(USATODAY) — Walmart will turn tax refunds into immediate green this year by offering cash refunds at all of its stores, the retailer said Tuesday.
Walmart is partnering with 25,000 tax preparation locations in all 50 states to give consumers the option to receive their tax refund as cash, and at a lower price than it can sometimes cost to get a paper check refund. Walmart won't charge customers to pick up their refunds, but tax preparers could charge up to a $7 fee to filers who opt for the service.
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The big box retailer is billing its latest financial foray as offering the convenience of direct deposit – cash refunds will be available in roughly the same amount of time it takes for a direct deposit to show up in a filer's account – while doing away with the hassle of cashing a check. The "Direct2Cash" program is meant to target the millions of consumers who still opt for check refunds, says Daniel Eckert, senior vice president of services for Walmart U.S. Last year, more than 25 million people received their refunds as paper checks, according to IRS data.