Volume of refunds peaks during February
It's tax time. And for many Americans, it's the biggest payday of the year.
Using data provided by the IRS and its own research conducted last tax season, Walmart (NYSE:WMT) today highlighted some of the more interesting facts about tax time and refunds:
- Nearly half of those who receive a refund get it in February, according to the latest available IRS data.
- Walmart research shows that customers consider their tax refund check to be "the biggest payday of the year" because it is so much larger than their usual paycheck.
- Tax refund checks are primarily used to pay bills, for savings and for buying necessities such as food and clothing, according to the Walmart research.
"We understand that tax time is a good time for our customers, who count on their refund checks and need them cashed right away," said Jane Thompson, president, Walmart Financial Services. "One-stop shopping at Walmart means you can cash your refund check at the Walmart everyday low price and use the savings to pay your bills, transfer money to friends or family and then save more money when you shop throughout our stores."
At Walmart, customers can cash their tax refund checks for $3 for checks up to $1,000 and $6 for checks up to $5,000. In addition, when customers cash their tax refund checks at Walmart, they can load their refunds onto a new Walmart MoneyCard* and the $3 issuance fee will be rebated to the customer's account.
Thompson said, "Our goal is transparency in pricing as much as possible. It helps people when they know the cost of financial products and services. We are working to make sure that happens for all our money services at Walmart."
Also this week, Walmart saw Jackson Hewitt Tax Service® kiosks open in more than 2,000 stores nationwide, offering customers tax preparation services for as low as $38.**
"It's the time of the year when people start thinking about taxes and the Jackson Hewitt commitment to delivering superior tax preparation services and customer value aligns very well with Walmart's commitment to saving people money to help them live better," says Philip H. Sanford, president and CEO, Jackson Hewitt Tax Service Inc., an industry-leading provider of full service individual federal and state income tax preparation. "Taxpayers can utilize both Jackson Hewitt's tax preparation services and Walmart money services without leaving a Walmart store."
Walmart is a leading provider of affordable money services that help customers manage their money and keep their finances on track. Products and services include:
Check Cashing – With Walmart check cashing, customers can conveniently cash payroll or government checks, including tax-refund checks, starting at $3.
Bill Payment – Walmart offers three-day, next-day and same-day bill payment delivery options, with prices starting at 88 cents.
Money Transfers – Customers can use MoneyGram® to send money to friends and family around the world in minutes, starting at $4.95.
Walmart MoneyCard – The Walmart MoneyCard is a reloadable, pre-paid Visa debit card in the U.S. American families underserved by traditional financial institutions can have many of the advantages of a checking account, including depositing their paychecks on a safe and secure card, checking their balances, paying bills and shopping anywhere Visa debit is accepted. The Walmart MoneyCard has no overdraft fees.
*The Walmart MoneyCard is issued by GE Money Bank, member FDIC, pursuant to a license from Visa U.S.A., Inc. Additional services provided by Green Dot Corporation.
** $38 fee for Federal form 1040EZ with up to two W-2s and Schedule M only. Additional fees for a more complex tax return or for financial products or other services. Valid at participating locations only. May not be combined with any other offer. Most offices are independently owned and operated.
Wal-Mart Stores, Inc. (NYSE: WMT), or "Walmart," serves customers and members more than 200 million times per week at more than 8,600 retail units under 55 different banners in 15 countries. With fiscal year 2010 sales of $405 billion, Walmart employs more than 2.0 million associates worldwide. A leader in sustainability, corporate philanthropy and employment opportunity, Walmart ranked first among retailers in Fortune Magazine's 2010 Most Admired Companies survey. Additional information about Walmart can be found by visiting www.walmartstores.com and on Twitter at http://twitter.com/Walmart. Online merchandise sales are available at www.walmart.com and www.samsclub.com.
About Jackson Hewitt Tax Service Inc.
Based in Parsippany, N.J., Jackson Hewitt Tax Service Inc. is an industry leading provider of full service individual federal and state income tax preparation, with franchised and company-owned office locations throughout the United States. Jackson Hewitt Tax Service® also offers an online tax preparation product at www.walmart.com/jacksonhewitt. For more information, or to locate the Jackson Hewitt® office in a nearby Walmart, visit www.walmart.com/jacksonhewitt or call 1-800-234-1040 . Jackson Hewitt can also be found on Facebook and Twitter.
CONTACT: Susan Morgenstern of Mitchell Communications Group, +1-479-301-8345 , for Walmart
Web Site: http://www.walmartstores.com