How does a refund anticipation loan work?
The first step in getting a refund loan is to have your tax return prepared. The tax return information, or data, is then electronically transmitted to the IRS and at the same time to the lending bank. There are only a handful of banks in the country that participate in making refund anticipation loans. Total Tax Service has selected Chase Bank to provide refund loans for their customers. The bank will then review the data on your tax return and, subject to the banks approval, will issue a check for the loan amount, minus the applicable fees. The loan amount is usually the same as the refund amount, although you may choose a smaller loan amount and receive the balance of your refund later. This process usually takes less than 24 hours. After the bank approves your check you can pick it up at our office or you may choose to have the funds loaded on to your E1 Prepaid Visa Card. When the IRS has completed processing your tax return, which generally takes around 8-21 days, they will make
