Getting approved by banks to RAL

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ZipTax in Temecula, California

43 months ago

Hi! I think the RALs will be 1 in a 20 that actually qualify with these strict standards. Save your clients some money as we all know it is expensive money for them that is not always the best for them.

Need to partner with an honest company for bank products (I know hard to find in this industry)- but try ZipRefund.com.

Take care of you and your clients this year as it is a rough economy on everyone.

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ZipTax in Temecula, California

43 months ago

Fred in Louisville, Kentucky said: That's right!!!! River City Bank, Republic and Refund Advantage or Ohio Valley National Bank. Just received word that River City Bank is doing an overnight RAL of $750 and Republic is doing an overnight RAL of $1,500 due to the DEBT INDICATOR being removed. Don't know anything about Refund Advantage/Ohio Valley Bank-but I would assume that they are going to follow suite.

But how many of the customers will get approved this is the question. My bet will be 1 and 20. The banks do not want the risk especailly if HR Block loses their suit. Not too many competitors to worry about. From what I have heard is that River is saving the majority of their allowance for the Jackson Hewitts that have a 1% or less ratio so it is unlikely a lot of independents will get any. Lets concentrate on doing a good job for the clients!

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marie mickens in League City, Texas

43 months ago

I agree with you a 100%, I have in the pass years steered my clients away from the expensive rals. In a way Im happy that the IRS did away with the debt indicator - this put the H&R blocks, Liberty, Jackson Hewitt and etc on the same level as some of us smaller tax practicies. I dont deal with any of the banks anymore,

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Chris Tax in Los Angeles, California

43 months ago

Big Gyys serve a purpose. They have a high price and they burn alot of customers. I am more concerned with other independents.

Chris

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Tax Queen in Memphis, Tennessee

43 months ago

Tabitha in Fayette, Alabama said: Guys the only conclusion I can feasibly come up with is this...take advantage of FEE COLLECT..and MONEY CARDS...Fee collect is for the people who come in your office and do not have the funds to pay you at the present moment(which is a considerable amount..due to the economy) This product allows you to put their refund into their checking accounts in 3-7 days and also collect your fees out of their refunds...if they do not have a checking account..there is the money card...We are going to have to steer our clients out of RAL products in the future anyways..so why not start NOW..I was advised that the RAL products will NO LONGER EXIST after this year ..So this would be s major step in the right direction..and maybe change our clients thinking..also while SAVING THEM MONEY...I know they want their money NOW..but what is the difference in waiting 2-4 more days..and saving $200-$400 ...we still make a profit..and while saving our clients money..I am in the same situation...I cant meet the VOLUME...either...so I am FORGETTING THE BANKS..and offering these services..I have great faith that it will work out for the BEST...THANKS

How do I get FEE Collect?

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wcts in Jacksonville, Florida

43 months ago

How do we get feecollect for our client?

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Tulio in Arlington, Texas

43 months ago

Has anybody use the OLT Pro software. Could anyone tell me if is good. How much does it normally cost? I have been using Tax Act but I am looking to change. I appreciate any feedback.

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Fred in Louisville KY in Shelbyville, Kentucky

43 months ago

WOW!!!! Your prices are way too low. Our basic 1 W-2 with EIC for 1-3 children is $400...come on...these clients are getting $5,000 to $7,000 back in a refund. We have to eat and survive also and our income only comes in about a 15 week period. You are spending a lot of time and NOT getting compensated very well. If you just doubled your prices you would get around $85,000 a year (850 returns x $100) Our corporate and business clients fees start with the business entity returns at $1,750 and go from there depending on what we do for them. Most of our business schedule C clients start at $1,200 and go from there. WOW...I can't imagine charging so little for such a complex tax system we have. I have NO COMPLAINTS from any of my clients. THIS GUY OVER IN THE MALL HAS A KIOSK IN THE MALL AND CHARGES $500 per return and does over 1,000 returns each tax season...that's gross of over $500,000 just from a kiosk in our local mall.

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unknown

43 months ago

Fred, I am glad you are not the only one thats not afraid to charge decent fees..I had someone that critiqued me on here for charging 225 for w2/ dependents and 300 for schedule c's...it does make sense...we work year round, and yes, we do have to live....this was my first season, and I grossed 50k, as a first season....just thinking smart...and no one complained....my competitor charges more....I don't know what the big deal would be...our big chains charge higher...even if they cover it up and charge through banking fees, and extra..I got mine prepared for 8 years with block, and was charged 400.00 before I started my own business...and i never knew what they charged until the I got in the business,,,and this was in 2008...so imagine the fees now!

