Bank Products and How They Work

Bank products, or refund transfers, can be confusing at times. Here at Taxware Systems, we want to make sure that the options available are clear to you as a tax professional. Bank products can be used as a tool to help you gain more clients, expand your business by offering more services and ultimately make you more money.

What is a bank product/refund transfer?

A bank product/refund transfer is a service that allows you, the tax professional, the option of having your preparation fees taken out of the client’s refund.

How does it work?

Money is routed from the IRS to the Refund Settlement Bank of your choosing, and then the bank distributes your preparation fees directly to you, the tax professional. Simultaneously, the bank issues the taxpayer’s refund via check, direct deposit, or prepaid card.

Are bank products mandatory?

No, but it can be a great option for your office and your clients.

How does it benefit me, the tax professional?

A bank product ensures you, the tax professional, will receive your preparation fees. It will also help you expand your business by offering more services than other offices, and free up your time to focus on gaining more clients rather than collecting payments. In addition, it will give you the opportunity to make more money.

How does it benefit my client, the taxpayer?

The bank product service makes paying for tax preparation fees that much easier. With this service, taxpayers that can’t afford to or don’t want to pay upfront for your services can still get their taxes done in your office.

How much do bank product services cost?

Contact the Refund Settlement Banks, as their disbursement fees may vary. Taxware Systems is proud to be one of the few, if not the only, tax software company that does not charge bank transmission, bank technology, service bureau or any “other” fees. The only cost is the refund settlement processing fee from the bank.

Which banks does Taxware Systems integrate with?

We integrate with Santa Barbara (SBTPG), Refund Advantage and River City Tax Division. For more information, please contact Taxware Systems at 1-800-877-1065 or the banks directly.

Santa Barbara (SBTPG):                  Refund Advantage:                                River City Tax Division

1-800-779-7228                           1-866-876-6648                                            1-270-547-5151

Have More Questions? Please feel free to give us a call at 1-800-877-1065 and we would be happy to help you!