Jackson Hewitt Tax Service Returns Refunds in Just Hours

Business Wire, Jan 15, 1996

VIRGINIA BEACH, Va.--(BUSINESS WIRE)--Jan. 15, 1996--A man walked into a Virginia Beach, Va. Jackson Hewitt location this morning at 9 a.m. and at 4:30 p.m., less than six hours later, he walked out with his refund check.

Jackson Hewitt's SuperFast Refund, its version of the Refund Anticipation Loan, will deliver approximately two to three more checks in the next few hours.

According to the Jackson Hewitt customer, John Ayers, "This is pretty quick. I really wasn't expecting it until Tuesday or Wednesday. This is the fastest refund I've ever received."

As tax season continues to progress, more and more taxpayers will be taking advantage of Jackson Hewitt's SuperFast Refund, which, if the customer qualifies, typically delivers refunds in two days or less. Jackson Hewitt, the nation's second largest tax service, opened a record number of 1,373 offices this tax season.

A SuperFast Refund is electronically filed with a request for a direct deposit of a refund. Jackson Hewitt's Home Office, located in Virginia Beach, then transmits its return to the lending bank once an acknowledgement is received from the IRS.

The bank checks the refund for duplicate primary and secondary social security numbers and opens an account in the customer's name and then advances the amount of the refund to the customer in the form of a refund anticipation loan. The bank transfers a file via modem containing a cashier's check to be printed. The file is sent to Jackson Hewitt's Home Office and then on to the local processing center where the check is printed, matched to the correct customer packet and returned.

Eleven to 17 days later, the IRS directly deposits the refund into the account, repaying the loan, and the bank closes the customer's account.

Although many Jackson Hewitt customers have taken advantage of this SuperFast Refund, loan requirements have become stricter. But if a customer does qualify, Jackson Hewitt's SuperFast Refund is proving to be the fastest, most accurate way to file.

Jackson Hewitt Tax Service is the nation's second largest tax preparation company, with over 1,373 offices across the country. Offering free tax advice and free checking of tax returns at each location, the tax service specializes in computerized tax preparation and electronic filing.

CONTACT: Jackson Hewitt Tax Service, Virginia Beach

Martha O'Gorman, 804/473-3300