W2 Loans - Are any ATX banks offering this?

[BulldogTom]

I was sitting in my office when a bus went by with an HRB advertisement on it for W2 Loans. Some crap like "I got my money with only a W2 because I got people". The bank I am using (SBBT) strictly forbids W2 Ral's. So who is HRB working with that allows them to make this loan? or are they making this loan themselves? After Household got out of the RAL business, who is HRB going to use for their bank?

Are any of the Banks that ATX is partnered with allowing W2 loans? I don't want to do any of them, I am just asking.

Inquiring minds want to know.

Tom

Lodi, CA

[JRS]

HSBC is the bank. I went to HRB's website and read the fine print. Scary!

"Bring these items with you:

Earnings statement (e.g., pay stub or other statement of recurring income)

Adequate personal identification (e.g., current driver's license or government-issued I.D. card

with photo)" and we will give you a line of credit or a debit card! etc., etc.,................

[BulldogTom]

Interesting. HSBC is still providing RAL banking for HRB but not for anyone else. HRB must have some kind of insurance on their RAL business to keep HSBC as their bank. At one point they owned a big chunk of Household, but I thought they divested that holding.

Thanks JRS.

Tom

Lodi, CA

[David1980]

Interesting. HSBC is still providing RAL banking for HRB but not for anyone else. HRB must have some kind of insurance on their RAL business to keep HSBC as their bank. At one point they owned a big chunk of Household, but I thought they divested that holding.

Thanks JRS.

Tom

Lodi, CA

It was my understanding that this product is being done through HR Block bank instead of HSBC. While they are using HSBC for their normal refund bank products.

**Banking services, line of credit and H&R Block Emerald Prepaid MasterCard® offered through H&R Block Bank, a Federal Savings Bank, Member FDIC.

(from their webpage.)

[BulldogTom]

Does that mean the are in line for a federal Bailout? I wouldn't put it past them.

Tom

Lodi, CA

[jainen]

>>a bus went by with an HRB advertisement on it for W2 Loans<<

I wouldn't get on that bus. I'm waiting for W-4 loans.

[Lion EA]

W-4 loans. What a great idea! Your tax practice will make millions. Don't forget to copyright that. Can we have a contest to pick your slogan?

[BulldogTom]

Actually, I am suprised no one has tried this. Take the taxpayer's 2008 return, then fill out a 2009 W4 with Advanced EIC payments for the client. Calculate the amount of the Advance EIC and CTC, Loan it to the client at 19-29%, prepaid, and they don't have to repay the loan until next year when you file their 2009 tax return. Don't you think clients who have "people" wouldn't be signing up like crazy?

Tom

Lodi, CA