of the loans, according to data obtained by the National Consumer Law Center. By 2014, after banks were driven out of the business, that number had fallen to 35,000.

The high-interest rate loans have not disappeared entirely, but today they are being offered only by nonbanks, and only a relatively small scale.

Republic waged a multiyear battle with the Federal Deposit Insurance Corp. over the refund advances before it stopped offering them after the 2012 tax season.

When Republic revived the short-term loan product, it provided training to tax preparers, who were told that they were not to pass along the $35 fee to their customers, according to Nelson, the president of Republic Processing Group. He also said that Republic monitors the fees charged by tax preparers as part of its audit program.

Republic officials said they could not discuss the bank's communications with its regulators about the 0% interest product. The FDIC also declined to comment.

The zero-interest loans are different from the higher-priced version in a couple of respects, beyond just their prices.

First, if the tax refund turns out to be smaller than anticipated, the borrower is not responsible for the shortfall, according to several companies that that finance or market the interest-free loans. Under the old products, the consumer could be left on the hook.

In addition, the refund advances are now available only in smaller amounts than they used to be. Taxpayers could previously borrow up to $1,500. Today, both Jackson Hewitt and Liberty Tax Service are capping the loans at $750.

In addition to Republic Bank, Liberty Tax Service is also offering the 0% interest loans through MetaBank in Storm Lake, Iowa.

MetaBank is regulated by the Office of the Comptroller of the Currency, which last August released new guidance on tax refund-related products. The guidance states that banks should implement effective controls and review standards for advertising. It also states that banks should provide training programs that address regulatory requirements.

Toni Cranny, a spokeswoman for MetaBank, did not respond to questions about the size of the fee that the $2.5 billion-asset bank charges, or about any monitoring by the bank.

Jackson Hewitt, another large tax-preparation chain, offers refund advances through 1st Money Center, a nonbank lender in Hurst, Texas.

"Our prices for tax preparation start at $48 based on the complexity of the tax return, and prices are the same whether the customer receives a refund advance or not," Parsippany, N.J.-based Jackson Hewitt said in an emailed statement.

"Jackson Hewitt absorbs the cost of the refund advance as a marketing expense in lieu of other promotions, and it's been very successful."

Another lender in the market is Santa Barbara Tax Products Group, a division of Green Dot Corp. The firm charges tax preparers $35 for each completed loan, which are free to consumers.

The company said in an email that it monitors tax preparation fees "through various means" but did not offer specific examples.

Источник: https://www.americanbanker.com/news/tax-refund-anticipation-loans-return-but-whos-paying-the-cost

What is a Refund Transfer1?

add

With a Refund Transfer (RT) your refund will be direct deposited from the IRS or State with Republic Bank & Trust Company, member FDIC. Before being disbursed to you, Republic Bank’s Refund Transfer Fees are deducted from the refund. Additionally, all applicable Transmitter, Service Bureau, Tax Preparation, Audit Fees and other amounts are deducted from the refund and automatically forwarded to the appropriate party as authorized by you on your Bank Product Application and Agreement.

The remainder of your refund is disbursed to you by a bank check printed at the tax office, direct deposit to your personal bank account2, or loaded to a Netspend Visa Prepaid Card3.

How long does an RT take?

add

When you receive your refund depends on when the IRS or State releases the refund to Republic Bank.

Based on information published on www.irs.gov, the IRS issues most electronically filed refunds within 21 calendar days of IRS acknowledgement or within 6 weeks for paper filed returns. However, the IRS will not begin issuing refunds for Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) related tax returns until February 15th. Visit www.irs.gov for details about your individual refund. Republic Bank & Trust Company does not guarantee whether, when or in what amount a tax refund will be issued. Once received by Republic Bank, your refund is immediately processed by deducting the amounts authorized by you and releasing the money according to the disbursement option you have chosen.

