Rapid Tax Refund? Not So Fast!!!

tax man 300x225 Rapid Tax Refund?  Not So Fast!!!A rapid tax refund or refund anticipation loan (RAL) may sound appealing, especially if you are in an urgent need of cash.  It definitely comes at a cost and may not be at all what you think!  An example of some charges that could accumulate is as follows:

  • Check Fee
  • Account Processing Fee
  • Finance Fee
  • Technology Fee
  • Refund Estimate Fee
  • Tax Preparation Fee
  • E-file Fee
  • Bank Documents Fee
  • Transmission Fee
  • Service Bureau Fee

If you aren’t paying close attention to charges, these fees could add up to as much as $1,000.   To avoid them, do not opt for a rapid refund.  If you need quick cash, find out what fees you are liable for before agreeing to the terms of an RAL.  A good reference point might be the list above.  Insist on reading the fine print of any contracts, and comparison shop!  Not all companies charge the same fees, so find out what the fees are for.  BBB offers Business Reviews on companies, so check bbb.org and your state’s Attorney General for information.  If you can’t find the business you are looking for, call BBB.   Don’t get caught up in RAL fees!  Put your money to better use!

 

photo credit: <a href=”http://www.flickr.com/photos/consumerist/410851966/”>The Consumerist</a> via <a href=”http://photopin.com”>photopin</a> <a href=”http://creativecommons.org/licenses/by/2.0/”>cc</a>

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About Kristal Heffley

Ad Review and Social Media Specialist of BBB serving Northern Indiana. Kristal spends a great deal of time learning, writing about, and educating the public on scams of the day. She also is quite the social-media enthusiast and community partner. You can follow her posts, i.e. BBB serving Northern Indiana on Facebook, Google Plus, Instagram, LinkedIn, Twitter, YouTube, and of course, our blog.