Since 1989 First Security Bank has been
offering tax related bank products.
Career in Accounting
statistics show that last year 98% of all IRS transmissions were acknowledged
within 8 to 24 hours and RALs were processed in as little as three hours. Now that's fast,
reliable service that you and your clients can depend on. Come and join the Career
in Accounting™
Advantage! with minimum up front costs for your training and software. Our Electronic
Filing Interface, low transmission rates,
and the lowest RAL and QIK Funds bank fees in the industry will enable you to enjoy a smooth and profitable tax
season.
The speed in which
the taxpayer receives his/her refund is a result of both the electronic
filing of the tax return (versus mailing it to the IRS), and which
bank refund product the taxpayer selects.
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.
"My business was doing OK, but after I
offered RAL & QIK Funds to my clients, my business expanded
greatly; not only by volume, but also by profits. The RAL &
QIK Funds programs were a big hit with my clients. The approval
rate for RALS was over 90% with checks being printed within 24
hours after transmission... I will be using this program again
this tax season and I would recommend it to anyone that is
interested in increasing their tax clientele and their
profits." Terri M. - Union City, PA
To remain competitive in the RAL market, First Security Bank will loan on
100% of
the claimed Earned Income Tax Credit (EITC) with the following qualifications:
All RALs must have a minimum of $200 federal withholding refund not attributed to
EITC.
Maximum Loan Amount, up to $5000.
If the federal withholding refund is less than $200, then 50%
of the EITC can be borrowed.
First Security Bank's RAL/QIK fees are the lowest in the industry and our approval
ratio is one of the highest in the industry. Include a turnaround time of as little as
three hours to print your customer's check in your office and you have a very satisfied and
happy customer. Your customers will also appreciate the
ability to electronically file their tax return with no up-front,
out-of-pocket expenses. That's right, when the RAL is approved
or IRS wires the taxpayer's refund to the bank all fees, including your tax preparation fee, can be
withheld. Your fees are wire transferred weekly to the bank of
your choice.