What else should I know about Refund Transfers?

add

  • You may choose to receive your refund as a Refund Transfer which is a fee-based product provided by Republic Bank & Trust Company.
  • A Refund Transfer is not necessary to obtain your refund.
  • If you have an existing bank account, you can file a tax return electronically and receive your refund by direct deposit within a similar time frame and without paying the additional fees associated with an RT.
  • If you choose a Refund Transfer, a Refund Transfer Fee and all other authorized fees and amounts will be deducted from your tax refund.
  • If you choose a Refund Transfer, you will be charged a fee for your state refund or each additional funding. Please consult your tax preparer for specific details.
  • You may be charged a Transmitter Fee and/or a Service Bureau Fee. Please consult your tax preparer for specific details.
  • Tax preparation fees are determined by your preparer and disclosed to you on the Bank Product Application and Agreement.
  • Netspend Prepaid Card monthly and transaction fees apply. Consult your Cardholder Agreement for details.

What are the benefits of a Refund Transfer?

add

CONVENIENCE

With a Refund Transfer (RT), you can have your taxes professionally prepared and pay tax preparation and other related fees with your refund money. This is a very convenient way to pay the fees associated with tax preparation and tax return filing without having to pay anything up front.

SPEED

If you don’t have a bank account, an RT allows you the benefit of having your refund processed safely as a direct deposit rather than waiting additional time for your check to be printed and mailed from the IRS or State. You can choose to receive your RT disbursed as a bank check with many low-cost options for check cashing available, or a Netspend Prepaid Card which often provides many benefits of a traditional bank account.

SECURITY

Many customers feel most comfortable with the security and personal service of picking up a bank issued check from the safety of the tax office rather than receiving an IRS or State issued check in the mail.

What is an Easy Advance?

add

Easy Advance is a one-time loan not intended for long-term use. Your Easy Advance is subject to underwriting and approval by Republic Bank & Trust Company. You may receive an Easy Advance amount less than what you requested. A Finance Charge may be assessed based on the Easy Advance program offered. Typically, your proceeds will be disbursed to you within 24 hours of Internal Revenue Service (IRS) acceptance of your Federal tax return. The Easy Advance is secured by and paid back with your tax refund but is not your actual tax refund.

  • You can file your tax return electronically and have the IRS or state issue your tax refund directly to your existing account without applying for an Easy Advance.
  • According to the IRS, if you file a tax return electronically and do not obtain an Easy Advance, you can expect to receive a tax refund within 21 days by direct deposit or mail. However, the IRS will not begin issuing refunds earlier than February 15th for Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) related tax returns. If you mail your return and do not obtain an Easy Advance, you can expect to receive a tax refund within 6 weeks by direct deposit or mail.
  • To receive an Easy Advance, you are not required to choose a Refund Transfer.
  • To be eligible for the Easy Advance, your expected Federal refund must be above the set minimum threshold after any fees you have authorized are deducted. Additionally, your tax return and credit bureau information will be evaluated to determine the likelihood that it will be funded by the IRS. Your application for the Easy Advance may be denied if you have any delinquent child support or outstanding unpaid taxes, student loans or other federal debt.
  • If approved, repayment of the Easy Advance loan amount and Finance Charge (if applicable) is due upon receipt of your 2020 tax refund from the IRS and/or state taxing authority, which will reduce the amount of your refund received from the IRS and/or State. The remainder of your refund will be disbursed to you in the same manner you select on your Bank Product Application and Agreement.
  • Loan amounts offered vary by tax office.
  • Consult your tax preparer for details about which loan amounts may be available to you.