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Wireless Etc in Kingwood, Texas

43 months ago

Sorry to say this but OLT sucks!!! I had them as a backup last year and never used it because I had question and could never reach anyone through customer service. The wait time was horrible and most of the time I had to leave a message and NO one called back. My advice to you is to spend a few dollars extra and go with a better company. I threw away money purchasing OLT.

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Tulio in Arlington, Texas

43 months ago

Wireless Etc in Kingwood, Texas said: Sorry to say this but OLT sucks!!! I had them as a backup last year and never used it because I had question and could never reach anyone through customer service. The wait time was horrible and most of the time I had to leave a message and NO one called back. My advice to you is to spend a few dollars extra and go with a better company. I threw away money purchasing OLT.

Thanks for your comments.

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tax service in Carrollton, Texas

43 months ago

Is there a way for us to go with multiple banks to offer bank products. I am currently with Santa Barbra but only have the ability to offer RT's. I would like the ability to offer other bank products if at all possible.

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Rosie in Mesa, Arizona

43 months ago

I too feel there will actually be a very small amount of RALs actually given out, however, the firms with that capability will have a huge advantage over those of us without.

I would be interested to know how you are planning to advertise this tax season to minimize the damage?

The clients we lose due to not being able to provide RALs will probably never come back, they are not usually tied to us because of loyalty. So many of us are going to be loosing a substantial amount of clients, that we had not planned on loosing.

We cannot NOT tell our clients that we don't offer RALs this year, some of my clients drive ovre 2 hrs. to have us do their tax returns. We have a responsibility to them.

How can we advertise in a positive note?

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russellant in Alabaster, Alabama

43 months ago

Tabitha in Fayette, alabama.....will you please call or email me about FEE COLLECT. I am in Birmingham and I need a way for my clients to get their refund ASAP. My email is russellant@aol.com. Thanks for your help!!

Russell Anthony

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russellant in Alabaster, Alabama

43 months ago

Tabitha........will you please email me so we can discuss the FEE COLLECT. I am in Birmingham, Al and I have 1200 clients, about 30%
want a RAL but I am not offering RAL's this year. I need your input on what I can offer to replace the RAL's and you seem to have a solution.......my email address is: russellant@aol.com
thanks for your help.

Russell Anthony

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1040nmore in Henderson, Nevada

43 months ago

unknown said: Fred, I am glad you are not the only one thats not afraid to charge decent fees..I had someone that critiqued me on here for charging 225 for w2/ dependents and 300 for schedule c's...it does make sense...we work year round, and yes, we do have to live....this was my first season, and I grossed 50k, as a first season....just thinking smart...and no one complained....my competitor charges more....I don't know what the big deal would be...our big chains charge higher...even if they cover it up and charge through banking fees, and extra..I got mine prepared for 8 years with block, and was charged 400.00 before I started my own business...and i never knew what they charged until the I got in the business,,,and this was in 2008...so imagine the fees now!

I am also new to the business and last year I was approved by Chase to offer RALS. Unfortunately/fortunately did not have a need for them. This year of course because they are no longer doing RALS, looking for another option just to have available for clients and I am reviewing the guidelines and procedures to offer a FEE COLLECT.
My question is how are we going to be able to "charge" for these fees that we have to pay to offer the service if we cannot charge or pass those fees onto the clients (at least that is what I am understanding from my reading) and also that the fees that we charge should be reasonable and cannot exceed $400.00 and cannot differ from those clients that do not choose a bank product.

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Rosie in Mesa, Arizona

43 months ago

Good question...I have the same concern with clients paying for my services through PayPal. It is nice to have that capability, but I am afraid I am going to have to raise prices on everybody to keep from losing money on those that need to pay through PayPal

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Elise in Atlanta, Georgia

43 months ago

russellant in Alabaster, Alabama said: Tabitha........will you please email me so we can discuss the FEE COLLECT. I am in Birmingham, Al and I have 1200 clients, about 30%
want a RAL but I am not offering RAL's this year. I need your input on what I can offer to replace the RAL's and you seem to have a solution.......my email address is: russellant@aol.com
thanks for your help.

