One Last Bite: Final Year For Bank Tax Refund Anticipation Loans
One Last Bite: Final Year For Bank Tax Refund Anticipation Loans
Consumer Advocates Recommend Cheaper Alternatives for Getting Refund Fast
BOSTON, Jan. 17, 2012 /PRNewswire-USNewswire/ -- A bright note for consumers as this tax season begins: This is the final year in which refund anticipation loans (RALs) will be available from banks on a large scale, nationwide basis. After this season, there will be an end to the hundreds of millions drained from taxpayer refunds by these high-cost, high-risk loans. "We will be glad to see the last of RALs, which were both high-cost and high-risk," says Chi Chi Wu, staff attorney at the National Consumer Law Center (NCLC). "It's not a moment too soon to stop multi-million dollar corporations from skimming off the tax refunds of hard-working families."
Consumer advocates suggest that taxpayers looking for quick refund cash should consider these lower-cost or free alternatives
Taxpayers with a bank account can get their tax refunds in 8 to 15 days with e-filing and direct deposit.
Taxpayers without a bank account can get a fast refund by e-filing and having their refund deposited to a prepaid card, including any existing payroll or prepaid card that the taxpayer already has.
H&R Block is even offering free refund anticipation checks (RACs) until early February if the customer uses its prepaid Block Emerald Card to receive the refund.
With RACs, the bank opens a temporary bank account into which the IRS direct deposits the refund check. After the refund is deposited, the bank issues the consumer a check or prepaid card and closes the temporary account. A RAC allows the consumer to pay for tax preparation fees out of the refund and provides the speed of direct deposit of tax refunds for unbanked taxpayers, but generally at an additional cost.
Life after Refund Anticipation Loans (RALs)
Even after the end of RALs, tax preparers and banks will continue to offer RACs, for which the banks generally charge about $30 - $32. Tax preparers may also charge their own "add-on" fees, which can range from $25 to several hundred dollars. Since of their main purposes is to defer payment of the tax preparation until the refund arrives, RACs may represent a high-cost loan of that fee. With the exception of free RACs, consumer advocates recommend taxpayers consider alternatives.
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Taxpayers without a bank account should also consider opening a bank account to receive their refund. "Getting a big refund is the perfect time to open a savings account and start a nest egg," advises Jean Ann Fox, director of financial services for
A range of services including savings accounts with payroll deduction and life insurance, prepaid cards and personal loans. Some provide current accounts, cash Isas, Junior Isas and mortgages. Many offer the facility to view accounts online.
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One of the main reasons was because they had a savings account but no checking account. There was also the issue of having no access to a fax machine. However, paydayloansolutions.net, a new and innovative website, is making access to pay day loans
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