Redneck Posted October 23, 2007 Report Share Posted October 23, 2007 Just saw an indication on the HRB board that military personnel will not be allowed to get RAL's in the upcoming tax season. Talked to an HRB preparer and she said that she had also heard that, and she thought it was something put out by the military, rather than by HRB. Haven't seen anything solid on it yet, but thought I'd pass it along for those who might be affected. Quote Link to comment Share on other sites More sharing options...
GeneInAlabama Posted October 23, 2007 Report Share Posted October 23, 2007 I'm glad to see that our men and women in the military are being protected from the sharks. They have enough problems without worrying about what their own people are doing to them. Gene P.S. Sorry if I seem to be a little cynical this morning. Quote Link to comment Share on other sites More sharing options...
jainen Posted October 23, 2007 Report Share Posted October 23, 2007 >>our men and women in the military are being protected from the sharks.... I seem to be a little cynical this morning.<< That's not what I call cynical. Cynical is saying the sharks are being protected from the military. Banks have a lot of problem recovering money from military whose refund is denied or redirected--collection activities are controlled, and it's generally bad PR. So they are going to stay out of that market. Quote Link to comment Share on other sites More sharing options...
taxxcpa Posted October 23, 2007 Report Share Posted October 23, 2007 >. Banks have a lot of problem recovering money from military whose refund is denied or redirected--collection activities are controlled, and it's generally bad PR. So they are going to stay out of that market. It looks like there is more sympathy for the banks than for the poor grunts who they want to fleece with usurious RAL fees. I can remember how we were gouged at every opportunity when I was in the service. Quote Link to comment Share on other sites More sharing options...
Jake Posted October 23, 2007 Report Share Posted October 23, 2007 I read an article the other day that stated that interest and fees on loans charged to members of the Millitary could not exceed 30% per annum. The slant in this paticular article was that these new rules were putting the pay check advance type lenders around Millitary Bases out of business. I suspect that the fees on most RAL's exceed 30% annually. Quote Link to comment Share on other sites More sharing options...
Redneck Posted October 23, 2007 Author Report Share Posted October 23, 2007 I read an article the other day that stated that interest and fees on loans charged to members of the Millitary could not exceed 30% per annum. The slant in this paticular article was that these new rules were putting the pay check advance type lenders around Millitary Bases out of business. I suspect that the fees on most RAL's exceed 30% annually. http://www.responsiblelending.org/policy/c...itemID=29895875 Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted October 24, 2007 Report Share Posted October 24, 2007 I read an article the other day that stated that interest and fees on loans charged to members of the Millitary could not exceed 30% per annum. The slant in this paticular article was that these new rules were putting the pay check advance type lenders around Millitary Bases out of business. I suspect that the fees on most RAL's exceed 30% annually. Right, HRB does not want to put out another product for the military that meets the new lending rate requirements, so they are just not going to offer bank products to the military. I hope this leads to massive protests and lawsuits, causing the whole RAL industry to implode. Disclosure - I offer the damn things because I have to be able to compete, but I don't push them. I really wish we did not have RALs at all. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
jainen Posted October 24, 2007 Report Share Posted October 24, 2007 >>I have to be able to compete<< Nonsense. You CHOOSE to compete with that product. There are plenty of practitioners in your area who are quite successful without it. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted October 24, 2007 Report Share Posted October 24, 2007 >>I have to be able to compete<< Nonsense. You CHOOSE to compete with that product. There are plenty of practitioners in your area who are quite successful without it. And when I have a big enough client base, I will drop them. But for now, I MUST be a full-service (even if that is bank products) office. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
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