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What is a refund transfer?

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Question
What is a refund transfer?

Answer

The Refund Transfer (RT) is a way for a taxpayer to have preparation and/or filing fees taken out of their federal tax refund. The federal tax refund is usually available within 7-14 days from the time the taxpayers tax return is electronically filed and accepted. When the IRS deposits the taxpayers refund to the bank partner the preparer is setup and approved through, they deduct all applicable fees from the refund, deposits the preparer portion of the fees to the preparers account and disburses the balance of the refund to the taxpayer.

OLTPRO Partners with multiple banks. See our bank partner page for a list of banks we partner with and their contact information.


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Views: 325 Created on: Jun 15, 2013
Date updated: Nov 17, 2014

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