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Drake Software User’s ManualAbout Bank Productspayments. Check the taxpayer’s ID to verify identity before offering bank-product services.Table 8-2: Available Bank Products in Drake, Tax Year 2008Bank Instant RALs RALs Non-Loan ProductsChase First Advance RAL RAL Bonu$Republic Now RAL RAL, RCR(Reduced Cost RAL)ERC (Electronic Refund Check),ERD (Electronic Refund Deposit)RCB Real-Time Loan RAL, Super RAL ERC, RET (Refund ElectronicTransfer) Direct DepositSBBT RAL Advance RAL RT (Refund Transfer)For specific details regarding each bank product, go to the Drake Support site(Support.DrakeSoftware.com) and select Partner Programs > Bank Partners.IMPORTANTA bank-product option cannot be changed once the IRS hasacknowledged the return.IRALsTo qualify for an Instant RAL, or IRAL, a taxpayer must have a W-2. An IRAL allowstaxpayers to immediately receive a portion of their expected federal refunds. The loanis approved or denied on the spot so the taxpayer can receive a check within momentsof applying. If the bank accepts the loan application, the return is sent directly to theIRS. If the application is denied, the taxpayer has the opportunity to select a differentbank product.RALs To qualify for a RAL, a taxpayer must have an income source other than Schedule C.The RAL amount is based on the taxpayer’s anticipated federal tax refund. A RALallows the taxpayer to receive the amount of a refund within a matter of days (within48 hours in many cases). If the taxpayer’s RAL application is denied, the bank “flips”the RAL to a non-loan product (see Table 2).RAL–eligible refund amounts vary by bank and can range up to $9,999.99. The loanamount is paid in full when the IRS deposits the actual refund directly into the bank.The bank could withhold preparer fees through this loan process. A preparer can printthe RAL check once the loan is approved. Preparer fees are deposited into the preparer’saccount within days after the check is printed.Non-LoanProductsNon-loan bank products allow taxpayers without bank accounts, or who are deniedRALs, to way to receive a refund check (minus all applicable fees) from the preparer’soffice rather than waiting for IRS refund.IMPORTANTThe taxpayer must understand that a non-loan bank product is nota loan. The check reflects the actual refund, with bank and preparerfees deducted.Tax Year 2008 205