RALS are when the bank loans the taxpayer a
certain amount of money based on the anticipated tax refund. Once the
tax refund is wired to the bank by the IRS the loan is paid off. The
bank's and the preparer’s fees can be deducted from the taxpayer’s
refund, and then you will print a cashiers check in your office for the
difference. The amount of the loan determines the cost of the RAL. A
RAL can be approved in as little as three hours, however some take a day or two.
First Security Bank also offers a Preferred
Electronic Refund Check, or what we call QIK Funds. QIK
Funds are funded in 8-14 days. For returns
acknowledged by the IRS prior to 12:00 midnight of Wednesday of the
first week the IRS wires the refund to the bank on Thursday night at
12:01 AM of the second week. The bank waits for
the refund to come in and then they take out any fees, and authorize you to
print a cashiers check in your office for the difference.
QIK Deposits work just like QIK Funds but instead of
you printing a cashiers check in your office the bank deposits the refund minus any fees directly into
the taxpayer’s bank account.
