Walmart Wants To Give You Your Tax Refund In Cash
Walmart announced this week that it wants to give customers the opportunity to pick up their tax refund in cash at select Walmart stores across the country. Yes, you read that right! Cash tax refunds are now a reality.
Walmart has had in-store tax prep in their stores for the past 10 years, but this initiative to offer cash tax refunds is the first of its kind for any major retailer. It’s called Direct2Cash, and its being hailed by many as a much needed alternative for the 10 million U.S. households who do not use banks. This option allows these households to avoid high check cashing fees that exist for those without a bank account. Last year, 25 million people received their refunds through paper checks according to numbers reported by USA Today.
“We know tax refunds can be one of the largest financial payouts of the year for many of our customers, and the last thing they want is to wait for their refund check to arrive and then spend money on unnecessary fees – in many cases upwards of $70 – to cash it,” said Daniel Eckert, senior vice president of services for Walmart U.S. “By skipping the check and choosing this new service, customers will not only save time, but also keep some extra cash in their pockets – two things Americans can always use more of.”
There’s a few specific rules that must be followed in order to take advantage of this. Customers have to get their taxes filed by tax-preparer in their network or in-store. Walmart has partnered with 25,000 tax preparers in 50 states. Tax preparers connected with the program will have an option to select for in-person pick up from a local Walmart. The filer has to attend an in-person appointment to qualify. The offer is not available to those who file themselves or file electronically. Once the refund is ready, the filer will receive a confirmation code by email and can go to a Walmart MoneyCenter to pick up their cash refund. Filers will, of course, be required to confirm their identity.
Walmart is not charging for the service but tax filers can charge up to $7 for assistance with filing. The time for processing is expected to take one week, the same amount of time it usually takes to receive a refund when filing electronically. Walmart is able to process refunds up to $7,500.