Why would the bank not approve my refund loan and what happens if they dont?
The criteria that the bank uses to approve or not approve a refund anticipation loan is not provided to Total Tax Service or any other tax preparation company. However, last filing season our refund anticipation loan applicants had a 96% approval rate. If the bank does not approve your refund loan, they will issue a check to you for the amount that they receive from the IRS, minus fees. This generally takes around 8-21 days. All the fees described above will still apply except for the one percent loan fee described above. If you owe any back taxes (Federal or state), back child support, have a student loan in default, or owe any other type of obligation for which your tax refund would be snagged, you shouldnt apply for a refund anticipation loan.