Bank Products
Bank Product Update - April 30, 2010
With the recent announcement that another provider is exiting the bank product business (Chase Tax Related Products), we wanted to share some of the things we are doing to help you better serve your client needs for tax year 2010. Because of the volatility of the business, we are making sure to expand the relationships we have with multiple providers so that we can facilitate all of your bank product volume, including both RTs and RALs.
For example, Refund Advantage has greatly expanded their enrollment capacity ERC/RT and RAL products for ProSeries customers and will be able to take on all new clients who qualify with them. Even better, we are nearing completion with software integration between ProSeries and Refund Advantage so you will be able to try it as early as this summer for all of your ERC/RT returns through October.
Plus, we will continue to offer seamless integration with Santa Barbara Tax Products Group (SBTPG formerly SBBT) to offer RT products. In addition, SBTPG has indicated its intention to offer a RAL program in January 2011 and is working towards that goal. Look for more details later this year.
We understand how the significant constraints and changes in the banking industry last season caused last-minute stress and difficulty for you. That's why we are focused on providing you with multiple options as a precaution to any changes that may occur in the future.
Bank products include Refund Transfers (RTs), Refund Transfer Direct Deposits (RTDDs) and Refund Anticipation Loans (RALs). Bank Products offered will vary by provider. ProSeries software supports two bank product providers Santa Barbara Tax Products Group, LLC, (SBTPG) and Refund Advantage.
IMPORTANT NOTE: You must apply to and be accepted by a bank product provider before you can begin offering bank products.
Santa Barbara Tax Products Group, LLC, (SBTPG)—formerly known as Santa Barbara Bank and Trust (SBBT)
- Currently offers Refund Transfers only.
- The necessary functionality to do Refund Transfers is built into ProSeries and ProSeries Basic software.
- Information regarding SBBT's sale of the tax products business is available on the EF Atlas Alerts page, under SBTPG Updates.
- ProSeries communications sent to our customers regarding SBTPG.
- Enroll with SBTPG.
Refund Advantage
- RTs offered, RALs may be available to tax preparers on a case-by-case basis.
- Software will be provided to you after you are accepted into the bank products program.
- Enroll with Refund Advantage.
