Refund advance

Forum|Forum|6 years ago
January 22, 2020
27 replies
69 views

I was approved for a refund advance in the amount of $250 when I filed. I filled out the info for the card. I received a email today saying my taxes were accepted from turbo tax. But green dot sent a email saying advance was denied but my card is on the way?how do I check to see if I was approved or not?

Critter

Level 15

The email you got told you ... the ADVANCE was denied however the refund will still be put to the Debit Card once the IRS releases it.

After you file AND once the IRS has accepted your return for processing your APPLICATION FOR A LOAN must also be approved by the processing bank AND the debit card company. If you do not get approved all the way down the line the advance will not happen ... this info was explained in the disclosure forms you HAD to click on AND agree to in order to continue to file. Watch your email for any notifications of approval or denial.

▾ What happens after I prequalify?

Once you prequalify, you'll still need to file your taxes to submit your application for Refund Advance and Turbo® Visa® Debit Card.

Final approval for Refund Advance is subject to the following:

The IRS accepts your return before 12am PST on February 7, 2020.
You have no outstanding delinquent government debt or tax offset, including, but not limited to, past-due child support obligations, past-due student loans, tax liens, and any other payments owed to a federal or state agency.
You pass the lender's final evaluation.
You didn't change any info you entered when you were prequalified.
Possible review of third-party information.

If you change any info after prequalifying, you'll have to reapply for Refund Advance.

After you file your taxes, we’ll email you within 1 hour of IRS acceptance to let you know if you've been approved for Refund Advance.

This offer is available until February 7, 2020, or until available funds have been exhausted, whichever comes first. Availability subject to change without further notice.

arletmate322

Level 2

The fact is that it isnt applying for a line of credit, a loan or anything, Its literally a loan against your refund which they already Approve you based on guidelines of making sure your refund is enough to cover the loan and the other guidelines they set forth. It makes no sense for Green Dot to then Deny you as long as you have met the Criteria that TurboTax used to Approve you and once your refund is accepted by the IRS. Its messed up have someone thinking they are getting an advance just to turn around and deny them. and based on what? the fact that anyone agrees with this process is crazy. Green dot is the one who will be processing your refund and putting it on the card so they are fully able to take the loaned amount back before crediting the rest to your card so it really makes no sense to me why if approved they then can separately deny you SMH. such a let down

Critter

Level 15

@Critter

Thanks for spelling it out. Clearly some of us are very upset about the situation and not just being denied but the confusion surrounding it. Of course it is a loan and while I do understand that, it does not make the situation any less frustrating when the information provided is inaccurate and confusing - to clearly a lot of people.

In none of the fine print did it state that the denial letter would take 30 days. It did however dance around in large fonts through several pages how approval or denial will be provided within an hour of federal acceptance.

My issue is not with the denial or the fact it’s a loan or not a loan. It is frustrating to not know what caused you to be denied. Even more so that my denial came from Greendot before my federal refund had even been accepted. Meaning the information turbo presents (and all the fine print they throw at you) does not anywhere clearly detail the loan process. And that is why everyone on this forum and so many others are complaining.

If greendot rejected the loan application before the IRS accepted the return then they had other issues with your situation... one place does say you must be approved by them ...

FYI .... all the banks that make these "refund anticipation" loans talk to each other ... did you already take out a loan with another tax prep company using the info on the 2019 return? Do you have issues with other banks like being behind on payments? Until you get the rejection letter you will not know for sure what happened.