To Donttrustthem \r
No tax service controls how a taxpayer's tax refund is handled. The IRS allows Taxpayers to request alternate distribution methods in lieu of the ""Check in the mail"" delivery method.\r
The taxpayer makes that request when they submit the ""Return"" for acceptance.\r
When 24-hour refunds were an option, they're not now, the Taxpayer requested their refund be tranferred to a bank, authorized by the IRS to receive them.\r
The Taxpayer then applied to the Bank for a loan based on the refund claimed. The Bank would then make a lending decision based on information supplied to them by the IRS.\r
The information supplied would determine if the taxpayer received a ""Loan"" for the anticipated income tax refund.\r
The banks within the program would then be able to make a determination as to whether a taxpayer met the requirements and would issue a check within 24 hours; however it was more often within 72 hours.\r
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So, If a taxpayer requested a loan for their anticipated refund and it was denied, it was based on their information and the bank lending policies.\r
The information supplied by the IRS to the banks is based on the taxpayer's information and history. The banks used this information to determine how likely the refund is paid as requested. The refund might in fact be issued as requested even though a request for a loan was denied. However, at the time 24 hour ""Refund Antcipation Loans"" were available, it was likely to take 14 days for the IRS to fund the refund in the event the ""Refund Anticipation Loan"" was denied.\r
If the Bank didn't grant a loan, a taxpayer had to wait for the IRS to finish processing the refund. However long that took!\r
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You were told that, if you qualified for a ""RAL"", you could pick up a check when the bank funded the loan and it could be as soon as 24 hours, but at the banks discretion. If the ""RAL"" is denied, a check will be available when the IRS funds the refund request (at that time it was at least 14 days, but at any rate it was at the IRS's discretion).\r
Once you applied for an ""RAL"" you had to wait for the system to process your filing (you couldn't change your mind).\r
In more than 99.5% of the time, fees due the preparer were paid when you received your check. So there was no incentive to mislead you.\r
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It disturbs me that you misunderstood, but I assure you the documents you signed contain the information reguarding the ""Refund Anticipation Loan"" program.\r
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This was a service we offered to our Clients when it was available. Documation was mandatory and supplied to the bank chosen and the IRS at the time of filing.\r
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The vast majority of the people who took advantage of the ""Refund Anticipation Loan"" program were happy with and understood it. It is no longer available.
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