• Report: #829422

Complaint Review: Taxnet Financial

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  • Submitted: Thu, January 26, 2012
  • Updated: Wed, August 15, 2012

  • Reported By: Phil — Los Alamitos California United States of America
Taxnet Financial
Internet United States of America

Taxnet Financial Lloyd Tax nitemare total scam to get money from your refund Internet

*REBUTTAL Owner of company: RAL Disclosure Chart

*UPDATE Employee: Taxnet Financial Inc Resolved

*UPDATE Employee: TaxNet Financial

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I used a tax preparer named Lloyd from Taxnet Financial they also said I was pre approved for a RAL but Republic Bank (don`t)Trust denied me. For some reason my refund was sent to them and they took 320.00 for tax prep. Fees for Taxnet Financial plus 41.00 for transmitting fee plus 30.00 for themselves for administrative fees and on top of all that Taxnet financial did my taxes wrong and they told me I would recieve 4960.00 from federal they forgot to include one of my dependents when they e-filed so I only got a chec for 3960.00 but after Republic Bank got done with it they sent me a check for 3563.90 that was supposed to be direct deposited in my account but instead they fedexed me a check from them that my bank wants to put a hold on for 10 days before I can use the money . I feel Republic Bank was out of the deal once they denied me my refund never should of sent to them and Taxnet Financial is a big rip off too never can get a hold of anyone there no return phone calls no return emails I can`t even get them to send me a copy of my taxes they filed. They are scam artist and they are in partners with Republic Bank (never) Trust.

This report was posted on Ripoff Report on 01/26/2012 10:55 PM and is a permanent record located here: http://www.ripoffreport.com/r/Taxnet-Financial/internet/Taxnet-Financial-Lloyd-Tax-nitemare-total-scam-to-get-money-from-your-refund-Internet-829422. 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 2Consumer 1Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Owner of company

RAL Disclosure Chart

AUTHOR: Taxnet Financial Inc. - ()

IMPORTANT: A RAL IS A LOAN AND IS NOT YOUR TAX REFUND

Refund Anticipation Loan "RAL", is a loan and you are entering into a loan agreement with Family Loan Acceptance Group "F.L.A.G." a division of Taxnet Financial Inc: Your federal and/or state tax refund is secured in order to pay back the "RAL". If your tax refund is less than the amount you borrowed, you are still responsible for repaying the full amount of the "RAL". By entering into this loan agreement you are placing a security interest in your anticipated tax refund(s).

A RAL 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.

If you want to apply for a RAL, You must apply as an individual even if you are married and filing jointly: Only one taxpayer can apply for the RAL. It is solely your choice in determining who applies for the RAL. Only the taxpayer applying for the RAL will sign the Application Agreement/Tax Refund Anticipation Loan Disclosure and will be held liable for repayment of the RAL.

Your application for a RAL may be denied. F.LA.G. a division of Taxnet Financial Inc. 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 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 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 may be denied if you have previously defaulted on a refund loan product. F.L.A.G a division of Taxnet Financial Inc. reserves the right to deny a RAL application for any additional reason 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 applicant’s 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.

If declined for a RAL you will be notified in writing within 21 days for the adverse decision. If you are declined for a RAL you will not incur any finance charges but you are still responsible for the tax preparation and administrative fees as described in the Tax Refund Anticipated Loan Disclosure. If approved, your RAL proceeds are disbursed within 24 hours of the IRS accepting your electronically-filed ("e-file") tax return.

You can cancel a RAL without penalty: You may rescind the RAL before the close of business of the 2nd day of business after you receive your RAL funds to avoid finance charges, by either returning the original check to the issuing Bank or providing the amount of the RAL to your tax preparer. Cancelling a RAL doesn't stop the processing of your filed tax return(s) and you are still responsible for tax preparation and administrative fees as described in the Tax Refund Anticipated Loan Disclosure.

 

Refund Option Disclosure Chart

Family Loan Acceptance Group [F.L.A.G.] a division of Taxnet Financial Inc.

