CyberloQ Technologies, Inc. announces its new initiative with marketing partner Pinnacle to provide direct deposit of tax refunds for clients without access to bank accounts, thereby expanding the market reach of both companies.
For the nearly 68 million people in the US without a checking account, prepaid cards such as the Pinnacle Visa Card offer the ease of card-based purchases without the hassles of dealing with a bank. As an expansion of its current offerings, Pinnacle now also provides clients the ability to quickly receive their tax refund, backed with the peace of mind that comes from CyberloQ’s security solutions.
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“As a tax preparer I want to provide clients – especially those with limited access to traditional banking options – all of the financial tools available,” stated Pinnacle President Holly Hollister-Smith. “In tandem with CyberloQ, we are pleased to offer the ability to receive tax refunds in what the IRS itself calls the ‘fastest, safest’ manner possible.”
According to the IRS, eight out of 10 taxpayers get their refunds through direct deposit. There are several advantages to this method, including:
· A faster refund, typically within eight to 10 days of filing
· More secure than getting a check in the mail (thousands of refund checks are returned to the IRS each year)
· Access to the refund is faster than waiting for a check to clear the bank
· For those without bank accounts, direct deposit avoids expensive check cashing fees
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“Many people opt to have their tax refunds directly deposited into a checking account or savings account. For those without a bank account, however, a prepaid debit card is a good alternative. While most prepaid cards offer direct deposit of government checks, some make it easier to set up than others. Our goal is to create as few barriers as possible for people to access the Pinnacle Card Network, to protect their assets (via CyberloQ) and to expand our U.S. operations,” stated Chris Jackson, President of CyberloQ.
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