Overview of Bank Products

When you file your clients' federal individual returns electronically, those clients may be eligible to receive proceeds based on their expected federal refunds in the form of bank products such as Refund Anticipation Loans (RALs), Refund Transfers (RTs), and Refund Transfer Direct Deposits (RTDDs). In addition, your fees can be deducted from the client's refund and deposited into your bank account electronically.

As a general rule, a client is eligible for a bank product if:

The client is due a federal refund, and
You're filing the client's federal return electronically

ProSeries Basic Edition bank products software through Santa Barbara Bank & Trust is included with ProSeries Basic Edition and integrates with ProSeries Basic Edition electronic filing software. However, you can offer bank products through First Security Bank or Republic Bank instead of Santa Barbara Bank & Trust.

Tip:	For more information about offering bank products through Santa Barbara Bank & Trust, First Security Bank or Republic Bank, go to http://www.proseries.com, then navigate to the bank products area.

Note the following:

If you're accepted by Santa Barbara Bank & Trust, your clients' RAL and RT applications are sent to Santa Barbara Bank & Trust when you electronically file their returns with the IRS.
If you're accepted by First Security Bank, you use the software you receive from First Security Bank to send your clients' RAL and RT applications to First Security Bank when the IRS accepts the clients' electronically-filed returns.
If you're accepted by Republic Bank, you use the software you receive from Republic Bank to send your clients' RAL and RT applications to Republic Bank when the IRS accepts the clients' electronically-filed returns.

Important:

You can offer bank products through only one bank for the 2004 tax year.

The following table shows the names and acronyms that each bank uses for bank products.

Bank	Refund Anticipation Loan	Refund Transfer Check	Refund Transfer Direct Deposit
Santa Barbara Bank & Trust	RAL	RT	RTDD
First Security Bank	RAL	Qik Check	Qik Deposit
Republic Bank	RAL	Electronic Refund Check (ERC)	Electronic Refund Deposit (ERD)

The following table summarizes the basic steps for offering bank products to your clients through Santa Barbara Bank & Trust:

To take this step	Do this
1. Apply to Santa Barbara Bank & Trust to participate in their bank products program.	Go to http://www.proseries.com, navigate to the bank products area, then apply to Santa Barbara Bank & Trust.
2. Set the ProSeries Basic Edition Bank Products options.	a. Go to the Tools menu, select Options, then select Bank Products. b. Select the Bank Products options that you want. c. Click Registration Information, then enter the requested information in the Bank Products Registration Information dialog box.
3. Transmit your registration information to Santa Barbara Bank & Trust (any time after 12:00 a.m. PST on 12/01/04).	a. Click the HomeBase View Bank Products tab. b. Go to the E-File menu, point to Bank Products, then select Transmit Registration Information.
4. Check for the registration acceptance status from Santa Barbara Bank & Trust.	a. Click the HomeBase View Bank Products tab. b. Go to the E-File menu, select Bank Products, then select Receive Authorization/Status Information.
5. Prepare the client's federal return for a bank product.	a. Prepare the client's federal and state return(s). b. Prepare the client's federal return and state return(s), if applicable, for electronic filing. c. Complete the Bank Product Information Worksheet in the client's federal return. d. Review the client's return(s) and make sure the return(s) successfully pass Final Review. e. Print the Refund Anticipation Loan (RAL) and Refund Transfer (RT) Application and Agreement form from the client's federal return, and have the taxpayer(s) sign it.
6. File the client's return(s) electronically.	a. Click the HomeBase View EF Clients tab and select the client's return(s). b. Go to the E-File menu, select Electronic Filing, then select Convert/Transmit Returns and Extensions.
7. Receive bank product print authorizations and status messages.	a. Click the HomeBase View Bank Products tab. b. Go to the E-File menu, select Bank Products, then select Receive Authorization/Status Information.
8. Print the client's Refund Anticipation Loan or Refund Transfer check. (This step isn't applicable for Refund Transfer Direct Deposits.)	a. If "Ready to Print" appears in the Status column of the HomeBase Bank Products view, select the client. b. Go to the E-File menu, select Bank Products, then select Print Checks... c. Deliver the check to the client.
9. If there's a problem with a check, resolve the problem.	a. Click the HomeBase View Bank Products tab and select the client whose check is affected. b. Go to the E-File menu, select Bank Products, then select Resolve Check Problems...
10. View or print Bank Products reports.	a. Click the HomeBase View Bank Products tab and select the client returns that you want to include in the report. b. Go to the E-File menu, select Bank Products, then select Reports.

Important:

Note the following about RAL and RT check amounts.

RAL check amounts. Refund Anticipation Loans are limited to $5,000.
RT check amounts. There's a limit of $5,500 per Refund Transfer check.

For additional details about bank products, use the Search Help feature on the Help toolbar.

Electronic Filing

Electronic Filing

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