Grow your business with
Republic Bank’s Easy Advance
Why offer an Easy Advance?
Do you have clients counting down the days until their return comes in? Capture more business by offering Republic Bank’s Easy Advance product. This year we have TWO EASY ADVANCE program options so you can choose the right fit for you!
What is an Easy Advance?
An Easy Advance (EA) is a no recourse loan secured by a taxpayer’s tax refund to qualified applicants. Advance money is typically available within 24 hours of IRS acceptance of the tax refund.1 There will be no collections activity on unfunded taxpayers.
Upon receipt of a Federal or State tax refund, the EA is repaid by deducting the amount from the refund. After repayment, the remaining amount of the refund is disbursed to the taxpayer by the same disbursement option chosen for the EA proceeds.
What are the two new options?
Easy Advance Plus Option:
Want to have the highest advance amount available? Choose the Easy Advance Plus option and offer either a $1,250 or $800 advance based on the taxpayer’s net refund.2
Easy Advance Basic Option:
Cost conscious but still want to offer an advance to your customers? Choose the Easy Advance Basic option and offer the $800 advance.
What’s does net refund mean?
The net refund refers to the taxpayer’s expected refund amount after deduction of fees.
Who is eligible to apply for an Easy Advance?
What are the disbursement options?
- If a customer chooses a Refund Transfer, the EA can be disbursed to the taxpayer by a bank check printed at the tax office, direct deposit to the taxpayer’s personal bank account, loaded to a NetSpend Visa® Prepaid Card or Walmart Direct2Cash.
- If the customer applies for an EA without a Refund Transfer, the EA can be disbursed only by direct deposit or prepaid card.
What does it cost to offer Easy Advance?
- The taxpayer is charged no fees or interest associated with the EA by the Bank or the ERO.
- A fee will be charged to the ERO for every approved EA. The ERO is prohibited from passing this or any fee onto the taxpayer for the EA.
What’s the time frame for an Easy Advance?
- Easy Advance loans are available from the start of filing season through February.
- The timing of the loan being paid off depends on when the IRS or State releases the funds to Republic Bank. Once received by Republic Bank, the refund is immediately processed by repaying the loan.
- If a customer chooses direct deposit, it may take additional time for their financial institution to post the funds to their account.
- ERO must be enrolled for Republic Bank’s Refund Transfer Program to offer the Easy Advance program. Cost to ERO per approved Easy Advance will be deducted from ERO tax preparation fees and cannot be passed to the taxpayer. If a customer does not choose a Refund Transfer, disbursement options are direct deposit or prepaid card. Net Refund refers to the taxpayer’s expected refund amount after deduction of all fees.
- The individual who is NOT applying will be listed in Section 5 of the Bank Product Application and Agreement, which states that although they are not an applicant they are still granting a security interest in their tax refund to repay the loan. Both customers will sign the Bank Product Application at the bottom, however, only the applicant name will appear on the EA check. Remaining funds in excess of the loan payoff will be issued to all taxpayers listed on the tax return.
All information accurate as of October 2016.
The NetSpend Visa Prepaid Card is issued by Republic Bank & Trust Company, Member FDIC pursuant to a license from Visa U.S.A. Inc. Transaction fees, terms, and conditions apply to the use and reloading of the Card Account.