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Frequently Asked Questions
WHAT IS A BANK PRODUCT?
A bank product is a service that allows tax professionals the option of having their preparation fees taken out of the client’s refund instead of charging their fees upfront.
DO I HAVE TO USE BANK PRODUCTS?
Using bank products isn’t mandatory. However, it can be a great option for your business and your clients.
HOW DOES USING BANK PRODUCTS BENEFIT MY BUSINESS?
Using bank products ensures you will receive your preparation fees. It also helps boost your business thanks to the various services you can offer. You can focus on growing your client base rather than spending your valuable time collecting payments.
HOW DOES IT BENEFIT TAXPAYERS?
Bank products help facillitate paying for tax preparation services. With bank products, taxpayers that can’t afford to pay upfront can still get their tax return done early and pay from their refund. It also offers taxpayers the option to receive cash advances.
WHAT ARE THE POPULAR BANK PRODUCTS PROGRAMS?
Bank products come with several general programs; cash advances, start-up loans, pre-season, and in-season loans. Additional bank-specific programs differ from one bank to another. It is important to have a thorough conversation with your sales person before you sign up or decide to make a choice.
TAXPAYER CASH ADVANCES
With bank products, taxpayers can apply for cash advances before they receive their full refund.
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