Complaint Review: Jackson Hewitt/hsbc - Watchung New Jersey

The Bank would be the one that did that. The MoneyNowLoan is really more of two loans. The first loan is the MNL you get on the spot, I think it was around $1,500 the year in question. Anyways, if your refund is say $6,000, they might approve you for the $1,500, but if your credit is bad they will deny the other, larger half. Sorry things worked out that way for you, but I will admit JH did drop the ball on explaining that. Our local franchise makes it a point to fully inform the customer on fees and all possibilities before they make their decision.

You were charged once for the Money Now loan and you were charged again for the Refund Anticipation Loan. When you did not receive a Refund Anticipation Loan, you should have called and let them know those fees need to be refunded. They did that to me (although I didn't owe anyone any money) and they did refund my loans. But apparently they will only do so if you call the bank giving the loans and ask them to refund that portion of thier fees. In a perfect world, Jackson Hewitt would stand behind the products they offer and assist customers with dealing with the bank, but that is something they choose not to do, even though most employees are very well trained in dealing with the bank. Next time, use another tax preparer and do RAC instead of a RAL. A refund anticipation check will allow you to deduct the cost of your return (something most people can't afford) but it is not a loan and the cost is minimal. You will have your money in a week or two if you choose direct deposit.

You were charged once for the Money Now loan and you were charged again for the Refund Anticipation Loan. When you did not receive a Refund Anticipation Loan, you should have called and let them know those fees need to be refunded. They did that to me (although I didn't owe anyone any money) and they did refund my loans. But apparently they will only do so if you call the bank giving the loans and ask them to refund that portion of thier fees. In a perfect world, Jackson Hewitt would stand behind the products they offer and assist customers with dealing with the bank, but that is something they choose not to do, even though most employees are very well trained in dealing with the bank. Next time, use another tax preparer and do RAC instead of a RAL. A refund anticipation check will allow you to deduct the cost of your return (something most people can't afford) but it is not a loan and the cost is minimal. You will have your money in a week or two if you choose direct deposit.

You were charged once for the Money Now loan and you were charged again for the Refund Anticipation Loan. When you did not receive a Refund Anticipation Loan, you should have called and let them know those fees need to be refunded. They did that to me (although I didn't owe anyone any money) and they did refund my loans. But apparently they will only do so if you call the bank giving the loans and ask them to refund that portion of thier fees. In a perfect world, Jackson Hewitt would stand behind the products they offer and assist customers with dealing with the bank, but that is something they choose not to do, even though most employees are very well trained in dealing with the bank. Next time, use another tax preparer and do RAC instead of a RAL. A refund anticipation check will allow you to deduct the cost of your return (something most people can't afford) but it is not a loan and the cost is minimal. You will have your money in a week or two if you choose direct deposit.

You were charged once for the Money Now loan and you were charged again for the Refund Anticipation Loan. When you did not receive a Refund Anticipation Loan, you should have called and let them know those fees need to be refunded. They did that to me (although I didn't owe anyone any money) and they did refund my loans. But apparently they will only do so if you call the bank giving the loans and ask them to refund that portion of thier fees. In a perfect world, Jackson Hewitt would stand behind the products they offer and assist customers with dealing with the bank, but that is something they choose not to do, even though most employees are very well trained in dealing with the bank. Next time, use another tax preparer and do RAC instead of a RAL. A refund anticipation check will allow you to deduct the cost of your return (something most people can't afford) but it is not a loan and the cost is minimal. You will have your money in a week or two if you choose direct deposit.

Dear Jacky, I'm sorry I didn't find your report sooner, so you could have a timely answer and explanation. The Money Now Loan (MNL) is based on the amount of your expected refund and your credit history which, apparently, is good. Exactly what Santa Barbara Bank & Trust (not HSBC -- that's the other place's bank!) looks for we have no idea, but you obviously passed their tests. The second part of your refund, the part that was more than permitted as a MNL, is a Refund Anticipation Loan (RAL), and it works completely differently than the MNL. With the RAL, your income tax return is electronically filed with the IRS. The IRS informs the bank whether it expects to send your entire refund by using what is called a "debt indicator." If there is no debt indicator, you get your RAL. If the IRS has a debt indicator on your account, you don't get the loan, because the bank has no way of knowing when or even if your refund will be released by the IRS. It doesn't matter if you have the greatest credit in the world, so credit worthiness doesn't enter into a RAL decision at all. The bank sends you the rest of your refund when the IRS sends it, which is usually 8-15 days after the return is e-filed. It sounds like someone at the Jackson Hewitt doesn't understand precisely how the two loans work, or didn't explain is very well. However, everything is clearly disclosed in the paperwork you signed. Yes, it's all really boring to read. But you should read the things you sign, so you don't get a surprise like this one. When you signed the paperwork, you did agree to the delay in the remainder of your refund if your RAL was declined. In any case, it's a bank loan that you applied for. Jackson Hewitt can't do anything about the decisions the bank or the IRS make regarding your refund. I'm truly sorry that the verbal explanations you received apparently weren't very well done. Knowing how confusing these bank products can be, we work hard to ensure that our employees understand them and can explain the terms properly to our clients. I wish you'd had a better experience. Sincerely, Jan Crystal Lake, IL