Mastercard Working with Liberty Tax to Provide Access to Economic Impact Payments and Tax Return Funds

Rhea-AI Summary

Mastercard collaborates with Liberty Tax to deliver Economic Impact Payments (EIP) via prepaid cards, enhancing access for eligible Americans. New customers can benefit from a 30% discount on tax prep fees, plus a $15 bonus and credit when using the Netspend Liberty Tax Prepaid Mastercard. This initiative aims to aid those who have not received EIPs due to unfiled tax returns. Liberty Tax emphasizes its commitment to helping customers during the pandemic, while Mastercard provides a broader access to financial services through prepaid card options.

Positive

• Partnership with Liberty Tax enhances equitable access to Economic Impact Payments.
• Eligible customers receive financial incentives such as discounts and bonuses when using the prepaid card.
• Prepaid Mastercard facilitates quicker access to funds without the need for bank accounts.

Negative

• None.

As Americans in need begin receiving Economic Impact Payments (EIP) via the U.S. Department of Treasury and Internal Revenue Service (IRS), Mastercard is working with Liberty Tax to offer direct stimulus payments and tax return funds through prepaid cardholder accounts, in turn improving equitable access to those who need it most. Qualifying new Liberty Tax customers will receive 30% off tax prep fees, a $15 bonus, and an additional $15 credit when selecting the Netspend® Liberty Tax® Prepaid Mastercard® for the disbursement of tax proceeds ¹.

“Millions of Americans have been excluded from Economic Impact Payments because they have either not filed a tax return or shared their payment information with the government,” said Linda Kirkpatrick, president of North America at Mastercard. “We are highly focused on bringing more people into the digital economy, and this offer is reflective of our commitment. Together with Liberty Tax, we are using this prepaid option to help those who need it the most.”

How It Works:

• Make a tax appointment at www.libertytax.com.
• Check the status of your government stimulus payment: www.irs.gov/coronavirus/get-my-payment.
• File your 2020 tax return with Liberty Tax. If you have not received prior stimulus checks, you may also need to file previous year returns.
• Get your card and receive your funds. Once you have completed tax preparation, elect to have tax return proceeds disbursed to a new Netspend® Liberty Tax® Prepaid Mastercard®. Once you have activated your card, the applicable credit will be applied to your account within 10 business days.

“As we have walked together through this global pandemic, Liberty Tax has remained dedicated to serving our customers. With each EIP, we worked with the IRS to ensure our customers received the money promised to them and this is another example of our efforts,” said Brent Turner, CEO of Liberty Tax. “We’re proud to work with Mastercard to get Americans the assistance they deserve and encourage anyone who has not yet received their payments to come into one of our offices to see how we can help.”

In addition to Liberty Tax, Mastercard is working with partners to potentially enable the delivery of Economic Impact Payments to millions of Americans who hold reloadable prepaid cards. Prepaid cards offer an array of benefits extending far beyond providing more equitable access to EIP. These cards can be used for everyday needs and are especially beneficial amid the pandemic as they enable people to shop online or, in many cases, provide them with a contactless option for in-person purchases.

All Mastercard prepaid cards include Mastercard ID Theft Protection^™ powered by Generali Global Assistance, providing detection and protection against identity theft, including monitoring, alerts, and expert resolution. Once an account is set up, individuals can also arrange to use their Mastercard prepaid card to receive direct deposits from their employer and for future EIP payments and tax refunds.

Individuals who choose to prepare their own tax returns can direct the IRS to deposit their refund and EIP to their existing reloadable prepaid card. Using a Mastercard prepaid card also provides an added level of convenience, with the funds available faster and no need to go through the hassle of cashing a check. For those who do not have bank accounts and rely on check cashing services, this also means more money in their pocket. For more information, visit www.mastercard.com/stimulus.

About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

www.mastercard.com

About Liberty Tax Service

Founded in 1997, Liberty Tax is a nationwide tax return preparation firm. In the U.S. and Canada last year, Liberty Tax prepared approximately one million individual income tax returns in more than 2,500 offices and online. Liberty Tax's online services are available through Liberty Online and are backed by the tax professionals at Liberty Tax locations and its nationwide network of seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor to many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.

The Netspend® Liberty Tax® Prepaid Mastercard® is issued by Republic Bank & Trust Company, Member FDIC, pursuant to a license by Mastercard. International Incorporated. Netspend, a Global Payments Company, is a registered agent of Republic Bank & Trust Company. Certain products and services may be licensed under U.S. Patent Nos. 6,000,608 and 6,189,787. Use of the Card Account is subject to activation, ID verification and funds availability. Transaction fees, terms, and conditions apply to the use and reloading of the Card Account. See the Cardholder Agreement for details.

Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Card may be used everywhere Debit Mastercard is accepted.

¹ Offer valid 3/15/2021 - 4/15/2021. See www.libertytax.com/stimulus_3030/ for complete terms and conditions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210317005240/en/

FAQ

What is Mastercard's partnership with Liberty Tax about?

Mastercard partnered with Liberty Tax to provide Economic Impact Payments through prepaid cards, improving financial access for eligible individuals.

What benefits do new Liberty Tax customers receive with Mastercard?

New customers can receive a 30% discount on tax preparation fees, a $15 bonus, and an additional $15 credit when selecting the prepaid card for disbursement.

How does the Netspend Liberty Tax Prepaid Mastercard work?

Customers can receive their tax return funds and Economic Impact Payments on the prepaid card, enabling quicker access to funds and contactless transactions.

What is the goal of the Mastercard and Liberty Tax initiative?

The initiative aims to bring more Americans into the digital economy and assist those who may not have received Economic Impact Payments due to filing issues.

What is the significance of prepaid cards during the pandemic?

Prepaid cards provide a convenient option for consumers to shop online and make contactless purchases, especially beneficial for those without bank accounts.