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Republic Bank Products 2012

What is an ERC/ERD? – An Electronic Refund Check or Electronic Refund Deposit (ERC/ERD) allows the taxpayer’s refund to be direct deposited from the IRS or State with Republic Bank. All tax preparation and other fees owed by the taxpayer are deducted from the refund and automatically forwarded to the appropriate party. Republic Bank’s $29.95 Tax Refund Administration Fee is also deducted from the refund. The remainder of the refund is disbursed to the taxpayer by a bank check printed at the tax office (ERC) or by direct deposit to the taxpayer’s personal bank account or prepaid debit card (ERD).

What is a RAL? - A Refund Antipation loan (RAL) may be chosen in addition to the ERC/ERD. The RAL is a loan in the amount of $1,561.22 to approved applicants, that is based on their anticipated refund. A RAL is applied for as part of a request by the taxpayer to receive an ERC or ERD. Taxpayers must have an anticipated refund amount that is at least $2,000 and the refund must be enough to cover the loan plus all fees. The $1,561.22 loan amount includes a finance charge of $16.22 and a credit investigation fee of $45.00 charged by the Bank; the taxpayer will receive loan proceeds of $1,500.00. When the taxpayer’s refund is direct deposited from the IRS with Republic Bank, the loan is repaid. The remaining funds will be issued to the taxpayer as an ERC or ERD (depending on the disbursement option selected). As with an ERC/ERD without a loan, Republic Bank’s $29.95 Tax Refund Administration Fee and all tax preparation and other fees will be deducted from the remaining refund and forwarded to the appropriate party. If any remaining refund is available it is disbursed to the taxpayer by a bank check printed at the tax office (ERC) or by direct deposit to the taxpayer’s personal bank account or prepaid card (ERD). 

Other Related Bank Fees:
    Transmission Fee: $25
    Technology Fee: $21 

Bank Requirements

To apply for ANY Bank Product with Republic Bank, EVERY taxpayer must:

• Be at least 18 years of age (both primary and secondary).
• HAVE PRINTED W-2 FORMS (Handwritten W-2s or pay stubs are not acceptable for RALs/RTLs).
• Have TWO forms of identification.  One form MUST be a current photo I.D. that is state or government issued.
• Have a physical address if mailing address is a P.O. Box.
• Have a valid Social Security card for ALL individuals listed on the return.
• Have at least two working contact phone number (i.e.; home, work or nearest relative).
• Have the signature on the BANK application witnessed by the ERO/tax preparer (the signature must match the signature on the I.D. and Social Security Verification).
• Have filed a tax return for the previous year, if required to do so.
• Provided other documentation, if requested.