Loan Information

LOAN AMOUNTFINANCE CHARGEAPR
$6,000$189.3635.99%
$4,500$142.0235.99%
$3,000$94.6835.99%
$2,000$63.1235.99%
$1,500$47.3435.99%
$1,000$31.5635.99%
$500$15.7835.99%
  • You may rescind the Easy Advance within 7 Business Days of your receipt of the Easy Advance proceeds by contacting Republic Bank at 866-581-1040.
  • If declined, you will not be charged a Finance Charge for the Easy Advance and your tax refund will still be routed to Republic Bank and disbursed to you in the same manner you select on your Bank Product Application and Agreement. If declined and you applied for an Easy Advance and Refund Transfer, you will still receive and be charged for the Refund Transfer.
  • Your tax preparer may pay a fee to Republic Bank & Trust Company for each approved Easy Advance. Your tax preparer is prohibited from passing this fee on to you.
  • The IRS and/or state taxing authority do not guarantee the amount or time of payment of your refund.
  • An Easy Advance may cost more than other sources of credit. Before applying for an Easy Advance, you should consider whether an Easy Advance is consistent with your personal needs and financial circumstances.

Disbursement Method Information:

add

  • If you choose an Easy Advance without a Refund Transfer, then the disbursement options available for you to receive your Easy Advance proceeds and tax refund are Direct Deposit or Netspend Prepaid Card.
  • If you choose a Refund Transfer in addition to the Easy Advance, your disbursement options are Bank Check; Direct Deposit; or Netspend Prepaid Card. You will receive both the Easy Advance and Refund Transfer proceeds by the same disbursement method.
  • If you choose a Netspend Prepaid Card and are approved for an Easy Advance a $5 monthly Plan fee will begin 30 days after receipt of the Easy Advance proceeds and your first Over the Counter Cash Withdrawal Fee will be waived.

Important Information for Joint Filers:

add

  • All Easy Advance applications are on an individual basis so only one taxpayer can apply.
  • It is solely your choice in determining who applies for the Easy Advance.
  • Only the applicant’s name will appear on the Easy Advance check.

Other Information:

add

  • For additional information about tax refund processing, please consult www.irs.gov or the applicable tax authority’s website.
  • Go to www.joinbankon.org for information about low-cost “starter” or “second chance” bank accounts and access to financial education resources.

Please consult your Bank Product Application and Agreement for additional information.

  1. A Refund Transfer is a fee-based product offered by Republic Bank & Trust Company, member FDIC. A Refund Transfer Fee and all other authorized amounts will be deducted from your tax refund. Visit your tax preparer to learn about all filing and product options, including obtaining your refund at no additional cost.
  2. Based on information published on www.irs.gov, the IRS issues most electronically filed refunds within 21 calendar days of IRS acknowledgement or within 6 weeks for paper filed returns. However, the IRS will not begin issuing refunds for Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) related tax returns until February 15th. Visit www.irs.gov for details about your individual refund. Republic Bank & Trust Company does not guarantee whether, when or in what amount a tax refund will be issued.
  3. Available at participating tax offices. The Netspend Visa Prepaid Card is issued by Republic Bank & Trust Company, Member FDIC pursuant to a license from Visa U.S.A. Inc. Netspend, a Global Payments Company, is a registered agent of Republic Bank & Trust Company. This card may be used everywhere Visa debit cards are accepted. Card use is subject to activation, ID verification, and funds availability. A $5 monthly fee, transaction fees, terms, and conditions apply to the use and reloading of the Card Account. See the Cardholder Agreement at www.republictaxpayer.com/terms for details.
Источник: https://www.republictaxpayer.com/details.aspx

Liberty Tax Opens 2018 Tax Season With Largest Tax Refund Advance in Industry

VIRGINIA BEACH, Va., Dec. 20, 2017 (GLOBE NEWSWIRE) -- Liberty Tax, Inc. (NASDAQ:TAX)

Liberty Tax, a leading tax preparation franchise, will open the 2018 tax season with the largest tax refund advance offer in the industry at participating locations. Liberty Tax is working with Republic Bank & Trust Company, member FDIC, to offer the Easy Advance loan of up to $3,250. There are no fees or interest associated with the loan, which is secured by the tax refund. Proceeds typically are available within 24 hours. 

Liberty Tax realizes that the tax refund is the biggest single income event in many households and that refund delays mandated by the federal government for taxpayers claiming the Earned Income Tax Credit or the Additional Child Tax Credit can have a negative impact on families. The Easy Advance will give eligible taxpayers quick access to much-needed funds.

