Home / Refund Anticipation Loans / Bank Service Fees
Through Bank One, a division of JPMorgan Chase Bank, N.A., we are able to offer you 2 alternatives to receiving your tax refund instead of our standard direct deposit method. These services are:
A Deposit Account is an account opened at Bank One to receive the direct deposit of your tax refund from the IRS or State taxing authority. When the direct deposit is received from the IRS and/or the State, Bank One disburses to you the amount of the deposit, less a $28 fee for handling the transaction. The process takes about 10-21 days for a Federal tax refund, and 1-4 weeks for a State refund.
Because fees can be deducted from the refund, the Bank One deposit account allows you to pay for our standard e-filing charges from your refund. You then have no out-of-pocket expenses in filing your tax return. Your return is e-filed and your refund, less expenses, is directly deposited into your personal checking account. If you do not have a checking or savings account, then a cashier's check will be mailed to you.
All bank documents are contained in the tax program.
Refund Anticipation Loans, commonly called "RALs" , are just that...a loan against your anticipated Federal income tax refund.
If approved by Bank One, , you will receive your loan proceeds within 1 - 3 days after e-filing your return.
In less than 10 days, the IRS will direct deposit your actual refund in the Bank One deposit account, and the refund will pay off the loan and all authorized fees.
If you want a loan for less than the full amount of your Federal refund, the loan amount will be directly deposited in your account in 1 - 3 days. Excess refund amounts (IRS actual tax refund minus your loan) will be delivered to you in a subsequent disbursement. As shown in the table below, you have a choice of how much of your refund you want as a loan. You therefore have a choice of how much you pay in bank service fees. Take a little or take it all.
To be eligible for a RAL, you (and your spouse, if married) must be over 18 years old, and your total Federal tax refund must be at least $200.
All loan documents are contained in the tax program and must be read and electronically signed.
This year's fees and charges for Bank One's Refund Anticipation Loan are shown below (as well as in the tax program).
If you have any questions on any Bank One Tax Product, please use the email after logging into the tax program.
| Loan Amount Ranges | Account Setup | RAL Fees | Total Bank Fees |
|---|---|---|---|
| $200 - $499 | $28 | $6 | $34 |
| $500 - $999 | $28 | $26 | $54 |
| $1000 - $1499 | $28 | $41 | $69 |
| $1500 - $1999 | $28 | $51 | $79 |
| $2000 - $6000 | $28 | $76 | $104 |
Note 1: Add $10 if you direct both your Federal and State refunds to your Bank One Refund Deposit Account.
Note 2: There is a one time transmission/software charge of $2.00
Note 3: 1040mytaxes.com does not receive any money for this transaction. It is only offered as a convenience
