Jackson Hewitt Tax Service Inc. (fka JHTXQ)

[Doubledown22]

Awwww...well it looks like our friends at HRB got some REALLY BAD news on Monday.

http://www.bizjournals.com/kansascity/news/2010/10/18/hr-block-lawsuit-against-hsbc-may.html

Say goodbye to 100% of their RAL business since they HAVE ONLY 1 BANK that they get their RAL funding with...bummer.

JTX still has over 40% of it's frnachisees able to offer that as a product.

The bottom line is the RAL will prolly come back for all of the Major Tax preparers in time BUT THE APPROVAL RATE for the RAL will go from about 90% to about 15% courtesy of the removal of the debt indicator and other "helpful" items that the FDIC has placed on the RAL lending institutions.

At least this news wasn't dropped on them the day after Christmas like it got dealt to JTX last year. Still pissed off about that.

Thanks Uncle Sam for systematically chipping away and trying to destroy another industry. Remember, in whose best interest is it for the PEOPLE TO FILE THEIR OWN TAXES????? The majority of people that file their own leave off a lot of deductions and are not up to speed on all the tax "changes" that get jammed in when Congress meets again after the November election cycles. It happens every year. So regular Joe filing their own return on average get less money for their tax returns. See how that works now and why this industry is a target for FDIC and all the special lobby groups like ACORN who portray them as "evil" and "predatory"? IT MAKES THEM (US GOVT) MORE MONEY!!!!

Give me a break,

DD22
sorry HRB, I told you months ago that they would be coming for you next and to not be all warm and fuzzy because our RAL was being affected. It's all about PRICING and VALUE for the service provided to the customer now.