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River City Bank Products 2010

Refund Anticipation Loan* (RAL): A Refund Anticipation Loan or RAL is a loan from the bank using the taxpayer’s federal tax refund as collateral. After the IRS accepts the tax return and the taxpayer meets all of the pre-established criteria, River City Bank will loan on the taxpayer’s anticipated refund along with a portion of their Earned Income Tax Credit (EITC). All fees come out of the refund unless the IRS does not send the refund to the bank. The time to receive a check is normally 0 to 4 days.  For the 2010 filing season, RALs are not available after April 30, 2010.  

Real-Time Loan* (RTL):  An RTL is a loan from the bank using the taxpayer's refund as collateral.  The check can be issued to the taxpayer within minutes of filing.  The remainder of the refund can come in the bank product of the taxpayer's choice.  (Most folks don't use this product because the RAL is so fast!)  Not available for 2009 returns after April 30, 2010.

Electronic Refund Check (ERC): The Electronic Refund Check or ERC is a product that takes approximately two to three weeks depending upon the IRS. A client that does not want or does not qualify for an RAL may be accepted for an ERC. All fees come out of the refund unless the IRS does not send the refund to the bank.  ERCs are available until October 15, 2010.

Refund Electronic Transfer (RET): The Refund Electronic Transfer or RET is the same as an ERC, the only difference being the refund is directly deposited into the taxpayer’s personal bank account. The average turnaround time is approximately two to three weeks. When the bank receives the taxpayer’s refund, we deduct the preparer fees along with the bank fees and then electronically deposit the remaining refund. This product is very popular for those who do not want to pay fees up front and for those who have their own bank account.   RETs are available until October 15, 2010.

*Any and all RAL and RTL criteria are subject to change at any time without prior notice. All RAL and RTL are subject to a Credit Report Analysis.

                                                  Tax Year 2009 River City Bank
                                                           Fee Schedule*

For tax season 2010, RAL fees are one percent of the loan plus a $30 bank service fee plus a $16 software manufacturer service fee.  Following is an example of fees:

 The ERC Fee is $46; RET Fee is $46; and the RTL Fee is $75 flat rate.         

*Tax preparation fees are additional to bank product fees.

Bank Requirements

To do ANY Bank Product with RCB, 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.

Taxpayers will NOT qualify for a RAL or RTL with RCB if they:

• Are filing using only a pay stub.
• Have filed BANKRUPTCY of any kind within the past 18 months, regardless of the current filing status.
• Have an outstanding Tax Refund Loan with RCB.
• Have been denied EIC in the past and are required to file a Form 8862.
• Have filed or must file a Form 8379 (injured spouse form).
• Have a Federal or State lien on their credit report.
• Have a defaulted or delinquent student loan.
• Have a delinquent child/family support.
• Have a delinquent government secured loan.
• Have NO credit record.
• Have multiple files on government secured loans.
• Give a fraudulent address.
• Give a fraudulent Social Security number.
• Claimed a foster child, niece, nephew, brother, sister, grandchild or "child".
• Do not have NET withholding of AT LEAST $1.00 (excluding EITC).
• Do not have a physical address listed.
• Have ALL schedule C income or negavite Adjusted Gross Income.
• For an RTL ONLY: Are not receiving a refund of at least $1,000.00 plus preparer's fees.
• Do not meet minimum credit score requirements (if applying for a RTL and/or a RAL for more than $6,000.00)
• Have filed a Form 8888 (Retirement Savings Credit).
• Are a regular or reserved member of the armed forces, serving on active duty under a call or order that does not specify a period of 30 days or fewer (or a dependent of such a member).