Russell Anthony

Russell, if I'm correct, what Tabitha is referring to is the same thing that I am using this season. It's essentially a bank provided product and there is a fee involved with using it. I acquired the product through the service bureau I'm using.

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Elise in Atlanta, Georgia

43 months ago

Elise in Atlanta, Georgia said: Russell, if I'm correct, what Tabitha is referring to is the same thing that I am using this season. It's essentially a bank provided product and there is a fee involved with using it. I acquired the product through the service bureau I'm using.

Additionally, it is not a "quick" method for getting a refund to your customer but rather a method for you to collect your fee without an upfront expense for your customer.

Hope that helps!

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russellant

43 months ago

Elise......thank you for responding....yes what you said I do understand.....but she said something about getting returns in 3-4 days....do you know anything about that??

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wcts in Jacksonville, Florida

43 months ago

Hey I am also interested in the product that you are talking about the Fee Collect return in 3-4 days. please e-mail me at worldcasstaxsvc@att.net

thanks!!!

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Chris Tax in Los Angeles, California

43 months ago

As a preparer u can charge what ever fee you want to charge. If you are using a service bureau they may control the fee

Chris

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Lisa in Lehighton, Pennsylvania

43 months ago

wcts in Jacksonville, Florida said: Hey I am also interested in the product that you are talking about the Fee Collect return in 3-4 days. please e-mail me at worldcasstaxsvc@att.net

thanks!!!

Hi saw your post, you dont get the taxpayers money any eailer. Fees collect is where you can get the taxpayer their mone in their checking account or on a card and have your fees taken out. There is a cost to you for this service, my cost is 15.00 dollars. Again your client gets their refund when the IRS deposits it, just ike the two week checks. Hope this helps.

Lisa

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1st of the Year Tax Service in Huntsville, Alabama

43 months ago

wireless_etc1123 in Baton Rouge, Louisiana said: All,

Can anyone give feedback on Taxwise software. I used Taxact last year, but will not this year because they have been purchased by H&R Block. I ordered an evaluation kit and installed it, but it seems like I will have to put a lot of information such as the date, my efin, tax id, etc on each return manually. That's very time consuming and I cannot do this with every return. TaxAct automatically populated this information for me from the master sheet. Has anyone actually used TaxWise and what has been you experience? Thanks for any advance. Be Blessed!

I use Drake Software, which is a great company. I would not use a different software. They are very discrete and the program is great. Go to drakesoftware.com and get a free kit.

Wanda

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1st of the Year Tax Service in Huntsville, Alabama

43 months ago

russellant in Alabaster, Alabama said: I would like information on offering RAL's for the tax season of 2010. I was am having trouble finding a bank that offers RAL's.....any help will be greatly appreicated....my email is russellant@aol.com..

THey only Banks I knew of offer RALs was Republic and River City...They have already closed for RALS. I which I would have considered them before Sbbt because they stated they was offer RALS and I went ahead and sent in information for them and not others. Then I get a notice telling me they will not offer the RAL products because they could not close the deal on the loans

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1st of the Year Tax Service in Huntsville, Alabama

43 months ago

Fred in Louisville, Kentucky said: That's right!!!! River City Bank, Republic and Refund Advantage or Ohio Valley National Bank. Just received word that River City Bank is doing an overnight RAL of $750 and Republic is doing an overnight RAL of $1,500 due to the DEBT INDICATOR being removed. Don't know anything about Refund Advantage/Ohio Valley Bank-but I would assume that they are going to follow suite.

I was told that Republic will offer $1500, but they will only see maybe $800 of the loan due to fees.

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iastaxes in Fort Lauderdale, Florida

43 months ago

Hi Everyone,

I am preparing for the 2010 tax season and need info about providing RAL the first year. I try all the RAL bank, but no luck. If you have a solution to my problem, please email me contact@iastaxes.com

Thank you

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rosie in Mesa, Arizona

43 months ago

To my knowledge there are no banks available at this time to give RALS. There were two, Republic and Riverside (I believe) however they are both Full and not taking any applications...I just heard that Republic really tightened up their criteria this yr and didn't accept anyone who had done less than 250 RALs Last year.

Santa Barbara and Citizens BANKS are still doing RTs, but no RALs. To my knowledge you have to go thru your software company to sign up for any of them
.

