• Report: #840790

Complaint Review: Tax Net Financial

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  • Submitted: Fri, February 17, 2012
  • Updated: Wed, August 15, 2012

  • Reported By: wiser — Pensacola Florida United States of America
Tax Net Financial
401 N. Michigan Ave. #1200 Chicago, Illinois United States of America

Tax Net Financial Lloyd Wilson RAL Application submitted through unauthorized tax preparer Chicago, Illinois

*Consumer Comment: But you say on your website NO CREDIT CHECK

*REBUTTAL Owner of company: TaxNet Financial

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Applied for an RAL through Tax Net Financial. They said to expect the deposit. I did not get it.

They charged me $468.00 ($1600/hr) for tax prep, $61.00 refundable RAL fee, and made a $250.00 EIC error. All tolled Tax Net Financial cost me $848.65.

They blamed the IRS. "The IRS refused your direct deposit" and "The IRS withheld that money for past obligations" trying to get around the tax prep fee. And when one girl got mad at me, before I ever got the check, she said "Oh yeah, I have it right here, you wanna see"  ???  I wondered if that was where the erroneous amount of the check came from $2727.65. Or... the day before my birthday and the year I was born. No math can account for this number, SO...I am wondering.

Then I got a letter from their bank that read:

During a recent visit to your tax preparer, you applied for a Refund Anticipation Loan (RAL). Thank you for applying through Republic Bank. However, after reviewing your application, we are sorry to advise you that we cannot grant you a loan at this time for the following reason(s):

Product Not Available-- Application submitted through unauthorized tax preparer


Will attach a scan of this letter. Beware Folks!!!!


This report was posted on Ripoff Report on 02/17/2012 09:49 AM and is a permanent record located here: http://www.ripoffreport.com/r/Tax-Net-Financial/Chicago-Illinois-60611/Tax-Net-Financial-Lloyd-Wilson-RAL-Application-submitted-through-unauthorized-tax-preparer-840790. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 1Consumer 1Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

But you say on your website NO CREDIT CHECK

AUTHOR: Corporateyousuck - ()

How can you respond Taxnet and post your disclosure when you say that the only fee coming out is $57.00? You also say that there is NO CREDIT CHECK because the "loan" is against "YOUR" tax refund. But it seems there is a credit check being run. All in all your RAL process is a little shady and so is the verbiage listed on your site. Your disclosure is the total opposite of what you have listed on your site. 

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#2 REBUTTAL Owner of company

TaxNet Financial

AUTHOR: TaxNet Financial - (United States of America)

Dear Ripoff Report,

Management is never satisfied with an unhappy client because approximately 64% of all new business is generated via referrals from friends and family members. An unsatisfied client costs TaxNet Financial more in the long run versus resolving the issue immediately. (Due to client confidentiality we can't discuss cases with third parties or display tax information about cases on the internet but we will make general observations to assist complainants and other potential clients). Management has contacted the taxpayer in this case and although client is still not fully satisfied with our service; management has made attempts to resolve this matter via the Better Business Bureau (BBB) a trusted organization in which TaxNet Financial is a member and in full compliance. We truly apologize that client had a bad experience and we will continue to train staff to ensure that our tax preparation service meets all clients expectations. We would also ask that clients consider the following: 

1. TaxNet Financial doesn't have any control over the approval process of Refund Anticipation Loans (RALs); based on our review we found no evidence that any TaxNet Financial advertisements, tax professionals, or customer service agents have in any capacity stated authority over the RAL approval process. TaxNet Financial's policy is that employees don't consult taxpayers whether or not to apply for a RAL but instead provide all the disclosures and fees to the client prior to applying for a RAL. A tax professional can inform a taxpayer that based on the anticipated refund amount being greater than $2,000 a taxpayer is eligible to apply for a RAL but this is much different than approved.

TaxNet Financial is your tax preparer and not a bank. A taxpayer should always consider the benefits and costs of a RAL and the related fees prior to applying including the possibility that a RAL may be denied. If the application is denied the lender doesn't charge the finance fees but you are still responsible for other fees paid to the bank for handling the electronic deposit or electronic check issued of your actual refund which is fully disclosed prior to application.

