Bank On Memphis and United Way Volunteer Income Tax Assistance
Many low- and moderate-income taxpayers are targeted by paid tax preparers, offering costly products that promise fast refunds. One of the most common products is the refund anticipation check (RAC), which allows consumers to access their refund sooner through a temporary bank account. Consumers are typically charged $30 to set up the one-time-use account and are subject to additional fees.
The city and its partners recognized that launching the program at a VITA site is a perfect opportunity to educate and offer services that promote alternatives to fringe financial products.
In Partnership with United Way, Bank On Memphis is working to help promote free tax prep for families that qualify. In order to ensure the tax payers receive refunds in a safe and secure manner, Bank On Memphis will have several of their Financial Providers at Volunteer Income Tax Assistance (V.I.T.A) sites to assist with account activation and setting up direct deposit. Financial Providers will also be available to answer financial questions and advise tax payers on effective strategies to make the most of their refund.
A Big Thank You to our participating Financial Providers!
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