H&R Block owns the tax preparation software company that will channel financial products to tax filers in locations through the United States this year.
RedGear Technologies, based out of Utah, is a subsidiary of H&R Block. Block acquired RedGear a few years ago. RedGear's primary product is TaxWorks, a tax software package designed to help preparers by offering
additional functionality compared to regular software.
RedGear is partnering with Citizen's Bank, a very small bank in Sandusky, Ohio, to offer refund transfers. First Citizen's Bank Corp., the parent entity of Citizen's Bank, has about $1 billion in assets.
The interesting thing about this relationship is the connection to H&R Block.