Refund Transfer is Great for Your Business
Let your clients file for $0 upfront, earn more money from incentives, and grow your business.
What is a tax-related bank product?
Bank Products are services that tax preparers can offer to their clients.1 Refund Transfer 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 fees upfront.
Direct deposit 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. Taxpayers utilizing Refund Transfer need to elect to have their refund delivered by direct deposit rather than a mailed check.2 Cash Advances3 are loan products for taxpayers that also utilize Refund Transfer and are secured by the taxpayer’s tax refund.
Offering Bank Products benefits both you and your customers!
Taxpayer Benefits:
- No out-of-pocket cost for tax preparation services.
- Access to a Tax Professional they may not have otherwise had funds to afford.
Tax Preparer Benefits:
- Apply in minutes.
- Receive a more secure and faster payment.
- No cost to the Tax Preparer. No monthly minimums. No minimum volume requirements.
- Earn additional revenue from refund transfer incentives.4
Want more information on Bank Products?
Download our in-depth guide: Bank Products for Tax Preparers
How do you get started? Simply enroll with one of our bank partners, get approved to offer bank products for TY22, and offer refund transfers as a payment option for your clients to be eligible for incentives. Interested in learning more about bank products and how you can enroll for TY22? Our teammates Melanie Milton and Sarah Crouch are here to assist with anything and everything bank product related.
Bank Product Resources to Get You Started
Whether you need to learn more about bank enrollment or how to start using bank products once enrolled and approved, these links will provide what you need for your situation.
1Bank Products are fee- based products offered by Republic Bank & Trust Company, Member FDIC and Santa Barbara Tax Products Group LLC (TPG).
2Refund Transfers offered by Republic Bank are fee-based products offered by Republic Bank & Trust Company, Member FDIC. A Refund Transfer Fee and all other authorized amounts will be deducted from the taxpayer’s tax refund.
Refund Transfers offered by TPG, Green Dot Company, are deposit products using Civista Bank, Member FDIC, that enable certain deductions from the account to be processed. Refund Transfers are not loans. Tax refund and e-filing are required in order to receive Refund Transfer. Fees apply. Terms and conditions are subject to change without notice.
3ERO must be enrolled for Republic Bank’s Refund Transfer Program to offer the Easy Advance programs. Cost to ERO per approved Easy Advance, if any, will be deducted from ERO tax preparation fees and cannot be passed to the taxpayer. If a customer does not choose a Refund Transfer, disbursement options are direct deposit or prepaid card. Net Refund refers to the taxpayer’s expected refund amount after deduction of all fees. ERO must be enrolled for TPG’s Refund Transfer Program to offer the Fast Cash Advance program. Cost to ERO per approved Fast Cash Advance, if any, will be deducted from ERO tax preparation fees and cannot be passed to the taxpayer. If a customer does not choose a Refund Transfer, disbursement options are direct deposit or prepaid card. Net Refund refers to the taxpayer’s expected refund amount after deduction of all fees.
4Must opt-in to TaxAct incentive program by 12/31/2022, by going to here<https://proadvance.taxact.com/refund_transfer_incentive_enrollment/> and providing a W9. 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 for TY21. To be eligible for the $5 per funded refund transfer for TY22 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 and 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 websites for full terms and conditions.