The retail superstore, Walmart, has a newly unveiled plan that will allow the American public to collect their tax refunds with relative ease and convenience. The program is called Direct2Cash, and it will provide people with the opportunity to pick up their state and federal tax refunds in cash at Walmart stores throughout the nation.
For those wishing to utilize Direct2Cash, there are some important details to keep in mind. According to Walmart officials, it is a unique program that is the first of its kind in the retail sector. In order to access Direct2Cash, customers must opt to get their taxes done by a participating tax preparer, some of whom are accessible at Walmart stores. Although Walmart will not charge a fee for the service, participating tax preparers may charge up to $7 for the service. The service will not be available at this time to those who e-file their taxes, or to those who file their own taxes.
Direct2Cash will be a welcome convenience to the ‘unbanked” sector of the American public, an estimated 10 million households who do not use banks, and who find it difficult to receive tax refunds via traditional methods of a check or by direct deposit to a bank account. Because the majority of unbanked Americans are within the lower income brackets, they are more prone to utilizing expensive check-cashing services, or to borrowing money via high interest loans granted against expected money refunds. People in such situations will tend to benefit from Direct2Cash, and Walmart is being praised by some community professionals for making such a service available to them.
Walmart stands to benefit significantly from Direct2Cash as well, which may enhance their customer base and provide a needed boost to counteract sluggish sales reports in recent years. The concept of a convenient tax refund service fits Walmart’s mission to provide one-stop-shopping for meeting the needs of the American consumer. If shoppers can purchase their household goods, get their hair done, see a health care professional, file their taxes, and obtain their refund all in one place, they may be more likely to shop at that establishment on a regular basis. It also will mean that shoppers walking Walmart store aisles will potentially have more money in their pockets to spend.
As Direct2Cash is unveiled in time for the 2015 tax season, Walmart officials are hopeful that it will be a service that is mutually beneficial to both the American public and to sales in their stores throughout the nation.
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