Can banks advance people tax refunds?Im in Nc and submitted my federal and state online with turbo tax yesterday. I use truliant federal credit union. Anyway that banks ever advance people there tax refunds? And when they are direct deposited you give them money back. just wondering, if not than I will just wait. | |
Although Refund Anticipation Loans used to be very popular the whole industry is nearly dead now. It was killed off by fraudulent claims, deadbeat borrowers who couldn't get an opinion without a guarantor, banking regulators who hammered the weak banks who were granting the loans without proper due diligence, new federal laws that limited the interest rates charged to military personnel, and the IRS stopping the reset flag transmission to tax prep firms.
Even the few tax prep places and banks that still offer them require it as part of the filing process. Once your return has been filed, nobody on the planet is going to advance you a loan based upon the expected refund. It's simply too easy to fake a tax return as the "proof" of your anticipated refund.
Is it possible for someone to do it? Yes, that's what many people do when they get their advance or speedy refund.
But it costs money, since they take some risk AND you don't get 100% of your refund, AND you have to pay back if you get less than what they advanced you.
Just wait, you'll get it soon enough.
I'm in Oregon, yes, banks loan on refunds. Washington too. They offer all kinds of ways to borrow against your loan BUT some of the places (most) require you having them prepare your taxes and the interest rate/fees are pretty high.
Just plan on having a lot of patience while you are waiting for your ANTICIPATED REFUND amount once the IRS does get around to processing the 2014 returns during this 2015 tax filing season.
Hope that you find the above enclosed information useful. 01/27/2015
No. What you're asking for is called a loan. How would your bank know what your refunds will be?
banks don't prepare taxes and offer RAL's
if you want a loan from the bank you can certainly apply for one but they will not base it on your refund like the tax companies do
Jackson Hewitt is doing a $200 RAL with no fees or interest and a $50 gift card.
No, they don't offer such loans.
Don't spend money that you do not have.
