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What is a tax-related Bank Product?
Bank Products* are services that tax preparers can offer to their clients. A Pay-by-Refund1 allows tax preparation and other authorized fees to be deducted from your client’s tax refund. This product allows taxpayers to use tax-prep services without paying tax preparation-feesAre upfront. Pay-by-Refund1 allows the taxpayer’s refunds to be direct deposited from the IRS or State instead of having to wait for a mailed check from the IRS.
Why offer Pay-by-Refund?
Benefits to the Taxpayer
- No out-of-pocket cost for tax preparation services.
- Access to a Tax Professional.
- Options for receiving their refund: (Republic Bank: Netspend® Visa® Prepaid Cards2, Santa Barbara TPG offers GO2Bank™ Visa® Debit Card3)
- Access to pre-acknowledged loans4 (Receive $500 – $7,000 before the return is verified and released by the IRS) through select banking partners.
Benefits to the Tax Preparer
- Apply in minutes.
- Receive a more secure and faster payment – Tax preparation fees are paid directly from the Taxpayer’s refund and deposited into your account.
- No cost to the Tax Preparer. No monthly minimums. No minimum volume requirements.
- Ability to gain a competitive edge in the marketplace by offering a better mix of services to Taxpayers.
- Attract new customers who can’t, or don’t, want to pay upfront.
- Earn additional revenue from Pay-by-Refund incentives5 based on volume.
You might be surprised by how many of your clients are interested in Pay-by-Refund.1
People Living in Hard Times
No matter how much money taxpayers may make, they can find themselves in difficult financial situations. They may lose their job, have a family medical emergency, or get divorced. With Pay-by-Refund1, they can file for $0 upfront.
Some taxpayers like the convenience of Pay-by-Refund1. They can get their taxes done and not have to worry about it later.
Many taxpayers are just getting started in their careers and may be short on funds. Pay-by-Refund1 opens the ability for you, as a Tax Professional, to help them when they can’t afford to pay upfront.
Those Forced to Save
Unfortunately, some taxpayers live paycheck-to-paycheck and may not be able to save up for your fee. With Pay-by-Refund1, they don’t have to wait months to get their taxes done.
Some will have to borrow money to pay your fee, which can add up quickly. Pay-by-Refund1 allows them to pay without incurring debt.
Summary of benefits offering Pay-by-Refund1 with TaxAct Professional:
- Clients file for $0 upfront
- You get $5 for each funded refund transfer5
- Free software after doing more than 400 funded refund transfers5
*Bank Products are offered by Republic Bank & Trust Company, Member FDIC and by Santa Barbara Tax Products Group, LLC, (TPG), a Green Dot Company, through Green Dot Bank, Member FDIC.
¹Pay-by-Refund (which refers to Refund Transfers) and Cash Advances are offered by Republic Bank & Trust Company, Member FDIC and Santa Barbara Tax Products Group, LLC (TPG), a Green Dot Company.
Pay-by-Refund refers to a Refund Transfer which is a fee-based product offered by Republic Bank & Trust, Member FDIC. A Refund Transfer Fee and all other authorized amounts will be deducted from the taxpayer’s tax refund.
Pay-by-Refunds offered by TPG, a Green Dot Company, are deposit products using Civista Bank, Member FDIC, that enable certain deductions from the account to be processed. Pay-By-Refunds are not loans. Tax refund and e-filing are required in order to receive Pay-By-Refund. Fees apply. Terms and conditions are subject to change without notice.
2The Netspend Visa Prepaid Card is issued by Republic Bank & Trust Company, Member FDIC pursuant to a license from Visa U.S.A. Inc. Netspend 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 Transaction fees, terms, and conditions apply to the use and reloading of the Card Account. See the Cardholder Agreement for details.
3GO2bank™ cards are issued by GO2bank, Member FDIC, pursuant to a license from Visa U.S.A., Inc. Visa is a registered trademark of Visa International Service Association. GO2bank also operates under the following registered trade names: Green Dot Bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits.
4 There will be an additional charge to the ERO for each approved preACK Easy Advance.
Free software for TY24 after doing more than 400 funded Refund Transfers with TaxAct Professional software during TY23.
Must opt-in to TaxAct incentive program each season, by going to https://proadvance.taxact.com/pay_by_refund_incentive_enrollment/ and providing a W9. Here you will also find information on deadlines. If you’re a new TaxAct® Professional customer, the $5 incentive starts with your first funded refund transfer. If you’re a previous customer, you will receive the $5 incentive once you exceed the number of funded refund transfers you completed the prior tax season. To be eligible for the $5 per funded refund transfer for this tax season you must be enrolled and approved through one of our participating banks to offer refund transfers. For further details please call (319) 536-3571.
TaxAct, Inc. gets fees from some third parties, including Republic Bank and Santa Barbara Tax Products Group, LLC (TPG), that provide offers to its customers. This compensation may affect what and how we communicate Republic Bank or Santa Barbara Tax Products Group offers to you. TaxAct is not a party to any transactions you may choose to enter into with Republic Bank or Santa Barbara Tax Products Group, does not itself offer legal, financial, or investment advice, and disclaims any liability arising out of such transactions. Please see Republic Bank and Santa Barbara Tax Products Group’s websites for full terms and conditions.
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