Taxworks software has just put together a prepaid debit card type pkg...the client leaves your office with the card and receives a text when IRS releases the refund...your fees are held out, it is very cheap for the client. The preparer gets paid $10 per client who uses it. The card is reusable and client can have paychecks etc applied to it.

No fees to client when use as a debit card....but can go to a bank and draw the money out...$2500 per day, there is a 1.5% charge to pull money out.

Negatives that I can see...not a RAL loan, and client can only use the card, money cannot be deposited to client acct....

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lpjones in Mapaville, Missouri

43 months ago

Does anyone know the outcome of H&R Block Banking status? Will they offer Rals 2011?

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pfac in Valley Village, California

43 months ago

Chuck McCabe in Richmond, Virginia said: SBBT's Successor Will NOT Provide RALs for the 2010 Tax Season
We have been informed that SBBT RAL preparers will not be able to offer SBBT bank products this tax season after all. Apparently the loss of boith Liberty's and Jackson Hewitt's business to Republic Bank has made coninued operations by the former SBBT RAL team not feasible.

We have also been told that Chase has stopped taking new applications, leaving former SBBT customers who have not already been accepted by another RAL bank with no option other than to use a service bureau or file through a transmitter and pay significant additional fees.

For further discussion on this and other key tax business topics, join the LinkedIn Group: "Tax Business Owners of America."

I am a Lacerte user. Lacerte used to use the Republic Bank but this year Lacerte used Refund Advantage and did not notify me (they said they did) and today when I found out the change, I was too late to submit an application with Refund Advantage. Do you know of any bank that is compatible with Lacerte and is still taking applications for RAL, etc. ?? I appreciate if anybody can provide me any info.

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DC Tax Group in Atlanta, Georgia

43 months ago

I am a Lacerte user as well and the only bank Lacerte is compatible with Refund Advantage. I applied with Refund Advantage in time, but was rejected today and this is after using Republic Bank for the past 4 years. I like having the option to offer the RAL product, but my main use was to be able to collect my tax fee from my client's refund. If anyone has any suggestions on banks offering RALs and/or other service providers for collecting Tax prep fees from Client's refunds, please contact me at donald@thedctaxgroup.com. Thank you!

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ginger167 in High Point, North Carolina

43 months ago

Back to the question Rosie's question, how is everybody going to advertise the fact that you cannot offer RAL this season? We did about 185 RAL last season, and about 90 PERC (2 week) checks. The majority of my clients are loyal customers, but still, it doesn't seem fair to wait til they are in my door before I let them know we can't get them a RAL if they want it?

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rosie in Show Low, Arizona

43 months ago

That is the way I felt, we are in a rural area and some of my clients drive a long ways to our office. I was working my news letter last night, we always send one out at the first of January.

I am not totally happy with it, but decided they had to be told, just wish I had the talent of making the truth taste like candy like some salesmen do.

Finally decided to do a different letter this year and use color. Our letter always uses different fonts and text sizes for emphasis. With the color it even emphasized the good much stronger. A lot of people just scan the letters anyway.

I explained the steps the IRS had taken with the DDI, that our bank (Chase, who we had been with for over 20 years) had pulled out of the Bank Products business and that RALs were reportedly going to be very expensive this year (typed in large bold red). The letter then explained (in regular black type) that we went with a very reputable bank, but that we regrettably weren't able to offer RALs this year.

Then with that one little statement went on (with bold and colorful text scattered here and there) to advertise all the good things we were doing.

Hopefully this will help, but I am open to any suggestions, if we loose all our RAL clients, it will cost us over $40,000! Not a pretty thought

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Chris in Los Angeles, California

43 months ago

You have to offer them something else to replace the RAL or they will go to a major chain.

Chris

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Rosie in Mesa, Arizona

43 months ago

Any suggestions on the replacement of a RAL Chris?

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Chris in Mission Viejo, California

43 months ago

The truth is the big chains will be offering RAls. They will be charging $350.00 for an EIC return and not discounting it because it is a RAL. The RAL check will be a very small one. My guess is $500.00 to $2,500.00.

Options are
1. Give the client $50.00 cash in advance or 50.00 Walmart gift certificate and do an ERK(product where the bank deducts the fee after they receive the money. Give the money once the IRS has accepted the return
2. Take a promise to pay when they get a refund and stress how you are 50 per cent less expensive than big chains.

