Application For Electronic Refund Account And (If So Designated) Refund Anticipation Loan (Ral) Form (Page 4 of 4) in pdf

INITIAL RAL DISCLOSURES

In the event you apply for and receive a RAL, you understand that your RAL is a loan with the Bank and will be repayable by a single payment either when

the IRS or State Taxing Authority makes the Direct Deposit with the Bank into the Deposit Account or, if the Direct Deposit is not made within 15 days, at the

discretion of the Bank. If a Direct Deposit is not made, or if the amount of the Direct Deposit is insufficient to cover the full amount due on the RAL, the RAL

balance will immediately become due and payable.

The Direct Deposit is normally made within 9 to 15 days after the IRS accepts your electronic tax return.

In calculating the RAL Annual Percentage Rates for purposes of Truth-In-Lending Act disclosure, as set

RAL

ANNUAL

forth in the adjacent table, we have estimated this period to be 12 days and all fees resulting from the

AMOUNT

FINANCE

PERCENTAGE

making of the RAL are considered to be finance charges for purposes of the Truth-In-Lending Act

FINANCED (e)

CHARGES (e) RATE (e)

disclosure. (The IRS makes no guarantee with respect to the date the tax refund will be issued or the

Applicants applying for a standard RAL

amount of the refund).

300.00

$ 39

395.42%

For purposes of Truth-In-Lending Act disclosure, we have estimated RAL Finance Charges to be $39 to

500.00

$ 49

298.08%

$89 for all loan amounts. This charge will be prepaid by withholding such amount from the RAL proceeds

$ 1,000.00

$ 69

209.88%

you receive via your RAL check. The maximum amount that may be borrowed by applicants without prior

$ 1,500.00

$ 79

160.19%

$ 2,000.00

$ 79

120.15%

history on file at Refunds Now is $1,500. Applicants receiving a “Now RAL” will receive a RAL in an

$ 3,000.00

$ 89

90.24%

expedited fashion at a fee of $64 regardless of loan amount, as reflected in the table to the right. The

$ 4,000.00

$ 89

67.68%

maximum amount that may be borrowed by these applicants is $750.

$ 5,000.00

$ 89

54.14%

Federal law requires the Annual Percentage Rate to be expressed as a yearly rate, even though your

Applicants applying for a “Now RAL”

RAL is for a much shorter period. The RAL Finance Charge and Annual Percentage Rate shown in

300.00

$ 64

648.89%

the adjacent table for the purposes of Truth-In-Lending Act disclosure do not include any additional

500.00

$ 64

389.33%

fees or finance charges which may be charged by your tax preparer, electronic filer, or Transmitter.

750.00

$ 64

259.56%

The Truth-In-Lending Act disclosure statement on your RAL check stub will contain information on

(e) means estimated

these fees and charges and their effect on the finance charge and Annual Percentage Rate.

IMPORTANT INFORMATION REGARDING THE DEPOSIT ACCOUNT

Thank you for your participation in the Refunds Now program. To be eligible to participate in our program, you must have elected to electronically file your

2002 federal return with the IRS, be due a tax refund, and have requested the Direct Deposit of your anticipated refund to the Deposit Account at the Bank.

If you are electronically filing your State tax return and your State offers the Direct Deposit of tax refunds, you may also choose to direct the deposit of your

State refund to the Deposit Account. You are not permitted to make any deposits or withdrawals from this account at any time, nor are you permitted to

close the account. The IRS may release the Direct Deposit of your refund in 9 to 15 days from the date in which it accepts your tax return. However, the

IRS, State Taxing Authority and the Bank make no guarantee as to if or when a tax refund will be issued or the amount of any such refund.

