Rapid Tax Refund? Not So Fast!!!
Better Business Bureau
January 23, 2013
For consumers in need of quick cash, a rapid tax refund or refund anticipation loan (RAL) might sound like a good option. However, such convenient cash comes at a high cost. Taking out an RAL could incur a check fee, an account processing fee, a refund estimate fee, an e-file fee, a transmission fee, and/or a tax preparation fee. Such fees could add up to as much as $1,000. Taxpayers who need quick cash should first learn what fees are applicable before agreeing to the terms of an RAL. Consumers should read the fine print of any contracts, and comparison shop to find the best option. Possible sources for information include the Better Business Bureau's Business Reviews on companies and their state’s Attorney General Web site.
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