The Importance of Bank Accounts
Surprisingly, 22 million U.S. families don’t have bank accounts. Therefore, they pay high fees for alternative financial services, such as check cashing and payday loans.
When clients open an H&R Block Emerald Card account, they can begin directly depositing their paychecks and avoid check-cashing fees, a savings of more than $600 annually (based on an $18,000 annual salary and average check-cashing fees of 3%).
Taking a RAL on the Emerald Card is often the first step to establishing a banking relationship for many clients, and it opens the door to future healthy financial decisions.
Additionally, Emerald Card clients can take advantage of direct deposit of their tax refunds and receive money in 8 to 15 days, thus avoiding RALs in the future.