Chris

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Chris in Mission Viejo, California

43 months ago

I need a favor I need some hits on my web page so I can move up on Google search engine
www.taxprepfillmore.com

Thanks in advance,

Chris

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jay in Essex, Maryland

43 months ago

Just remember that the RALS will be credit base. There are a lot of lower income customer who don't have ok credit to get the RAL. So i am going a different way to deal with this.
I am funding this with a loan from one of a my loan company , it will be small but they will have money when they leave.

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Melissa in Riverdale, Georgia

43 months ago

Please tell me more about this loan you are funding and how it works. Interested in using it for my clients.

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ginger167 in High Point, North Carolina

43 months ago

I just found out about the e-file requirements for ERO who prepares more than 100 returns. Probably 40% of my clients come in to have their taxes done without the spouse. You must have both signatures to e-file a return, or both signatures if they decline e-file. How do most of you handle/plan to handle this requirement? I have clients I've done taxes for more than 25 years and have never met the wife/husband. What does everyone else do? Thanks!

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Rosie in Mesa, Arizona

43 months ago

To Ginger167, below are the ERO instructions on the Form 8879. Specifically see #5. You do not have to physically watch the taxpayer sign the 8879.

ERO Responsibilities
The ERO will do the following.
1. Enter the name(s) and social security
number(s) of the taxpayer(s) at the top of the
form.
2. Complete Part I using the amounts (zeros
may be entered when appropriate) from the
taxpayer’s 2010 tax return. Form 1040-SS
filers leave lines 1 through 3 and line 5 blank.
3. Enter or generate, if authorized by the
taxpayer, the taxpayer’s PIN and enter it in
the boxes provided in Part II.
4. Enter on the authorization line in Part II
the ERO firm name (not the name of the
individual preparing the return) if the ERO is
authorized to enter the taxpayer’s PIN.
5. After completing items (1) through (4)
above, give the taxpayer Form 8879 for
completion and review. This can be done in
person or by using the U.S. mail, a private
delivery service, fax, email, or an Internet
website.
6. Enter the 14-digit Declaration Control
Number (DCN) assigned to the tax return,
after the taxpayer completes Part II. See Part I
of Pub. 1346, Electronic Return File
Specifications for Individual Income Tax
Returns. Pub. 1346 is available on IRS.gov.
▲!
CAUTION
You must receive the completed
and signed Form 8879 from the
taxpayer before the electronic
return is transmitted (or released
for transmission).

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TheFox in Columbus, Ohio

43 months ago

I have just started my tax prep business for this coming tax season. How difficult are RAL loans to process and are they worth the hassle? Also, if you have any other tips on how to build a strong tax prep business, it would be greatly appreciated!

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Rosie in Mesa, Arizona

43 months ago

To TheFox...RALs are very easy to process, the question is...have you been accepted by a bank that gives RALs? If you have, don't worry, they will walk you thru it and you won't have any problems. If you haven't, good luck, but you probably won't find one at this late date. There has been a major shake up in the Bank Products Industry and most banks are no longer offering RALs

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Melissa in Atlanta, Georgia

43 months ago

jay in Essex, Maryland said: Just remember that the RALS will be credit base. There are a lot of lower income customer who don't have ok credit to get the RAL. So i am going a different way to deal with this.
I am funding this with a loan from one of a my loan company , it will be small but they will have money when they leave.

Tell me more about how you are going to do this and how much you plan on charging

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Lisa in Jim Thorpe, Pennsylvania

43 months ago

I saw an H & R Block commercial on today offering RAL"S did they win their case?

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ginger167 in High Point, North Carolina

43 months ago

Are you sure it was a Jackson Hewitt commercial? Check out this link
www.businessinsider.com/hrb-stock-ral-ruling-2010-12

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ginger167 in High Point, North Carolina

43 months ago

Sorry meant to say "wasn't"

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Melissa in Atlanta, Georgia

43 months ago

Is Jackson Hewitt or Liberty offering RALs this year

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emak

43 months ago

No they are offering RAC ....refund in 10 days and they take their prep fees out

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ginger167 in High Point, North Carolina

43 months ago

From all the research I have done, both Liberty and Jackson Hewitt are almost fully funded for RAL's. JH is already advertising their RAL. Their commercial says come on in an get your RAL now. Since they don't have to wait for the DDI, and the RAL's are credit based anyway, I guess there is no reason they can't do them as soon as folks get their W2's, at least both are offering the RAL here in NC

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