1. 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.
2. 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.
3. Are bank products mandatory?
No, but it can be a great option for your office and your clients.
4. How does it benefit me, the tax professional?
A bank product can help to ensure that you, the tax professional, will receive your preparation fees. It will also help you expand your business by offering more services than your competitors. It can also free up your time to focus on gaining more clients rather than collecting payments. All of this is an opportunity to increase your revenue.