Republic Bank $ Trust Tax Refund Solution unethical, scandalous, unscruppulous, thieves, con-men, preying on the backs of hard working americans Louisville Kentucky
I used the web site "completetax.com" to file my tax returns as was the case last year. I really enjoyed their format and site. Last year everything was great (not perfect) but pretty darn good! this year not so! apparently the folks at completetax changed the bank they were doing business and now it is this shoddy excuse of a bank called "republic bank & trust". let me just explain for a minute where the bank comes into play.
Customer uses web site to file taxes, web site submits them to I.R.S. after acceptance if customer is due a refund the I.R.S. issues one. since said customer is due a refund he can opt to have the charges for the use of the web site deducted from it.(generally around $50-$60 bucks) so refund is sent direct deposit to this middleman bank, which in turn makes the deduction for the web site then takes their share(around$25-$30)then direct deposits into customers account the remainder of refund. everything fair and paid for.that entire process last year took approx. 2 hours give or take an hour, then your funds would be in your account.
This year however, somebody has this great idea, "HEY IF WE KEEP THIS MONEY FOR AS LONG AS WE CAN LOOK AT THE INTREST IT WILL ACCRUE,
AND WE WILL MAKE ALOT OF MONEY FOR SUPPLYING THE SERVICE TOO!
Well If you think about it maybe my $3000 that i earned honestly and have every right to have in my control immediatly isnt a whole lot to a big bank, but mine and yours and a couple hundred other hard working americans that can just wait to get what is rightfully theirs. that adds up to a nice chunck of change.I'm sure the bank will deny this is whats up. But I'm telling you now they are liars and con-men and they are out for a buck no matter what. This amounts to out and out plain theft. no ifs ands or buts. its unethical,its decieving, and I cant imagine it to be legal. I do know there is a time limit the bank has for making funds available to the bank customer. But I'm sure that is written for the allowance of clerical errors, transposed numbers,missing information & the like, understandable, not for a loophole to make people wait for their rightful property to be doled out when these con artist see fit.
If you or I pulled a stunt like this, We would land in federal prison, and rightfully so. thanks for listening.
Francisco
hesperia, California
U.S.A.
2 Updates & Rebuttals
Soccer3826
San Diego,California,
U.S.A.
completetax.com and Republic Bank Direct deposit change of 19.95 for Free of charge service
#3Consumer Comment
Fri, May 22, 2009
I have the same problem with completetax.com and republic bank. the bank will charge you $ 19.95 to open a temporary account in your name how they use this account and what they do with it is there discretion you the rightful owner of that personal information you have no say what so ever. this is what they do with the so called ERD fee They have your Direct deposit go in to the account created in your Name then after 15 or more day they will direct deposit it to your account. This is bigger 19.95 fee put two and two together there quarterly report shows a large number of new accounts and if the minimum tax return is say 1000 dollars that is a lot of money that shows they are making with so many new and temporary (accounts) customer.
Jhostetter
Anchorage,Alaska,
U.S.A.
Response to Francisco, California re: Republic Bank "Rip Off"
#3Consumer Comment
Sun, October 12, 2008
I am a professional tax preparer who has had dealings with Republic Bank. From reading Mr. H's comments, I'm not sure, but it appears that he had to wait some time before receiving his refund...his gripe wasn't totally clear. In any case, allow me to explain how this works. In the case of Mr. Hesperia (assuming I understand his circumstances), he authorized Republic Bank to handle his refund for a fee. This a common situation. Republic Bank then has to wait for the IRS to fund the refund. This typically takes 10 to 14 days before they get the money from the IRS. Sometimes the IRS will hold up the refund for weeks or months in some cases. In every case I've had with RB, and I'm talking about thousands of clients, Republic posts the refund to the client within MINUTES of receiving the money from the government. To say they are withholding money to make interest is unfair and inaccurate.
It's my opinion that Mr. H incorrectly believes that Republic Bank is immediatly funded, which is certainly not the case. I believe Mr. H needs to correct his complaint.