Walmart announced that instead of taxpayers opting forÂ check or direct deposit thisÂ tax refund season, theyÂ can choose to pickÂ up the cash at its stores, according to CNN Money. Customers will be pleased to know that the new service is free, but tax preparers may charge up toÂ seven dollarsÂ to arrange the payment.
“‘It’s always a good thing to have customers in our stores who have jingles in their wallets and their pockets,” said Daniel Eckert, senior vice president for services at Walmart.
The service was designed to benefit customers who don’t have a bank account. It can cost as much as $70 to cash a refund check without a bank account, so this option allows customers to save on excessive fees.
Walmart has an agreement with 25,000 taxpayers arranging for the in-store refunds. Customers can receive both federal and state refunds, but the service is not available to those who file their own taxes online. Once taxpayers choose the cash option, they will be assigned a confirmation code via email that they will be required to present in the store along with their identification.
The average refund for this year will be $2,900 and Walmart will honor the cash service for refunds up to $7,500. “‘Tax refunds can be one of the largest financial payouts of the year for many of our customers, and the last thing they want is to wait for their refund check to arrive and then spend money on unnecessary fees,'” says Eckert, as reported on CNN Money.