Posts tagged as:

refund anticipation loans

IRS Experiments With Pre-Paid Debit Cards

20 January 2011

As the IRS moves to make it more difficult for tax preparers and financial institutions to issue RALs (refund anticipation loans), critics have been quick to point out that low-income taxpayers may have a difficult time taking advantage of their tax refunds. Many low-income taxpayers are “bankless” without access to banks that will cash tax [...]

10 comments Read the full article →

H&R Block Announces Glitch in RALs for 2011

27 December 2010

If you’re hoping to take advantage of Refund Anticipation Loans (RALs) and related products during this tax season, you’re going to have to look pretty hard. Many third party preparers will not be offering those products this year, citing financial difficulties with underwriters. Some of the financial difficulties stem from the economy. RALs (and similar [...]

26 comments Read the full article →

Federal Court Tells NJ That RAL Rates Are Fine

18 March 2008

A federal judge has ruled that New Jersey cannot limit the interest rates and fees national banks can charge for taxpayer RALs (refund anticipation loans) even though the judge noted that the loans’ APR average 115%. Nope, not a typo, that’s well over 100%. New Jersey law limits interest and fees to 30% of the [...]

4 comments Read the full article →