H&R Block Announces Refund Advance of Up to $3,000
December 07 2017 - 9:00AM
Starting January 5, H&R Block (NYSE:HRB) will make available a
Refund Advance* of up to $3,000 from BofI Federal Bank to current
and new clients. The Refund Advance, a no-interest loan offered for
a limited time at participating offices, is repaid from the
client’s federal or state income tax refunds. If approved, clients
will typically have access to money the same day they apply.
“The tax refund is the single largest financial transaction that
many taxpayers have throughout the year. But the IRS can take up to
21 days to issue refunds. In some cases, taxpayers won’t see their
federal refunds in bank accounts until February 27,” said
Kathy Collins, H&R Block chief marketing and strategy officer.
“The Refund Advance available at H&R Block gives qualifying
clients money sooner – up to $3,000 on the day they file. Now,
taxpayers can learn earlier if they prequalify to apply for the
Refund Advance.”
H&R Block Refund Advance website with
prequalification is now live
In addition to making appointments, taxpayers can experience the
Refund Advance prequalification process online. The process
compares the taxpayer’s information, including last year’s tax
situation, to the lender’s eligibility criteria, to see if the
taxpayer would be eligible to apply for the loan. While the Refund
Advance prequalification process is not guaranteed, for example, if
there has been a significant change from last year’s tax situation,
it is a tool to provide taxpayers with more information prior to
filing their taxes.
“We help taxpayers win every day when it comes to their income
tax return,” said Collins. “The no-interest, no loan fee Refund
Advance is an example of providing clients an exceptional value
above and beyond tax preparation.”
Millions of taxpayers face refund delays
The Protecting Americans from Tax Hikes (PATH) Act, which was
passed to help combat tax refund fraud, requires the IRS to hold
refunds of taxpayers claiming the Earned Income Tax Credit (EITC)
or the Additional Child Tax Credit (ACTC) who file early. Last
year, roughly 15 million taxpayers claiming the EITC or ACTC had to
wait until the week of Feb. 27 to get their refund from the
IRS.
“For these clients and millions of others who desire access to
money faster than the IRS can provide tax refunds, this loan can
provide a valuable lifeline to cover planned and unforeseen
expenses,” Collins said.
Taxpayers can learn more about the Refund Advance online.
*This is an optional tax refund-related loan from BofI Federal
Bank, Member FDIC; it is not the taxpayer’s tax refund. Loans
are offered in amounts of $500, $750, $1250 or $3000.
Approval and loan amount based on expected refund amount, ID
verification, eligibility criteria, and underwriting. If
approved, funds will be loaded on a prepaid card and the loan
amount will be deducted from the taxpayer’s tax refund, reducing
the amount that is paid directly to the taxpayer. Tax returns
may be e-filed without applying for this loan. Fees for other
optional products or product features may apply. Limited time
offer. Available at participating locations. Not
offered in Puerto Rico. HRB Maine License No.: FRA2.
See hrblock.com/refundadvance for details. ©2017 HRB Tax Group,
Inc.
About H&R Block H&R Block, Inc.
(NYSE:HRB) is a global consumer tax services provider. Tax return
preparation services are provided by professional tax preparers in
approximately 12,000 company-owned and franchise retail tax offices
worldwide, and through H&R Block tax software products for the
DIY consumer. H&R Block also offers adjacent Tax Plus products
and services. In fiscal 2017, H&R Block had annual revenues of
over $3 billion with 23 million tax returns prepared worldwide. For
more information, visit the H&R Block Newsroom.
About BofI Federal Bank
BofI Federal Bank is a federally chartered, FDIC insured,
full-service bank that provides a wide variety of deposit accounts,
as well as financing for single and multifamily residential
properties, small-to-medium size businesses in target sectors, and
select specialty finance receivables. With approximately $8.6
billion in assets, BofI Federal Bank provides consumer and business
banking products through its low-cost distribution channels and
affinity partners. BofI Holding, Inc. (NASDAQ: BOFI) is the holding
company for BofI Federal Bank. BofI Holding, Inc.’s common
stock is listed on the NASDAQ Global Select Market under the ticker
symbol BOFI and is a component of the Russell 2000® Index and the
S&P SmallCap 600® Index. For more information regarding BofI
Federal Bank, please visit www.bofifederalbank.com.
For Further InformationSusan Waldron,
816-854-5522, mediadesk@hrblock.com
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