• Report: #136236
Complaint Review:

H & R Block & HSBC Bank USA

  • Submitted: Thu, March 24, 2005
  • Updated: Mon, September 18, 2006

  • Reported By:Grosse Pointe Park Michigan
H & R Block & HSBC Bank USA
2032 East Eight Mile, Detroit, MI 48234 Detroit, Michigan U.S.A.

HR Block & HSBC Bank USA Rapid Refund becomes Rabid Refund Detroit Michigan

*Consumer Comment: hr blocks little secret

*Author of original report: TurboTax to the Rescue!!


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Warning to all H&R Block Customers. Be wary when the tax preparer offers you to purchase their Rapid Refund product from their finance partner HSBC Bank USA. H & R Block has too many untrained tax preparers in their offices that don't give the right advice to their customers and they deny reponsibility after the sale.

My situation was that I had H & R Block prepare my 2003 and 2004 tax returns at the same time. When the tax preparer was finished he asked me if I wanted my 2004 tax return through their Rapid Refund. I inquired about the cost and it was nominal compared to the money I was going to recieve right away.
I signed all the paper work from HSBC Bank USA(the finance lender). They are the official lender until the IRS refunds the return. I was instructed that I needed to mail in my 2003 tax return, which I did.

Rapid Refund turned into Rabid Refund. A few weeks later I got a call from a collector at HSBC informing me that the IRS did not send them the money and I have to give them back the return.
Otherwise they will mark my credit record (which they did)and I was also charged 18% interest for not returning the money (I diligently paid off some outstanding bills) this amounts to over $1,500.

The reason the IRS didn't refund the return right away is because it takes six to eight weeks to process the 2003 return. The H & R Block tax preparer didn't warn me about this when I signed up with HSBC BAnk for a Rapid Refund which needs to be paid back within 30 days. I was instructed to call the District Manager Maureen out of the Detroit office who said "What to you want me to do? You signed the papers, that's not our problem." H & R Block quickly disassociates themselves from their financial partners when problems arise and takes no responsibility for the inept tax preparers they have on staff.

Advice: Do not purchase H & R Block's Rapid Refund unless you are sure that the IRS will be refunding your money within thirty days. It cost me over $1,500, a mark on my credit record plus over $500 to H & R Block to have some inept preparer my taxes and cause me all this grief.

Grosse Pointe Park, Michigan

This report was posted on Ripoff Report on 03/24/2005 07:20 AM and is a permanent record located here: http://www.ripoffreport.com/reports/h-r-block-hsbc-bank-usa/detroit-michigan-48230/hr-block-hsbc-bank-usa-rapid-refund-becomes-rabid-refund-detroit-michigan-136236. 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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Updates & Rebuttals

#1 Consumer Comment

hr blocks little secret

AUTHOR: Ronald - (U.S.A.)

Hr block made a mistake on my return when I took the rapid refund loan and it cost me thousands. Later I found out everyone in the area that worked for hr block also worked for the loan company. It seems they have an interest in messing up your refund and then telling you the error guarantees are no good that you paid for.
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#2 Author of original report

TurboTax to the Rescue!!

AUTHOR: Claudia - (U.S.A.)

I appreciate Mary trying to defend her company but the facts remain still to this day how I stated it last year. It shouldn't be assumed that I wanted the money "fast" or that I owed someone else money and that's why I used Rapid Refund. It is because it was touted in ads and was your best feature.

The follow up to the event was my 2003 Taxes were processed within two weeks. I stayed in phone contact with them and they even found an additional few hundred dollars that H & R Block missed. The IRS released the 2004 tax return to HSBC.

The great thing about this whole incident was it forced me to try TurboTax this year. I bought my program at Costco at a discount and saved a lot, a lot of money over what I used to spend at H & R Block. I sent my return via the online IRS return and received my money within ten days right into my checking account. Free of the interest rates that H&R Block used to charge me.

So now I can honestly say I am glad the incident happened at H & R Block because I saved myself hundreds of dollars this year with my TurboTax program and I will continue to save in the future. :>)
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#3 UPDATE Employee


AUTHOR: Mary - (U.S.A.)

I am a manager of an H & R Block office in this district.

Unfortunetly, the client do not listen to the preparers when they try to explain the different bank products that we offer. All they want to know is how fast can I get my check.

I do not work at the office in question but I do know that our preparers are given extensive training on the preparation of taxes and the way the bank products are offered.

The one thing that is stressed with the rapid refund is that this is a loan from the bank which is repaid with the IRS refund check. If the IRS doesn't deposit the money then the client has to pay it back. They have to sign a loan application. They are given a copy of this application. They are also told by the preparer in advance what there fees will be & are also given a written statement of this.

If the client had a refund coming from her 2003 taxes, which she stated she did, this should not of delayed her current refund. There is a possibility that there were other problems involved such as money owed to someone else. She didn't say if she eventually recieved the refund from the IRS or not.

As to the $500.00 charge, this would have included the prior year return along with the bank fees for the rapid refund.

Unfortunetly, once the return has reached the IRS & she has her check there is really nothing we can do to speed up the deposit from the IRS. She does have to deal directly with the bank. We will assst her with contacting the IRS to see what the problem is & help her to get whatever info the IRS might require.

Lately we have been given a bad rap when it comes to rapid refund & our bank products, but you have to understand that sometimes this is the only way the client is able to file their return & receive their refunds because the don't have the money to pay for the filing of their return & the fees can be deducted from their refunds.
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