“We are providing solutions for taxpayers,” said Liberty Tax CEO Ed Brunot. “The Easy Advance – the largest in the industry – will help families struggling to pay bills or buy groceries. Instead of waiting until the end of February, eligible taxpayers who are approved for the Easy Advance can have access to money as early as the first week in January.”

Liberty Tax offices across the U.S. will open on January 2, for the 2018 tax season. Taxpayers can apply for the Easy Advance from January 2 to February 28, 2018.

*To be eligible for the $3,250 loan amount, your expected Federal refund less authorized fees must be at least $5,095. Actual loan amount may vary.  An Easy Advance (EA) is a loan secured by your tax refund and is offered by Republic Bank & Trust Company, member FDIC, to eligible taxpayers. There are no fees or interest associated with the EA.  Loan is subject to underwriting and approval. EA proceeds are typically available within 24 hours of IRS acceptance of tax return (or within 24 hours for those filing before the IRS start date). However, if direct deposit is selected it may take additional time for your financial institution to post the funds to your account. Visit your Liberty Tax office to learn about the cost, timing and availability of all filing and product options.  Valid at participating locations.  Valid Jan. 2-Feb. 28, 2018.

About Liberty Tax, Inc.
Founded in 1997, Liberty Tax, Inc. (NASDAQ:TAX) is the parent company of Liberty Tax Service. In the U.S. and Canada, last year Liberty Tax prepared over two million individual income tax returns in more than 4,000 offices and online. Liberty Tax's online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor to many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook. 

MEDIA CONTACT:                                                                                                     
Martha O’Gorman                                                                                                    
Chief Marketing Officer                                                                                        
Liberty Tax Service                                                                                                      
(888) 848-5344                                                                                                          
[email protected]

Источник: https://www.globenewswire.com/en/news-release/2017/12/20/1266997/0/en/Liberty-Tax-Opens-2018-Tax-Season-With-Largest-Tax-Refund-Advance-in-Industry.html

: Republic bank tax advance loan

THINGS TO DO IN SAN JOSE DURING CHRISTMAS
North american savings bank fsb
COLORADO STATE BANK AND TRUST HOURS
ZAPP I ONLY HAVE EYES FOR YOU
HOME REMEDIES FOR SEVERE HEARTBURN WHILE PREGNANT

Jackson Hewitt RAL Program Remains Underfunded

Jackson Hewitt Tax Service warned in a regulatory filing that it only has enough funding to cover 50 percent of the refund anticipation loans it anticipates making this tax season.

The Parsippany, N.J.-based tax prep chain has been facing challenges ever since Dec. 24, when republic bank tax advance loan revealed that its main RAL weather at bank of america stadium, Santa Barbara Bank & Trust, would chase bank corporate office chicago be able to originate RALs this tax season. SBBT had been expected to provide 75 percent of Jackson Hewitt’s business in refund anticipation loans and anticipated refunds, which provide clients with access to their refunds in eight to 15 days.

SBBT’s parent, Pacific Capital Bancorp., was told by banking regulators at the Office of the Comptroller of the Currency that it needed to have stronger capital ratios in place to be able to originate RALs, and it agreed to sell the division to  a private equity firm (see Jackson Hewitt in RAL Trouble from Bank Partner). Earlier this month, Jackson Hewitt announced that it had signed an agreement with Republic Bank & Trust to fund 45 percent of its refund anticipation loans and anticipated refunds for the next three years (see Jackson Hewitt Strikes RAL Deal with Republic).

On Wednesday, Jackson Hewitt said in a regulatory filing that it has signed a new deal with Santa Barbara Tax Products Group, the name of the new business operating Santa Barbara Bank & Trust’s tax division, and with savings bank MetaBank, to provide 50 percent of the funding for its RALs and anticipated refunds for the current tax season. The anticipated refunds products will be covered 100 percent, when also taking into account the agreement with Republic Bank. However, the agreement will end up covering only about 50 percent of Jackson Hewitt’s RAL program, and Jackson Hewitt said it could not provide any guarantee it would be able to fully fund the RAL program this season.

