HOW DOES A REFUND TRANSFER WORK? A way to get your tax refund prepared and electronically filed WITHOUT paying for fees upfront
- Taxpayer's refund is direct deposited from IRS or State with Republic Bank.
- Republic Bank’s Refund Transfer Fee is deducted from the refund money received.
- Additionally, all fees and other authorized amounts are deducted from the refund and automatically forwarded to the appropriate party as authorized by the customer.
- The remainder of the refund is disbursed to the customer by a bank check printed at the tax office or direct deposit to the customer’s personal bank account, NetSpend Visa® Prepaid Card or Walmart Direct2Cash.
- The Refund Transfer Fee will be charged upon receipt of the first funding, regardless of whether it is a federal or state refund. A Subsequent Funding Fee will apply for each additional funding we receive, regardless of whether it is a federal or state refund.
WHY CHOOSE A REFUND TRANSFER?
- Convenience – Many taxpayers choose an RT so they can have their taxes professionally prepared and pay tax preparation and other related fees with their refund money. This is a very convenient way to pay the fees associated with their tax preparation without having to pay anything up front.
- Speed – A Refund Transfer allows customers without bank accounts the benefit of having their refund processed safely as a direct deposit rather than waiting additional time for their check to be printed and mailed from the IRS. Customers without bank accounts can choose a bank check with many low cost options for check cashing available, a NetSpend Visa® Prepaid Card or Walmart Direct2Cash which often provides many benefits of a traditional bank account.
- Security - Many taxpayers, even those with bank accounts, prefer to pick up a bank issued check from the safety of their tax office rather than receiving an IRS issued check in the mail or a direct deposit.