Every year as January comes to a close, people begin filing their tax returns. With this in mind, you can always count on Walmart to do what they can to turn a profit. This time around that profit may come in the form of their new service which allows consumers to forego a cash refund check with the ability to pick up their refunds in cash. As of January 20th this service is readily available and it goes by the moniker Walmart Direct2Cash. This new service promises to save customers money and time in comparison to traditional tax refund services.
Walmart is joining up with TPG, a Green Dot Company, along with Republic Bank & Trust Company, an FDIC member, two leaders in the tax-related financial service industry, to provide the Walmart Direct2Cash as a new option to millions of their customers. There are more than 25,000 tax preparation locations that are using software that directly interfaces with Walmart Direct2Cash, and this service may be provided for no additional fees, other than the initial $7 that is charged when customers file their taxes. Walmart is not charging any fees for refunds claimed at their locations.
Daniel Eckert, the Senior VP of Services for Walmart U.S. said, “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. By skipping the check and choosing this new service, customers will not only save time, but also keep some extra cash in their pockets – two things Americans can always use more of.”
People are always looking for more convenient alternatives to the things that they already do. It seems that Walmart Direct2Cash will offer the convenience and security that consumers need, and allows everyday people to get their full refund amounts in cash, instead of a check. The government all too often mishandles refund checks, plus checks that are mailed are subject to theft, fraud and other problems. These issues can cause people to experience delays of weeks or even months while waiting for their yearly tax refund checks. With the ability to simply drop by the local Walmart to get their cash, people have an option that is a heck of a lot more convenient than the traditional refund delivery option.
When people choose the Walmart Direct2Cash option, they can also save a considerable amount of money on fees, compared to what they have to pay for the more traditional tax refund check cashing options. Take, for instance, a person who has received the average tax refund check for $2900, and who chooses to use a check cashing provider that charges 2 percent to cash checks. That fee alone could add $20 to the process of cashing a refund check; an amount that would be avoided if that same person were to use the flat rate fee charged by Walmart Direct2Cash.
Another benefit to Walmart customers comes in the form of the Jackson Hewitt tax consultants working at some participating locations. These consultants offer free tax filing assistance to customers to find eligible health care options that exist under the Affordable Health Care Act. These services help to complement the existing Walmart Healthcare Begins Here program, which provides basic health insurance guidance to customers. All of these new services go hand-in-hand with each other and provide additional revenue to Walmart, while making the entire tax refund service easier to get through for everyday consumers.