“No assurances can be given regarding the outcome of any efforts to obtain additional funding to provide for a sufficient source of RALs for the 2010 tax season or even if such funding is obtained, that a RAL program would be successfully implemented,” said the company.

Источник: https://www.accountingtoday.com/news/jackson-hewitt-ral-program-remains-underfunded

Tax Refund Anticipation Loans Return, But Who's Paying the Cost?

Is there a free lunch after all?

A new breed of tax refund anticipation loans is testing that age-old maxim, with supporters saying that free really does mean free and critics suggesting that the products' 0% interest rates are masking the actual costs.

The loans — which are available at two large national chains, Jackson Hewitt and Liberty Tax Service, as well as smaller tax preparers — allow consumers to receive part of their tax refund in advance of its arrival from the Internal Revenue Service. Many of the stores that offer the loans cater to low-income taxpayers, who are more likely than wealthier consumers to need their tax refunds as soon as possible.

Unlike an earlier generation of refund anticipation loans, which was driven to near-extinction by banking regulators, the latest version is being advertised as free to consumers. Banks and other lenders supply the loans, but fees are now paid by the tax preparers.

Among the lenders offering the loans is Republic Bank and Trust, a Louisville, Ky., community bank that had been one of the nation's top refund anticipation lenders until it was essentially forced out of the business in 2012. It is partnering with Liberty Tax Service and other smaller preparers, charging them $35 for each approved loan.

Under the terms of their agreements with Republic, the preparers are prohibited from passing that cost along to borrowers, who will often already owe several hundred dollars in tax preparation fees. It's that twist — under previous models borrowers typically paid the loan fees — that has made regulators more comfortable with refund anticipation loans.

"It's a product that obviously consumers like and want so far, so we're happy that we're able to offer it," said John Ripper, the chief risk management officer at the $4 billion-asset Republic.

For Liberty Tax Service, which is offering the product for the first time this year, interest-free loans republic bank tax advance loan a way to attract and retain customers, said company spokeswoman Martha O'Gorman.

She argued in an email that Virginia Beach-based Liberty does not need to pass the loan fees on to customers because the company expects the new revenue generated from additional business to exceed the fees being paid to the banks that supply the loans.

But consumer advocates, after many years of battles over high-cost financial products for taxpayers, are skeptical.

"These are advertised as free," said Adam Rust, director of research at Reinvestment Partners, a community development group based in Durham, N.C. "At the same time, you know, nothing is ever really free."

Pricing in the tax-preparation business woodforest bank deposit at walmart opaque, consumer advocates say. This makes it difficult for taxpayers to comparison-shop.

"Preparers might pass along these fees, or charge even more," the National Consumer Law Center and the Republic bank tax advance loan Federation of America argued in a recent press release. "Since few consumers get a firm price estimate before having their refund prepared, these hidden fees can be hard to avoid."

Rust said that Reinvestment Partners intends to share its concerns about the loans with federal banking agencies.

The earlier incarnation of refund anticipation loans carried high costs that amounted to triple-digit annual percentage rates, top certificate of deposit rates blossomed into a big business prior to a crackdown by the banking regulators.

Back in 2002, 12.7 million U.S. consumers got one of the loans, according to data obtained by the National Consumer Law Center. By 2014, after banks were driven out of the business, that number had fallen to 35,000.

The high-interest rate loans have not disappeared entirely, but today they are being offered only by nonbanks, and only a relatively small scale.

Republic waged a multiyear battle with the Federal Deposit Insurance Corp. over the refund advances before it stopped offering them after the 2012 tax season.

When Republic revived the short-term loan product, it provided training to tax preparers, who were told that they were not to pass along the $35 fee to their customers, according to Nelson, the president of Republic Processing Group. He also said that Republic monitors republic bank tax advance loan fees charged by tax preparers as part of its audit program.

