Serving unbanked and underserved consumers has been an important focus for the River City Bank Tax Division for nearly 30 years and we understand the importance and the need for refund transfer products. Offering financial services to taxpayers is a key component to an EROs business and adds significant value to the tax preparation experience. Maybe these customers have not had the opportunity to utilize traditional financial services in the past or simply have chosen not to. Nevertheless, these customers need and greatly benefit from the advantages that refund transfer products can offer. With the ever-growing, complex tax code and added tax filing requirements, professional preparation services are critical for taxpayers. By partnering with a reputable and regulated financial institution, EROs can provide preparation, e-filing and other tax related services to these customers while allowing convenient fee collection options to ease the burden of paying out of pocket costs associated with these services. EROs will gain the added benefit of knowing they will receive their fees daily for funded tax returns directly to their designated bank account. No more collecting fees after season or turning customers away who cannot pay.
River City Bank EROs have three convenient disbursement options to offer their customers:
Walmart Direct2Cash allows customers to pick up their Refund Transfer at any Walmart location in the US and Puerto Rico. The customer pays only $6.00 which is conveniently deducted from their refund. Once the customer’s refund is received from the IRS or State and processed by River City Bank, an email confirmation including a reference code will be provided to the customer. This code will be used to pick up their cash at any Walmart location, in the Customer Service Desk or Walmart MoneyCenter area. This option is available for tax refunds up to $7,500.
- Convenience: Customers will not require a return visit to the office to pick up a tax refund check
- Service: No check printing required for this disbursement option, allowing EROs to focus on additional customers
- Access: Customers can go to any Walmart location to receive their money by presenting their reference code and the same identification used during tax preparation
Bank Check- This option allows customers the safety and security of returning to their tax preparer’s office to receive their refund by check which is printed by the ERO on bank-provided check stock. River City Bank also offers many nationwide options which provide hassle-free and affordable check cashing locations. At the ERO’s request, River City Bank can also provide indemnification letters to establish arrangements with local banks for additional check cashing options.
Direct Deposit- For customers with an existing bank account, River City Bank will send the customer’s refund transfer directly to their account.
ELEVATE Prepaid Visa® Card- Customers may opt to have their refund transfer disbursed to a prepaid debit card. The process is easy; the card is assigned to the customer when their return is filed and funds are loaded to the card upon receipt by River City Bank. Customers receive all the great benefits the card has to offer including free online account access and free text message alerts. An excellent option to alleviate return trips to the office, lost/stolen checks and check verification issues.