Bloomberg news:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aC5aD_5diAck
Press release issued by Pacific Capital Bancorp (parent of
SBBT):
http://www.sec.gov/Archives/edgar/data/357264/000115752309008742/a6127026ex99_1.htm
Form 8-K filed by Jackson Hewitt:
http://www.sec.gov/Archives/edgar/data/1283552/000119312509259772/d8k.htm
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Interesting story, especially given the generally dim view of RAL's
taken here and elsewhere.
I saw this today (12/26) from a site purporting to belong to Pacific
Capital Bank https://cisc.sbbtral.com/ (the SSL server certificate seems
to check out OK):
"December 26, 2009
"To all transmitters and tax preparers,
"As you may have seen in recent public announcements, Pacific Capital
Bank (�PCB�) has entered into a letter of intent to sell the E-Filing
Financial Service Division of Santa Barbara Bank & Trust (the �Tax
Division�). [...] We anticipate no interruption in service and will
continue to maintain a competitive program. Updates will be released and
posted here at this website as information becomes available. [...]"
I know both Intuit and H&R Block (the two largest commercial tax prep
firms in US) have partner banks they work with for various RAL and
prepaid debit card products, and the quote above references
Jackson-Hewitt. Is there a list anywhere of the big players (banks) in
either the RAC (refund loan) or prepaid debit card (refund direct
deposit) industry?
-Mark Bole
http://seekingalpha.com/article/170806-h-r-block-stars-are-aligning
Disclaimer: I bought 100 shares of HRB after reading the article