Republic officials said they could not discuss the bank's communications with its regulators about the 0% interest product. The FDIC also declined to comment.

The zero-interest loans are different from the higher-priced version in a couple of respects, beyond just their prices.

First, if the tax refund turns out to be smaller than anticipated, the borrower is not responsible for the shortfall, according to several companies that that finance or market the interest-free loans. Under the old products, the consumer could be left on the hook.

In addition, the refund advances are now available only in smaller amounts than they used to be. Taxpayers could previously borrow up to $1,500. Today, both Jackson Hewitt and Liberty Tax Service are capping the loans at $750.

In addition to Republic Bank, Liberty Tax Service is also offering the 0% interest loans through MetaBank in Storm Lake, Iowa.

MetaBank is regulated by the Office of the Comptroller of the Currency, which last August released new guidance on tax refund-related products. The guidance states that banks should implement effective controls and review standards for advertising. It also states that banks should provide training programs that address regulatory requirements.

Toni Cranny, a spokeswoman for MetaBank, did not respond to questions about the size of the fee that the $2.5 billion-asset bank charges, or about any monitoring by the bank.

Jackson Hewitt, another large tax-preparation chain, offers refund advances through 1st Money Center, a nonbank lender in Hurst, Texas.

"Our prices for tax preparation start at $48 based on the complexity of the tax return, and prices are the same whether the customer receives a refund advance or not," Parsippany, N.J.-based Jackson Hewitt said in an emailed statement.

"Jackson Hewitt absorbs the cost of the refund advance as a marketing expense in lieu of other promotions, and it's been very successful."

Another lender in the market is Santa Barbara Tax Products Group, a division of Green Dot Corp. The firm charges tax preparers $35 for each completed loan, which are free to consumers.

The company said in an email that it monitors tax preparation fees "through various means" but did not offer specific examples.

Источник: https://www.americanbanker.com/news/tax-refund-anticipation-loans-return-but-whos-paying-the-cost

Bank Products

Please complete the form below. You will be emailed a link to download the demo software.

Taxpayer Advances Up To $6,000 In 2021!



preACK Taxpayer Advances

Put money on the street,
Before e-file starts!



Taxpayer Advances up to $6,000 in 2021!

Products your clients desire!



ERO Business
Advances

Cash flow for tax pros!



At TaxProAlliance, we understand your need for multiple banking options. This is why TaxProAlliance partners with several industry-leading banks, ensuring our customers always have a variety of choices.


Solve your cash flow problems with pre-season and in-season tax preparer fee advances.

Collect your fees from the taxpayer's refund with no upfront fees for your clients.

Save time and eliminate errors with banking partners that are integrated state farm bank contact phone number the tax software.

Grow your business by offering your clients the best loan and advance opportunities available.

preACK Taxpayer Advances!

Attract and retain customers by offering an advance before e-file starts! Approved customers will receive their funds from early January through the start of e-file.


No cost to your customers

Via Check or Prepaid Card

Available Nationwide

Taxpayer Advances Up To $6,000!

Products your clients desire! Products to help you compete!
Attract and retain more clients with a tax advance up to $6,000 in 2021.


No cost to your customers

Via Check or Prepaid Card

Available Nationwide

ERO Business Advances

Cash flow to help with pre-season expenses and fund your growth.
Support when you need it most!


Tax Software Advance

Office Start-up Advance

In-Season Preparer Fee Advances



Taxpayer Advances: up to $6,000 in 2021.
preACK Taxpayer Advances:  
ERO Advances:  

Republic Bank

With over 20 years of experience in the e-file industry, Republic Bank Tax Refund Solutions is one of the leading national providers of tax related bank products. Republic Bank works together with TaxProAlliance to help provide, millions of customers with quality bank products; such as Refund Transfer, where republic bank tax advance loan can receive their refund quickly and conveniently while paying tax preparation and other fees with their refund. Republic Bank will be there when you need them. No excuses!




