Liberty Tax launches banking as a service with “DEEPBLUE™ Debit”

Leading tax preparer expands personal and small business financial services offering

HURST, TX, February 1, 2022 /PRNewswire/ — Liberty Taxone of North America leaders in tax preparation, today announced the commercial launch of its DEEPBLUE™ Flow (DEEPBLUE) Banking-as-a-Service mobile app without credit check1 or minimum balance requirements. The DEEPBLUE solution received very positive feedback from the first customers.

Advantages of DEEPBLUE debit:

  • Bank account with MasterCard® brand debit card offered by Republic Bank & Trust Company, Member FDIC.

  • Improved account security: ability to easily suspend/restrict card activity

  • Direct deposit of tax refunds, payroll or benefit payments up to two days faster2.

  • Account-to-account transfers

  • Mobile check capture3

  • Payback rewards program4

  • High Yield Savings Account Option5

  • Overdraft protection option6

  • budgeting tool

  • Other value-added features in development

Please visit our website for more information about DEEPBLUE and to open an account with one of our affiliates.

Brent TurnerCEO of Liberty Tax, said, “We are proud to offer our clients this exciting new suite of solutions to enhance their financial stability and growth, complementing our growing base of services. We expect significant synergies by bringing the convenience and power of DEEPBLUE to build on the value we deliver to our more than 1.6 million Liberty Tax clients.

“Our investment in this new technology, designed from the ground up to deliver a seamless and satisfying customer experience, is another step in our strategy to create a comprehensive set of complementary financial services solutions for our customers. We believe our customers will appreciate the value and efficiency of managing a growing range of their financial services needs, all from the convenience of a mobile app.We are honored by the trust and faith our customers place in our organization so that we help take care of their personal finances and keep them secure, and we are deeply committed to helping them reach the next point of their financial goals.”

About Liberty Tax

Liberty Taxa portfolio company of NextPoint Financial Inc. (TSX: NPF.U and OTC Pink: NACQF), is a tax preparation service with more than 2,700 locations and serves approximately 1.6 million consumers and small businesses in United States and Canada. Founded in 1997, Liberty Tax is one of the nation’s leading tax preparation companies, with franchise locations in all major metropolitan areas of the United States and Canada. For a more in-depth look, visit Liberty Tax Service and on Facebook.

1.

IMPORTANT INFORMATION FOR OPENING A NEW DEPOSIT ACCOUNT: To assist the federal government in combating the financing of terrorism and money laundering activities, the USA PATRIOT Act requires us to obtain, verify, and record information that identify each person who opens an account. WHAT IT MEANS FOR YOU: When you open an account, we will ask for your name, address, date of birth and government identification number. We may also ask to see a copy of your driver’s license or other documents at any time. All accounts are opened subject to our ability to verify your identity by requiring acceptable types of identification. We may validate the information you provide to us to ensure that we have a reasonable belief in your identity. If we are unable to verify your identity to our satisfaction, we will not open your account or we may close the account if it has already been funded. Your account is subject to fraud prevention restrictions at all times, with or without notice.

2.

The request for faster funding is based on a comparison of Republic Bank & Trust Company’s policy of making funds available upon receipt of payment instructions versus the typical banking practice of releasing funds upon settlement. Fraud prevention restrictions may delay the availability of funds with or without notice. Prompt availability of funds requires direct deposit payer support and is subject to the time of the payer’s payment instruction.

3.

Mobile Check Capture is a service provided by Sunrise Banks, NA and Ingo Money, Inc., and subject to Sunrise Banks and Ingo Money’s Terms and Conditions and Privacy Policy. Approval review usually takes 3-5 minutes, but can take up to an hour. All checks are subject to funding approval at the sole discretion of Ingo Money. Fees apply to approved Money in Minutes transactions funded to your account. Unapproved checks will not be credited to your account. Ingo Money reserves the right to recover losses resulting from illegal or fraudulent use of the Ingo Money Service. Your mobile operator may charge fees for message and data usage. Additional transaction fees, costs, terms and conditions may be associated with funding and using your account. See your deposit account agreement for details.

4.

Payback Rewards is an optional program. You can opt out at any time by visiting the Payback Rewards page in your online account center. Rewards offers are based on individual shopping habits. Cash Back Rewards are generally credited to your Card Account within 60 days and are not available in the form of a check or other direct payment method. See the Program FAQs and Terms and Conditions in your online Account Center for details on how and when you are rewarded. Program Sponsor: Netspend Corporation. Republic Bank & Trust Company, Visa and Mastercard are in no way affiliated with this program and do not endorse or sponsor this program.

5.

The savings account linked to your DEEPBLUE™ debit account is made available to account holders through Republic Bank & Trust Company, Member FDIC. Interest is calculated on the average daily balance(s) in the savings account and is paid quarterly. If the average daily balance is $2,000.00 or less, the interest rate paid on the entire balance will be 5.87% with an annual percentage yield (APY) of 6.00%. If the average daily balance is greater than $2,000.00, the interest rate paid on the portion of the average daily balance that exceeds $2,000.00 will be 0.49% with an APY of 0.50%, and interest paid on the portion of the average daily balance that is $2,000.00 or less will be 5.87%. The APY for this level will vary from 6.00% to 0.60%, depending on the account balance. Interest rates and APY of each level are subject to change. APYs were accurate at 1-1-22. No minimum balance to open a Savings Account or earn the return(s). Funds from the Savings Account are withdrawn via the DEEPBLUE™ Debit Account (maximum 6 such transfers per calendar month) and transaction fees may reduce interest earned on the Savings Account. Any funds you hold on deposit with Republic Bank & Trust Company will be pooled up to the coverage limit, currently $250,000.00, and insured by the FDIC.

6.

The Debit Card Overdraft Service is an optional service made available to eligible DEEPBLUE Debit customers by Republic Bank & Trust Company, Member FDIC. Once you register and meet the eligibility requirements, you will be charged $20.00 for each transaction that exceeds your account by more than $10.00, up to a maximum of five (5) charges per calendar month. To avoid this charge, you have twenty-four (24) hours from the first transaction that creates the overdraft to return your account to zero ($0.00) or a positive balance. Transactions subject to overdraft fees are one-time purchase transactions based on PIN and signature and ATM withdrawals. Other transactions, including ACH debit transactions, are not eligible for coverage. Any negative balance must be refunded within thirty (30) days. Whether we allow an overdraft is discretionary, and we reserve the right not to pay. For example, we generally will not pay overdrafts if you do not meet the eligibility requirements for this service or if you attempt too many transactions or transactions that create too large an overdraft. Call us at 833-954-1605 or log in to your online account center for additional terms and conditions that apply, including initial and ongoing eligibility requirements for service. This service is expensive, so we encourage you to research alternatives before signing up.. Once registered, you can unsubscribe at any time; however, you are responsible for repaying any amount overdrawn on your account even if you unsubscribe from the service.

The DEEPBLUE™ Debit Account is a deposit account offered by Republic Bank & Trust Company, Member FDIC. Netspend is a service provider of Republic Bank & Trust Company. Certain products and services may be licensed under US Patent Nos. 6,000,608 and 6,189,787. Fees, terms and conditions apply

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SOURCE Liberty Tax

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