Jackson Hewitt is the only company providing financial products to issue a statement about the impact of Santa Barbara's withdrawal. A question about Intuit’s programs drew a statement that the company believes it has taken adequate steps to provide financial products. H&R Block, the biggest preparer, has not made any statement and did not respond to an inquiry. Liberty Tax, which said this week it would issue a statement, has yet to do so.
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Republic Increases Jackson Hewitt RAL Biz
PARSIPPANY, N.J. - In the wake of the exit of Santa Barbara Bank and Trust from the refund loan business, tax services company Jackson Hewitt has reached an agreement under which Republic Bank & Trust would increase the amount of funds it provides for financial products to 45 percent in the 2010 tax season, up from 25 percent a year ago. The terms extend through Oct. 31, 2012.
The deal follows Santa Barbara's announcement it was selling its business after the Office of the Comptroller refused to approve its lending as part of any financial product program offered by tax preparation companies. Santa Barbara had been expected to provide 75 percent of the capital for products such as refund anticipation loans.
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