Taxpayer Advances: up to $6,000 in 2021.
preACK Taxpayer Advances:  
ERO Advances:  

Santa Barbara Tax Products Group

Santa Barbara Tax Products Group (TPG) was established in 2010 upon purchasing the Tax Products Group of Santa Barbara Bank & Trust. Building on a legacy of over 20 years of industry leadership, TPG, in cooperation with its banking partners, offers quality financial products to the e-file industry that satisfy consumers' needs, are priced fairly and provide true value.




Taxpayer Advances: up to $6,000 in 2021.
preACK Taxpayer Advances:  
ERO Advances:  

Refund Advantage

Refund Advantage Tax Refund Services was built with the tax professional in mind. Our bank product program allows tax professionals to diversify business and compete with the national chains. Our management team has been involved in the tax refund servicing side of the e-file industry since 1989.




Taxpayer Advances up to $6,000 in 2021.
preACK Taxpayer Advances:  
ERO Advances:  

Refundo

Designed for you, with your clients in mind. Refundo allows you to increase sales, reduce costs, and receive payment from your clients refund quickly and securely. The client pays all tax preparation fees directly from his refund and receives his tax refund faster than an IRS mailed check.


Join TaxProAlliance Today.

Call (855) 441-1529

republic bank tax advance loan Please complete the form below. A sales rep will contact you after your request is received. republic bank tax advance loan coldwell banker old lyme ct listings

Источник: https://www.taxproalliance.com/bank_products.php
answer easy questions
pay fees right from your refund
choose how to get your remaining funds
enjoy your money

File with a tax pro

Meet in an office or via chat, phone, or video. Gather your docs and let your tax pro do the rest. Just review and approve your return.

Starting at File with a tax pro$$69

+ additional state fee

File with a tax pro

File with a tax pro
Источник: https://www.hrblock.com/financial-services/tax-refund-payment/

Walmart Launches First-of-its-Kind Cash Pickup Option for Tax Refunds

Available Nationwide, Walmart Direct2Cash to Save Customers Time and Money This Tax Season

BENTONVILLE, Ark., January 20, 2015 – As Americans begin to file their tax returns, Walmart announced the launch of a first-of-its-kind service that allows consumers to “skip the check” and pick up their tax refunds in cash. Walmart Direct2Cash is available nationwide starting today and will help customers save time and money when compared to traditional tax refund options.

Walmart is working with Tax Products Group (TPG), a Green Dot Company, and Republic Bank & Trust Company, member FDIC, two leading providers of tax-related financial products and services, to provide Walmart Direct2Cash as an option to millions of customers. The more than 25,000 tax preparation locations using software with the Walmart Direct2Cash option may provide this service for no additional fee or charge a maximum of $7 at the time of filing. Walmart does not charge customers a fee when refunds are claimed in a store.

freedom mortgage mail payment address know tax refunds can be one of the largest financial payouts of the year for many of our customers, and the last thing they want is to wait for their refund check to arrive and then spend money on unnecessary fees – in many cases upwards of $70 – to cash it,” said Daniel Eckert, senior vice president of services for Walmart U.S. “By skipping the check and choosing this new service, customers will not only save time, but also keep some extra cash in their pockets – two things Americans can always use more of.”

Saving People Time and Money
Walmart Direct2Cash offers customers a convenient and secure way to receive their refund amounts when compared to checks. Too often, government issued tax refund checks are subject to theft, fraud and mishandling, which can create weeks or even months of delay before customers can receive their republic bank tax advance loan. Walmart Direct2Cash is a secure, one-stop cash pickup transaction that reduces the potential for a variety of check-related problems.

Americans who choose the new Walmart Direct2Cash option can also save on fees when compared to traditional check-cashing options. For example, a consumer who has the average federal tax refund of $2,900 and chooses a check-cashing provider who charges a 2 percent fee would spend $58 to cash the check. This could also be in addition to a $20 processing fee to issue a paper refund check.