The Bank will remit to you the balance of the Deposit Account shortly after the IRS or State Taxing Authority transfers the tax refund amount into the Deposit

Account and all applicable fees are deducted from the tax refund amount. You assign to the Bank all of your rights, title and interest in the proceeds of your

2002 federal income tax refund (and 2002 state income tax refund, if applicable) and authorize the Bank to withdraw from the Deposit Account the fees and

charges as per this application/agreement. You may not revoke this assignment and authorization. The Bank’s initial fee for an ERC or ERD based on your

federal income tax refund will not exceed $33 and $26, respectively. The Bank’s initial fee for an ERC or ERD based on your state income tax refund will

not exceed $12. Please refer to the ‘Initial RAL Disclosures’ section on page four of this Application for information on the Bank’s fees relating to a RAL. In

addition, should you fail to cash a check issued to you prior to January 1, 2004, you will be assessed a dormant account fee of $10 per month and a check

reissue fee of $30.

IMPORTANT INFORMATION REGARDING YOUR REFUND ANTICIPATION LOAN

RAL stands for ‘Refund Anticipation Loan’. A RAL is a loan against your anticipated tax refund. To be eligible for a RAL, you must have elected to

electronically file your 2002 federal return with the IRS, be due a tax refund, and have requested the Direct Deposit of your anticipated refund to the Deposit

Account at the Bank. The Bank reserves the right, in its sole and absolute judgment and discretion, to deny any RAL if the IRS does not accept your tax

return for Direct Deposit into the Deposit Account or if you do not meet the eligibility criteria of the Bank and Refunds Now.

You should understand there is no guarantee as to when or if you will receive a RAL, or as to the amount of a RAL that you may receive. Please note that

the maximum amount for which any RAL will be made by the Bank pursuant to this Application is five thousand dollars ($5,000). However, applicants

whose prior year experience is not on file at Refunds Now will be limited to a RAL of fifteen hundred dollars ($1,500). In addition, applicants applying for

and receiving a “Now RAL” will receive their RAL in an expedited fashion and be limited to a RAL of seven hundred and fifty dollars ($750).

If you receive a RAL and the amount of your Direct Deposit exceeds the amount of your RAL, you will receive an overage check for the amount that your

Direct Deposit exceeds your total loan amount. Alternatively, if you receive a RAL and the amount of your refund is less than your loan balance, you will be

responsible for the immediate payment to the Bank for any additional amount needed to satisfy your Refund Anticipation Loan. If you do not elect to receive

a RAL or are declined for a RAL after you make such an election, and the Bank receives your tax refund from the IRS, you will be issued a Electronic

Refund Check (ERC) or Electronic Refund Deposit (ERD), as applicable, for the amount of the refund less applicable fees due the Bank and Refunds Now,

and any other unpaid fees and charges as listed in this Application.

In addition, any amount received or expected to be received by the Bank from a State Taxing Authority will not be included in your RAL (if any), but rather

will be disbursed to you upon the receipt thereof, less the Bank’s fee, the unpaid balance of your RAL (if one is outstanding), and any unpaid fees and

charges as listed in this Application.

If the amount of your refund turns out to be less than anticipated: The amount sent by the IRS to the Bank may be less than the loan balance. In this event,

you will be responsible for the immediate payment to the Bank for any additional amount needed to satisfy your Refund Anticipation Loan.

REMEMBER: This is a loan agreement between you and the Bank.

If you receive a refund check directly from the IRS: Immediately deliver or mail any check or letter you receive from the IRS regarding your tax return to your

tax preparer or to Refunds Now at: Refunds Now, PO Box 2348, Louisville Kentucky 40201

Ohio Residents: Ohio laws against discrimination require that all creditors make credit equally available to all credit-worthy customers and that credit-

reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this

law.

Wisconsin Residents: Wisconsin law provides that no agreement, court order, or individual statement applying to marital property will affect a creditor’s

interest unless, prior to the time credit is granted, the creditor is furnished with a copy of the agreement, court order, or statement, or has actual knowledge

of the adverse provision.

PAGE 4 OF 4

Application For Electronic Refund Account And (If So Designated) Refund Anticipation Loan (Ral) Form Page 4

Related Articles

Related forms

Related Categories