What is a Bank Product?
A Bank Product allows you to deduct your tax preparation fees from your client's tax refund.
When you have a client that can't afford to pay you on the spot for your tax preparation fees, you can simply mark the tax return as a Bank Product to have your fees automatically deducted from their tax refund. On top of being able to use a bank product to receive your tax preparation fees, there are many other reasons why you may want to mark a tax return as a bank product, such as:
Offering your client up to $6000 Cash Advances - Our banking partners will allow you to offer your clients up to $6000 of their tax refund within 24 hours, or sometimes even the same day! With the new PATH Law (Protecting Americans from Tax Hikes), if your customer has a Schedule EIC (Earned Income Credit) tax form, or applying for Child Tax Credit, the IRS may not fund their tax return until after February 16th! Because of this huge delay in receiving their tax refund, the Cash Advance is a great option for your client to receive a huge portion of their tax refund now instead of later.
Print your clients check - You can ease your customers mind and print their tax refund via check directly in your tax office. Many taxpayers fear their tax refund check being lost in the mail. This option completely eliminates this fear knowing they can come pick their check up from your tax office.
Offer their refund on a prepaid card - If your customer doesn't want a printed check, then you have this as on option as well! Many of our banking partners will allow you to give your customer a prepaid card that will have their tax refund loaded on it when its been funded. Another great way to help make your client feel more at ease and less afraid of their tax tax refund check getting lost.