WHAT IS A BANK PRODUCT?
A bank product is a service that allows tax professionals to have their preparation fees deducted out of taxpayers' refunds automatically, instead of clients having to pay upfront.
DO I HAVE TO USE BANK PRODUCTS?
It's up to you to decide whether or not you'd like to use bank products. It isn't mandatory, however, it comes with a wide variety of benefits that might help your business thrive and offer more to your clients.
WHAT HAPPENS WHEN YOU USE BANK PRODUCTS?
When one of your clients gets a refund from the IRS, the money gets routed from the IRS directly to the tax bank of your choice, which automatically deducts your preparation fees and sends them directly to your bank account. At the same time, the bank issues the taxpayer's refund via one of the disbursement methods (check, direct deposit, debit card)
HOW DOES USING BANK PRODUCTS HELP MY BUSINESS?
Using bank products will not only save you the time you'd spend collecting payments, but it will also guarantee you will get paid for your preparation services. It also offers taxpayers a handful of benefits, which will place your business ahead of its competitors.
HOW DOES IT BENEFIT TAXPAYERS?
Taxpayers that can't afford to pay upfront can get their tax returns prepared, receive their refunds on time, and have the preparation fee deducted from their refunds for a small fee. Using bank products also comes with some benefits such as cash advances.
WHAT ARE THE POPULAR BANK PRODUCTS PROGRAMS/BENEFITS?
Bank products come with numerous programs/benefits such as cash advances, start-up loans, in-season loans, and pre-season loans. These programs may differ from one tax bank to another.