 

Filing Method           Filing Product             Disbursement          Availability                 Additional Fee

Paper Return

Traditional -

Fees paid upfront

IRS Issued Check

5-7 weeks

None

 

Paper Return

Traditional -

Fees paid upfront

Direct Deposit

5-7 weeks

None

 

E-File

Traditional -

Fees paid upfront

IRS Issued Check

21-28 days

$12.00*

 

E-File

Traditional -

Fees paid upfront

Direct Deposit

10-21 days

$12.00*

 

E-File

Electronic Refund Deposit (ERD)

No upfront fees

Check

Direct Deposit

Pre-paid Card

10-21 days

$12.00*

 

E-File

Refund Anticipation Loan (RAL)****

Check

Direct Deposit

Pre-paid Card

12 hours after

IRS Acceptance of return or before

$57.00**

APR 196.83%

 

E-File

Military Refund Anticipation Loan (RAL)****

Check

Direct Deposit

Pre-paid Card

12 hours after

IRS Acceptance of return or before

$9.00***

APR 32.55%

 

 

*       Transaction Charge of $12.00 paid to Tax Product Group “TPG” for transmission and handling (included in tax preparation fee) of refund.

**    One-Time Finance Charge of $ 17.00 plus loan investigation fee of $40.00 for a total RAL finance fee of $57.00 paid to F.L.A.G.

***  One-Time Finance Charge of $ 9.00 for active duty member or dependent for a total Military RAL finance fee of $9.00 paid to F.L.A.G.

****Refund Anticipation Loan (RAL) $1,000.00 only available in conjunction with an Electronic Refund Deposit (ERD). No upfront fees required.

 

If you are applying for a “RAL” there is no credit check because your loan advance is secured by YOUR tax refund. A “RAL” finance fee of $57** (APR 196.83% based on 10 day loan period) is deducted from the $1,057 advance upon approval for a $1,000 gross disbursement to you minus tax preparation fees†. To avoid a finance fee of $57** you can elect to e-file without a “RAL” and receive YOUR actual tax refund within 10-21 days. Please be responsible and consider all refund options prior to applying for a “RAL”.

 

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#2 UPDATE Employee

Taxnet Financial Inc Resolved

AUTHOR: TaxNet Financial - ()

 Taxnet Financial Inc. is never satisfied when a client has a complaint. We are unable to share client information including the reason a client was denied for a RAL to a third party ;however, it is our policy that all consumers are required to read and sign RAL disclosures prior to applying for a RAL which includes the following: You have signed and been provided a copy of your tax return with your refund amount. You understand that your actual refund will be disbursed to you less any outstanding "RAL" amount, finance charges, and tax preparation fees as disclosed by the "RAL" Fee Schedule. Promise To Pay/Consent/Authorization/ Signature.

By signing below, I certify that I (including my spouse) acknowledge receiving a completed copy of this Application Agreement and that I have received, read, and understand the REFUND ANTICIPATED LOAN DISCLOSURE , PRIVACY NOTICES, and all applicable state disclosures. I certify that I agree to all the terms and provisions set forth in this Application/Agreement, including CERTIFICATION SECTION, WAIVER OF JURY TRIAL AND ARBITRATION section and the terms and provisions which are specifically incorporated herein by reference, and acknowledge receiving a completed copy of each of them.

I further certify that everything herein is correct to the best of my knowledge, that this Application/Agreement is based on a bona fide federal and state (if applicable) income tax return and the tax return is true, complete, and accurate in all respects. I authorize F.L.A.G. a division of Taxnet Financial Inc. to inquire of the IRS, state taxing authority (if applicable), my employer or any agency providing information on my behalf. I (including my spouse if filing jointly) authorize F.L.A.G. a division of Taxnet Financial Inc. to investigate and verify all information I (including my spouse) provided to Taxnet Financial Inc.

In the event a RAL is applied for and granted, I promise to pay to F.L.A.G a division of Taxnet Financial Inc., its successors and/or assigns, ten (10) calendar days from the day I receive my RAL proceeds, the RAL amount, which is allocated and designated as RAL Funding as described in the Refund Anticipated Loan Fee Schedule. Remember You can file your tax return electronically without applying for a Refund Anticipation Loan (“RAL”), and obtain your refund from the Internal Revenue Service (“IRS”) to avoid finance charges. For example, If you file your tax return electronically, you can receive a refund check from the “IRS” within 21 to 28 days, or a direct deposit to your bank account in as few as 10 to 21 days from the time you file your tax return. Electronic Refund Deposit (ERD) allows filing without paying upfront fees to your tax preparer.

Please be responsible and consider all refund options prior to applying for a loan product. Conclusion: Taxnet FInancial Inc. is a member of the Better Business Bureau "BBB" and this trusted organization has determined that TaxNet Financial, Inc. meets BBB accreditation standards, which includes a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public. BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

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#3 UPDATE Employee

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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