Walmart Offers Cash for Tax Refunds (Jan. 22, 2015)
Tax time is always busy for prepaid card providers seeking to encourage consumers to have their refunds loaded onto prepaid cards for faster delivery. This year, Walmart is offering a different delivery mechanism—cash.
Walmart Direct2Cash, which enables customers to receive refunds up to $7,500 in cash at Walmart stores, is available nationwide starting today. The retailer is working with Tax Products Group (TPG), a Green Dot Company, and Republic Bank & Trust Company to offer the “first-of-its-kind” service. More than 25,000 tax preparation locations using software with the Walmart Direct2Cash option may provide cash pickup for no additional fee or charge a maximum of $7 at the time of filing, according to an announcement. Walmart does not charge customers a fee when refunds are claimed in-store.
“We know tax refunds can be one of the largest financial payouts of the year for many of our customers, and the last thing they want is to wait for their refund check to arrive and then spend money on unnecessary fees—in many cases upwards of $70—to cash it,” said Daniel Eckert, senior vice president of services for Walmart U.S.
When customers choose Walmart Direct2Cash, they receive a confirmation code for their federal and/or state tax return through an email from TPG or Republic Bank as soon as their refund is ready to be picked up. Customers will then go to the Walmart MoneyCenter or customer service desk at their local Walmart store, show their confirmation code, confirm their identity, and then receive their refund in cash. For customers filing jointly, both filers must be present to receive their cash refund.
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