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Released: December 28, 2010
H&R Block customers lose ” rapid refund” option
Source: David Pitt & Eileen Aj Connelly, Associated Press (USA Today)
Millions of H&R Block customers who relied on short-term loans backed by their expected tax refunds will not have that option this year, since Block’s banking partner was forced by federal regulators to stop offering the loans.
RALs, often referred to as “rapid refunds,” are short-term loans backed by an expected federal income tax refund. A refund anticipation “check” is actually an account where a refund is deposited. This enables taxpayers to have their tax return preparation fees deducted from their refund, rather than paying up front. Both products are typically used by low-income customers who file their taxes early in the season.
Read Full Article: H&R Block customers lose ” rapid refund” option
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