– As Americans begin to file their tax returns, Walmart announced the launch of a first-of-its-kind service that allows consumers to “skip the check” and pick up their tax refunds in cash. Walmart Direct2Cash is available nationwide starting today and will help customers save time and money when compared to traditional tax refund options.
Walmart is working with Tax Products Group (TPG), a Green Dot Company, and Republic Bank & Trust Company, member FDIC, two leading providers of tax-related financial products and services, to provide Walmart Direct2Cash as an option to millions of customers. The more than 25,000 tax preparation locations using software with the Walmart Direct2Cash option may provide this service for no additional fee or charge a maximum of $7 at the time of filing. Walmart does not charge customers a fee when refunds are claimed in a store.
“We know tax refunds can be one of the largest financial payouts of the year for many of our customers, and the last thing they want is to wait for their refund check to arrive and then spend money on unnecessary fees – in many cases upwards of $70 – to cash it,” said Daniel Eckert, senior vice president of services for Walmart U.S. “By skipping the check and choosing this new service, customers will not only save time, but also keep some extra cash in their pockets – two things Americans can always use more of.”
Saving People Time and Money
Walmart Direct2Cash offers customers a convenient and secure way to receive their refund amounts when compared to checks. Too often, government issued tax refund checks are subject to theft, fraud and mishandling, which can create weeks or even months of delay before customers can receive their funds. Walmart Direct2Cash is a secure, one-stop cash pickup transaction that reduces the potential for a variety of check-related problems.
Americans who choose the new Walmart Direct2Cash option can also save on fees when compared to traditional check-cashing options. For example, a consumer who has the average federal tax refund of $2,900 and chooses a check-cashing provider who charges a 2 percent fee would spend $58 to cash the check. This could also be in addition to a $20 processing fee to issue a paper refund check.
Convenient for Customers and Tax Preparers
When customers choose Walmart Direct2Cash, they will receive a confirmation code for their federal and/or state tax return through an email from TPG or Republic Bank as soon as their refund is ready to be picked up. Customers will then go to the Walmart MoneyCenter or customer service desk at their local Walmart store, show their confirmation code, confirm their identity, and then receive their refund in cash.
“Walmart Direct2Cash is a groundbreaking new service that reduces the cost and complexity of the refund process for taxpayers and tax preparers,” said Bill Maher, chief executive officer of Tax Products Group, LLC. “The response from tax preparers has already been incredibly positive. They believe this will not only simplify the tax refund process but provide a great benefit to taxpayers.”
“I want to personally thank tax preparers for participating in this program and for providing our customers with this cash option,” added Eckert.
Filing Tax Returns is Easy at Walmart
Walmart is also working with other businesses to help customers better manage their finances at tax time and every day throughout the year. This year, Jackson Hewitt tax preparers will be in more than 3,000 Walmart stores nationwide. Jackson Hewitt is offering its eligible clients a $50 Walmart eGift Card when they e-file through a Jackson Hewitt tax preparer. The Walmart eGift Card, available instantly upon filing, can be used on anything from groceries to tires, in stores or online.
As an added benefit to Walmart customers, each Jackson Hewitt tax filing consultation at a participating Walmart store will include free tax assistance identifying eligible health care options under the Affordable Care Act. This assistance complements Walmart’s Healthcare Begins Here program, which is designed to educate customers on health insurance options.