Living paycheck to paycheck is one of the biggest sources of
economic stress for Americans today—and these anxieties impact
mental and physical health. Two-thirds of the U.S. population
struggle with one or more aspects of their finances, including
spending, saving, and planning. To address these needs, H&R
Block (NYSE: HRB) announces the launch of the
Spruce℠ mobile banking platform to help everyone
be good with money. The Spruce solution includes a spending account
with a debit card, along with a connected savings account that
allows for budgeting for specific goals. Spruce demonstrates how
H&R Block continues to expand into key adjacencies, such as
fintech, and is one more way in which the company is helping
customers achieve year-round financial confidence.
As the pandemic continues, and related economic uncertainty has
highlighted the value of simple, easy-to-use spending and savings
tools, Spruce℠, built by H&R Block with banking products
powered by MetaBank®, N.A. Member FDIC, provides the financial
know-how that many Americans urgently need. Millions of Americans
do not have adequate banking solutions which makes it more
difficult for them to maintain financial stability. H&R Block
created Spruce to address this gap and bolster financial inclusion
by helping people build healthy financial habits every day. This
includes the more than 21 million households that already turn to
H&R Block for their most significant financial event of the
year, their tax return.
“Spruce is a financial technology platform that combines the
best features of leading neo-banks with H&R Block’s trusted
brand, our 66-year history, and the insights we’ve gained from
helping millions of customers every year. Our front row seat on
American life provides a unique understanding of how to help people
get better with money, and we’ve applied those learnings to
Spruce,” said Jeff Jones, President and CEO of H&R Block.
“Creating and launching Spruce is a huge milestone for our company
as we continue to execute on our transformation and growth
strategy, Block Horizons 2025.”
Spruce is a Mobile Banking App and includes a Debit Card
with Benefits
- Saving goals. The Spruce mobile banking app
includes nudges to help users set personalized savings goals and
keep them. From paying for school to buying a car, Spruce also has
options to set up automatic transfers towards savings.
- Cash back rewards. When users shop with
certain retailers using the Spruce debit card, they will receive
automatic cash back rewards, which can be applied toward savings
goals. There are over 10,000 places to get cash back and offers
curated for Spruce users.1
- No monthly fees. The Spruce accounts have no
monthly fees, no sign-up fees, and no minimum balance
requirements.2 Spruce users also have access to more than 55,000
ATMs nationwide, with no ATM fees.3
“For decades, our core tax customers have been hard-working
Americans who are trying to make ends meet. Our deep understanding
of their needs helped us uncover that what’s been missing in mobile
banking are easy-to-use features in a product from a company people
know and trust,” said Les Whiting, Chief Financial Services Officer
of H&R Block. “We believe in a future with equitable access to
easy and affordable banking. Our customers already trust us with
their most personal financial details when we help them file their
taxes, and we created the Spruce solution to help address their
unmet banking needs, too.”
Additional Spruce Features
- Early paycheck. An added benefit of using
Spruce is the option to receive direct deposits up to two days
early, which helps customers get their pay sooner.4
- Credit score monitoring. Using Spruce helps
customers see their credit scores for free, understand how
different factors impact credit scores, and gain clarity on how
they are used.5
- Overdraft protection. Setting up direct
deposit allows users to access overdraft protection of up to $20
through the Courtesy Coverage feature.6
- Tax refund allocation. Refund season can now
be celebrated all year long because the Spruce mobile banking app
allows customers to easily put part of their tax refund toward
their savings goals.
While the Spruce mobile banking offering is new to the
marketplace, H&R Block has been offering clients access to
quality financial products and services for decades. The H&R
Block Emerald Prepaid Mastercard® program provides clients quick
and convenient access to their tax refund. The addition of the
Spruce offering provides customers with a new mobile banking
solution with additional ways to access and manage their money
year-round.
The Spruce mobile banking app can be downloaded in app stores.
Accounts may be opened through the Spruce app and on the Spruce
website. More information is available at sprucemoney.com.
About H&R BlockH&R Block, Inc. (NYSE:
HRB) provides help and inspires confidence in its clients and
communities everywhere through global tax preparation
services, financial products, and small-business
solutions. The company blends digital innovation with human
expertise and care as it helps people get the best outcome at tax
time and also be better with money using its mobile banking
app, Spruce. Through Block Advisors and Wave,
the company helps small-business owners thrive with innovative
products like Wave Money, a small-business banking and bookkeeping
solution, and the only business bank account to manage bookkeeping
automatically. For more information, visit H&R Block
News or follow @HRBlockNews on Twitter.
About MetaBank®MetaBank®, N.A., a national
bank, is a subsidiary of Meta Financial Group, Inc.® (Nasdaq:
CASH), a South Dakota-based financial holding company. MetaBank
strives to remove barriers to financial access and promote economic
mobility by working with third parties to provide responsible,
secure, high quality financial products that contribute to the
social and economic benefit of communities at the core of the real
economy. MetaBank works to increase financial availability, choice,
and opportunity for all. Additional information can be found by
visiting www.metafinancialgroup.com.
For Further Information: |
Investor Relations: |
Michaella Gallina, (816) 854-3022,
michaella.gallina@hrblock.com |
|
Jordyn Eskijian, (816) 854-5674,
jordyn.eskijian@hrblock.com |
Media Relations: |
Angela Davied, (816) 854-5798, angela.davied@hrblock.com |
Spruce is a financial technology platform built by H&R
Block, which is not a bank. SpruceSM Spending and Savings Accounts
are established at, and the Spruce debit card is issued by,
MetaBank®, N.A., Member FDIC, pursuant to license by Mastercard
International Incorporated. Mastercard® and the circles design are
registered trademarks of Mastercard International Incorporated.
1 Spruce Rewards are powered by Dosh. Cash back offers and
amounts may vary by user, merchant location and offer period. Check
the Spruce app for offer availability. Cash back earned by
qualifying purchases will be deposited in the Spruce Savings
Account. See Spruce Rewards powered by Dosh Terms for details.
2 Other fees apply for certain uses of the Spruce debit card and
accounts. See www.SpruceMoney.com/fees for details.
3 There is no fee to withdraw money at Allpoint® ATMs. There is
a $3 fee at other ATMs, plus any additional fee charged by the ATM
operator.
4 Early access to funds depends on the timing of the payer’s
submission of the payment. These funds are generally made available
the day the payment instruction is received, which may be up to 2
days earlier than the payer’s scheduled payment date. To be
eligible, accountholder must receive $200 in direct deposits over
the relevant 35-day period, not including tax refunds.
5 Credit score is FICO® Score 8 based on Experian data.
Lenders or insurers may use a different FICO Score than FICO Score
8, or another type of credit score altogether. FICO® is a
trademark of Fair Isaac Corporation. This is a separate service
from Spruce Spending and Savings accounts provided by MetaBank®,
N.A., Member FDIC.
6 Courtesy Coverage is only available for purchase transactions,
ATM withdrawals, and over-the-counter withdrawals using the Spruce
debit card. It is not an extension of credit; it is a courtesy
exercised at the bank’s discretion. To be eligible, accountholder
must receive $200 in qualifying deposits over the relevant 35-day
period and opt in. Negative balances are limited to $20 and must be
repaid within 30 days. See Spending Account Agreement for
details.
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