RAPID TRANSFER (RT)
How it Works:
An RT is basically a Direct Deposit, but instead of having your refund deposited directly from the IRS in to your own personal checking or savings account, it is (your refund) direct deposited in to a bank account set up with your signed permission to have your refund deposited there.
The fastest way to get your income tax refund from the IRS is about 8-21 days for electronic filing direct deposit. So, if you request a RT, basically you are requesting a direct deposit.
8 to 21 days after you applied for an RT, the IRS will direct deposit your income tax refund in to the bank account previously set up and then the bank, through our office, will either, depending of want you previously choose, give you a check for the amount of the IRS deposit or direct deposit to your personal account less our fees and any other applicable fees.
A RT is not a loan, if for whatever reason the IRS does not direct deposit all or part of your expected refund, you will have to deal only with that issue, but not with a loan that was not funded (re-paid).
A RT total cost may be as much as 2 1/2 times higher than a regular "e-file return" which is the most affordable way to file your taxes and from which you have to wait the same amount of time as an RT 8-21 days to get or up to 4-6 weeks for a check by mail.
PROS and CONS
In our opinion the RT only have one con, higher price in comparison with other filing options.
Our pros: not having to pay up front fees for tax preparation and electronic filing. You are not obligated to apply for a RT is a choice, your choice, it is only one more option amount others.