Disclosure #1
YOUR APPLICATION FOR A RAL MAY BE DENIED.
  The lender reserves the right to deny any RAL application: If you have outstanding unpaid taxes, delinquent child support, delinquent student loans or other federal debt your application for a RAL may be denied. Your RAL application may also be denied if there are not adequate withholdings or estimated payments shown on your federal or state tax return. Your application for a RAL may also be denied if there are aggressive tax positions taken and/or positions likely to subject your tax return to additional review by the federal or state taxing authority. Your application for a RAL will be denied if there is evidence that you are delinquent with refund loan products from prior year(s). The lender reserves the right to deny any RAL application for any additional reason(s) except for on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); to the fact that all or part of the applicants income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act.

2. TaxNet Financial doesn't set the costs of a RAL only the lender sets the costs nor does TaxNet Financial receive any kickbacks, commissions, nor any direct additional benefit whether a taxpayer chooses to apply for a RAL versus not applying. In fact in most cases TaxNet Financial has to provide additional customer service support for RAL applicants at our cost versus clients that don't apply for a RAL. Clients tend to call TaxNet Financial versus the lender or both if there is an issue with the RAL. TaxNet Financial understands the frustration of RAL issues but sometime the issue is beyond our control. Management concedes that providing the opportunity for taxpayers to apply for a RAL option does increase the chances that certain taxpayers will file with TaxNet Financial versus going to another tax preparer that may offer the same loan product; however, our policy is to disclose ALL additional costs to the applicant prior to applying. The cost of a RAL for the year was the same regardless of the tax preparation company selected because the majority of Tax Preparation Companies used the only regional bank offering the product: Republic Bank & Trust. TaxNet Financial has severed the relationship with Republic Bank & Trust and has a new financing arrangement for 2013 loan products. 

Disclosure #2
RALS MAY COST SUBSTANTIALLY
more than other sources of credit: Before applying for a RAL, you should consider whether a RAL is consistent with your personal needs and financial circumstances. If you are claiming the earned income credit (EITC), the costs of a RAL or any other loan product will be deducted from, and can substantially reduce, your EITC benefits. You may obtain the full EITC benefit if you choose to not apply for a RAL or any other Loan Product.
TaxNet Financial discloses all fees prior to RAL application submission. All applicants must read and sign that they have read all disclosures in order to apply for any loan product.

3. TaxNet Financial guarantees that your tax return is Accurate or TaxNet Financial will amend your tax return for up to 3 years for free. TaxNet Financial stands behind all returns and also offers free support for IRS inquiries or letters up to 3 years for no additional charge. 

TaxNet Financial understands that clients and even tax professionals make mistakes. Tax Professionals try to ask all the relevant questions to ensure that clients are receiving all the tax credits and deductions that YOU deserve ;however, in the event that a deduction or credit is missed we have up to 3 years to correct it with no penalty from the IRS. An accurate return is important to the IRS and our clients so for that reason we never charge for amended returns regardless of fault. Why bother to point fingers when it is easier to just correct the error and allow the new corrected return to be processed. TaxNet Financial is open the entire year so clients can always contact a tax professional Monday - Friday 9am - 5pm. TaxNet Financial expands hours of operations to nights and weekends during the tax season.

TaxNet Financial provides a copy of your tax return automatically to your email address on file. If you need a copy during the TaxNet Financial will provide another copy free of charge. 
All Applicants must read and sign the following prior to application submission:

Disclosure #3

You have been provided a copy of your tax return
with your anticipated refund amount stated on IRS Form 8879. You further understand that your actual refund will be disbursed to you less any outstanding RAL amount, finance charges, and tax preparation fees. 

Comments/Questions of your own - Call us today 1 888 573 0222

Are you a client please provide us feedback and suggestions on how we can serve you better:
REFUND@TAXNETFINANCIAL.com

www.taxnetfinancial.com
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