We recognize that you may need your refund fast, and we don't want you to [over]pay for that.
Our Express Refund Loan and Savings program is our alternative to the pricey refund anticipation loans (RALs) offered by paid preparers. We understand that there are reasons you need your cash refund fast, and we don't want that to cost you the price of your refund.
With the loan, eligible taxpayers will receive their federal refund in 1 - 2 business days.
We
partner with banks and credit unions to offer the Express Refund Loan
and free accompanying savings account, regardless of your history.
Express Refund Loans are directly deposited into savings accounts.
List of what you need to open a savings account.
Find a tax clinic that has the Express Refund Loans and Savings program.
Frequently Asked Questions
Am I eligible for the Express Refund Loan and Savings program?
Almost anyone is eligible for our Express Refund Loan and Savings program — as long as have a Social Security number and you agree to open a savings account with one of our partner credit unions or banks. You are not eligible if a portion of your refund will be garnished to repay debt (IRS or other) or if you have been previously disallowed from claiming the Earned Income Tax Credit (EITC).
What if I got an Express Refund Loan last year and I already have a savings account?
If you have a savings account that is still open, then you must use that account to receive the Express Refund Loan. If you closed your bank or credit union account, then you must open a new account.
Is a credit check required to open a savings account?
Savings accounts will be opened regardless of your credit history. However, a credit check will be run once you visit the bank or credit union to “officially” open your new savings account. The purpose of the credit check is to see what other services you might qualify for (i.e. checking account, debit card).
What if I owe money to another bank? Will my refund be garnished if I direct deposit to a new account?
When you file your taxes with AccountAbility Minnesota, you will not be required to use your refund to pay off past debt to a bank or credit union.
How long will it take to receive my refunds using electronic direct deposit?
Generally, it takes 4-5 days for the state refund and 9-15 days for the federal refund to be deposited into your account. Electronic direct deposit is a fast and free option available to anyone filing a tax return that has a checking or savings account.
Can I get an Express Refund Loan if I have been previously disallowed from claiming the Earned Income Tax Credit (EITC)?
Although a previous disallowance doesn’t necessarily mean that your EITC will be denied or reduced again this year, your eligibility to claim the credit is highly scrutinized by the IRS. Even if you are eligible for the EITC in 2010, the approval process takes months. Therefore, we cannot offer you an Express Refund Loan due to the uncertainty of when the IRS will give you your refund.
Can I still obtain an Express Refund Loan if I owe the IRS?
If you have IRS debt we cannot offer you an Express Refund Loan. Neither AccountAbility Minnesota nor our financial institution partners have any way of knowing exactly how much money will be deducted from your anticipated refund, so we cannot offer a loan. You can, however, open a new savings account and your refund (whatever remains after garnishment) will be direct deposited.
Can I use an Express Refund Loan for a property tax refund?
No. You cannot receive an Express Refund Loan for the property tax refund (rent paid). We cannot verify with the MN Department of Revenue (MNDOR) whether or not you have any state debt. You can, however, directly deposit your refund into your bank account.
Can I use an Express Refund Loan for Minnesota (state) return?
No. You cannot receive an Express Refund Loan for a state refund. We cannot verify with the MN Department of Revenue (MNDOR) if there is any state debt. You can, however, directly deposit your refund into your new savings account.
Can I use an Express Refund Loan for a previous year Federal return?
No. You cannot receive an Express Refund Loan for a previous year (anything prior to 2009). These returns must be submitted by paper – we cannot e-file and subsequently verify with the IRS whether or not you have any debt. You can, however, directly deposit your refund into your new savings account.
