Is anybody having problems with SSBT rejecting refunds ? I have had about 50% of mine rejected this year with people that have had RAL's year after year with SSBT. Most have been rejected because of a high amount of EIC, (last year the same people had about the same amount of EIC) why would that make a difference, I would like to hear from anyone else having the same problem.. Thanks
I've had one rejected for large EIC/small FITW. Same thing. She was a year-after-year client. I guess the bank is just very skittish this year about this type of return. About the only thing I can do is to explain thoroughly to the client that she is applying for a loan and the bank can say no for just about any reason. The client that was turned down was ok with the loan denial because I had clearly cautioned her up front.
The "no RALs for military" has actually cost me 2 clients so far. (I'm in a city with military bases.) I had to send them to H&R Block which is handling RALs for active duty military.
A law was passed formally known as The John Warner National Defense Authorization Act for Fiscal year 2007.
Law basically states that RAL's cannot be given to military personnel on activity duty or active status.
So H & R Block cannot give them RAL's either.
I don't know the particulars, but H&R Block has some kind of special deal or discount for military members that allows Block to keep the APR under the legal cap. The law doesn't say you can't provide RALs to servicemembers. It just says the APR has to be beneath a certain percentage. SBB&T decided that it would not offer RALs at or below that APR, but Block has found a way to do it.
I was denied this year January 19th 2009. I have been receiving refunds from them for years. Last year, my refund was 6,000 and this year its 4000. They denied me. I wrote them a very nasty letter. No one responed of course. I informed them that I am glad and thankful that they denied my loan, that way I won't have to lose $160. So from now and on, when I do my taxes I'll be sure not to use RAL, ever again.
my ral was also denied on 1/19/09. i have used sbbt for 6 years now, and i usually receive over 5000 and this year was the same and i got denied. have you received any part of it? i have not.
I also had a couple of returns that got rejected and the person has used SBBT for years. I think it is the EIC but it shouldn't matter if that person has been getting funded the rest of the time but I guess they are being cautious.
I have used Proseries for a couple of years until I notice that the price was going up more and more. I really did love the software though but I think it had cut out the up front instant loans though so I would have changed anyway. 11/10/2009