Convenient for Customers and Tax Preparers
When customers choose Walmart Direct2Cash, they will receive a confirmation code for their federal and/or state tax return through an email from TPG or Republic Bank as soon as their refund is ready to be picked up. Customers will then enemy at the gates gif to the Walmart MoneyCenter or customer service desk at their local Walmart store, show their confirmation code, confirm their identity, and then receive their refund in cash.

“Walmart Direct2Cash is a groundbreaking new service that reduces the cost and complexity of the refund process for taxpayers and tax preparers,” said Bill Maher, chief executive officer of Tax Products Group, LLC. “The response from tax preparers has already been incredibly positive. They believe this will not only simplify the tax refund process but provide a great benefit to taxpayers.”

"I want to personally thank tax republic bank tax advance loan for participating in this program and for providing our customers with this cash option,” added Eckert.

Filing Tax Returns is Easy at Walmart
Walmart is also working with other businesses to help customers better manage their finances at tax time and every day throughout the year. This year, Jackson Hewitt tax preparers will be in more than 3,000 Walmart stores nationwide. Jackson Hewitt is offering its eligible clients a $50 Walmart eGift Card when they e-file through a Jackson Hewitt tax preparer. The Walmart eGift Card, available instantly upon filing, can be used on anything from groceries to tires, in stores or online. 

As an added benefit to Walmart customers, each Jackson Hewitt tax filing consultation at a participating Walmart store will include free tax assistance identifying eligible health care options under the Affordable Care Act. This assistance complements Walmart’s Healthcare Begins Here program, which is designed to educate customers on health insurance options.

###

EDITOR’S NOTES: 

  • Walmart Direct2Cash is applicable to both federal and state tax refunds. Customers who file a federal and state tax return will get two confirmation codes. Cash refunds up to $7,500 are eligible for Walmart Direct2Cash. For customers filing jointly, both filers must be present to receive their cash refund.  Confirmation code expiration dates vary. Customers should check with their tax preparer.
  • Important terms and conditions, including minimum tax preparation fees, govern eligibility for the Jackson Hewitt offer. For details, please see JacksonHewitt.com. Not all Jackson Hewitt Walmart locations offer the Walmart Direct2Cash option.

About Walmart 
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save commercial property for rent in jamshedpur and live better – anytime and anywhere -- in retail stores, online, and through their mobile devices. Each week, more than 250 million customers and members visit our 11,270 stores under 71 banners in 27 countries and e-commerce websites in 11 countries. With fiscal year 2014 sales of over $473 billion, Walmart employs more than 2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart. Online merchandise sales are available at http://www.walmart.com and http://www.samsclub.com.

Источник: https://corporate.walmart.com/newsroom/2015/01/20/walmart-launches-first-of-its-kind-cash-pickup-option-for-tax-refunds

5 Replies to “Republic bank tax advance loan”

  1. I think it's where the bank/cu is located. I lived in Westcliffe, CO and was with a C.U. and they were impersonal and I got $1000 ripped off and they didn't do a thing. We switched to Wells Fargo and we loved it. We got to know the tellers, they were kind and friendly and I never had a problem with scams or anything there. Now we live in Aiken, SC and we're with Bank of America. Love their online setup is sweet but because of that, we haven't gone inside since we set up the account. They have stopped several scam attacks on my account and they back up my debit card.

  2. Mera Bank of Baroda me... Baroda Basic Savings Bank Account hai.... Mujhe 1 year hogaye use karte huye ye account... Mujhe best facilities milti hai isme... 30 leaves cheque book yearly free, Debit card Rupay classic aur Rupay Platinum sirf issue karte hai, Passbook, Mobile banking, Internet banking yeh saari facilities deta hai BOB.... Iss Account ka scheme code SB124 bolte hai.... Withdrawal par restrictions nahi hai... Aise hi 4 time withdrawal in monthly likha hai.... Maine ek mahine me bahot baar nikala hai... Other bank atm and BOB ATM se.... SMS charges bhi kabhi nahi kata mera... Transaction ke message aate hai properly.... Free facility deta hai..... Best bank....

Leave a Reply

Your email address will not be published. Required fields are marked *