A MetaBank 8-K filing says that the OTS may require the Iowa thrift to compensate its former iAdvance customers.
MetaBank says that the OTS is preparing a cease-and-desist order. Their speculation, which has to be fairly substantive if it is released to investors, is that there will be civil money penalties. MetaBank’s message to its (more…)
H&R Block’s Emerald Loan has been delayed. A company spokesperson said that the product is still being reviewed to make sure that it meets “regulations.”
The Emerald Loan was supposed to be available on January 14th, in time for the new tax season. Block’s Emerald (more…)
Green Dot will manage the US Department of the Treasury’s new debit card program, according to an announcement released this morning.
The new account will give Green Dot 600,000 new accounts. Green Dot already has 3.3 million customers for its card.
Treasury is hoping to save a lot of money. Printing a paper check costs about $1. Sending a payment through direct deposit costs about ten cents. Treasury will spend $1.5 million to make the switch, but that cost will easily be recouped and should result in a net savings of more than $3.5 million for each round of deposits sent to the new recipient class. The new accounts will be used to send tax refunds.
This should be a great deal for consumers that still haven’t moved from check cashers over to a direct deposit-enabled debit card.
A dedicated Bank Talk reader had the wherewithal to snap a photo of the new marketing placard at a nearby Jackson Hewiitt. Here is a copy of the photo that he sent:
Do you get the main idea? This Jackson Hewitt has refund anticipation loans. Other preparers do not have refund anticipation loans. VITA sites and the local H&R Block store do not have refund anticipation loans. You can check with your CPA. He or she may be able to offer you a short-term loan product with a variety of fees.
The picture shows a Jackson Hewitt store, with a new banner hanging from the roof canopy. It says “Refund Anticipation Loans: We’ve Got’ Em, Others Don’t.”
It is important to remember that Jackson Hewitt is first and foremost a tax preparation service, and not a consumer loan provider.
The store to the right sells Beauty Supply products. The store on the left (facing out) offers Soul Food.
I’ve deliberately smudged the phone number and name of the Soul Food Kitchen. Suffice to say that it is located in a mid-sized Southern city. My entreaties into its menu reveal that it offers turkey neck gravy, smothered pork chops, and red beans & rice with collard greens. Yum. That is a restaurant that is first and foremost a restaurant.
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