Liberty Tax Launches Banking as a Service with "DEEPBLUE™ Debit"

Rhea-AI Summary

Liberty Tax announced the launch of its Banking-as-a-Service mobile app, DEEPBLUE™ Debit, on February 1, 2022. Designed with no credit checks or minimum balance requirements, DEEPBLUE aims to enhance financial accessibility for its customers. Initial feedback has been positive, and the app offers various features including enhanced account security, fast tax refund direct deposits, account transfers, and a rewards program. CEO Brent Turner highlighted the app's role in empowering financial stability amidst a growing array of services.

Positive

• Positive initial customer response to DEEPBLUE™ Debit app.
• Offers features like direct deposit of tax refunds and account-to-account transfers, enhancing customer convenience.
• Integration of budgeting tools and potential value-added features indicates growth in service offerings.

Negative

• None.

HURST, Texas, Feb. 1, 2022 /PRNewswire/ -- Liberty Tax, one of North America's leading tax preparation companies, announced today the commercial launch of its DEEPBLUE™ Debit (DEEPBLUE) Banking-as-a-Service mobile app with no credit check¹ or minimum balance requirements. The DEEPBLUE solution has received very positive responses from initial customers.

DEEPBLUE Debit Benefits:

• Bank account with MasterCard® branded debit card offered by Republic Bank & Trust Company, Member FDIC.
• Enhanced Account Security: ability to easily pause/restrict card activity
• Direct deposit of Tax Refunds, Payroll or Benefit payments up to two days faster².
• Account-to-account transfers
• Mobile Check Capture³
• Payback Rewards Program⁴
• High Yield Savings Account Option⁵
• Overdraft Protection Option⁶
• Budgeting Tool
• Other Value-Added features in Development

Please visit our website for more information about DEEPBLUE and to open an account with any of our affiliates.

Brent Turner, CEO of Liberty Tax said, "We are proud to offer our customers this exciting new array of solutions to empower their financial stability and growth, complementing our growing base of services. We expect significant synergies in bringing the convenience and power of DEEPBLUE to build on the value we provide to our over 1.6 million Liberty Tax customers.

"Our investment in this new technology, built from the ground up to offer a seamless and satisfying customer experience, is another step in our strategy to build a comprehensive set of complementary financial services solutions for our customers. We believe our customers will appreciate the value and efficiency of managing a growing array of their financial services needs all from the convenience of a mobile application. We are humbled by the trust and faith our clients place in our organization as we help care for and secure their personal finances, and we are deeply committed to helping them reach the next point in their financial goals."

About Liberty Tax 

Liberty Tax, a portfolio company of NextPoint Financial Inc. (TSX: NPF.U & OTC Pink: NACQF), is a tax preparation service with more than 2,700 locations, and serves approximately 1.6 million consumer and small business clients in the United States and Canada. Established in 1997, Liberty Tax is one of the nation's leading tax preparation companies, with franchised locations in every major metro area throughout the U.S. and Canada. For a more in-depth look, visit Liberty Tax Service and on Facebook. 

1.	IMPORTANT INFORMATION FOR OPENING A NEW DEPOSIT ACCOUNT: To help the federal government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act requires us to obtain, verify, and record information that identifies each person who opens an Account. WHAT THIS MEANS FOR YOU: When you open an Account, we will ask for your name, address, date of birth, and your government ID number. We may also ask to see a copy of your driver's license or other documents at any time. All Accounts are opened subject to our ability to verify your identity by requiring acceptable types of identification. We may validate the information you provide us to ensure we have a reasonable belief of your identity. If we are not able to verify your identity to our satisfaction, we will not open your Account or we may close the Account if it was previously funded. Your Account is subject to fraud prevention restrictions at any time, with or without notice.
2.	Faster funding claim is based on a comparison of Republic Bank & Trust Company's policy of making funds available upon receipt of payment instruction versus the typical banking practice of posting funds at settlement. Fraud prevention restrictions may delay availability of funds with or without notice. Early availability of funds requires payer's support of direct deposit and is subject to the timing of payer's payment instruction.
3.	Mobile Check Capture is a service provided by Sunrise Banks, N.A. and Ingo Money, Inc., and subject to Sunrise Banks and Ingo Money Terms and Conditions, and Privacy Policy. Approval review usually takes 3-5 minutes but can take up to one hour. All checks are subject to approval for funding in Ingo Money's sole discretion. Fees apply for approved Money in Minutes transactions funded to your Account. Unapproved checks will not be funded to your Account. Ingo Money reserves the right to recover losses resulting from illegal or fraudulent use of the Ingo Money Service. Your wireless carrier may charge a fee for message and data usage. Additional transaction fees, costs, terms and conditions may be associated with the funding and use of your Account. See your Deposit Account Agreement for details.
4.	Payback Rewards is an optional program. You may opt-out at any time by visiting the Payback Rewards page in your Online Account Center. Reward offers are based on individual shopping habits. Cash back rewards are credited to your Card Account typically within 60 days and are not available in the form of a check or other direct payment method. See the program FAQs and Terms and Conditions in your Online Account Center for additional details about how and when you get rewarded. Program sponsor: Netspend Corporation. Republic Bank & Trust Company, Visa and Mastercard are not affiliated in any way with this program and do not endorse or sponsor this program
5.	The Savings Account linked to your DEEPBLUE™ Debit Account is made available to Accountholders through Republic Bank & Trust Company, Member FDIC. Interest is calculated on the Average Daily Balance(s) of the Savings Account and is paid quarterly. If the Average Daily Balance is $2,000.00 or less, the interest rate paid on the entire balance will be 5.87% with an annual percentage yield (APY) of 6.00%. If the Average Daily Balance is more than $2,000.00, the interest rate paid on the portion of the Average Daily Balance which exceeds $2,000.00 will be .49% with an APY of .50%, and the interest paid on the portion of the Average Daily Balance which is $2,000.00 or less will be 5.87%. The APY for this tier will range from 6.00% to .60%, depending on the balance in the account. The interest rates and APYs of each tier may change. The APYs were accurate as of 1-1-22. No minimum balance to open Savings Account or obtain the yield(s). Savings Account funds are withdrawn through the DEEPBLUE™ Debit account (maximum 6 such transfers per calendar month) and transaction fees could reduce the interest earned on the savings account. All funds held on deposit by you at Republic Bank & Trust Company will be aggregated up to the coverage limit, currently $250,000.00, and insured by the FDIC.
6.	The Debit Card Overdraft Service is an optional service made available to eligible DEEPBLUE Debit customers by Republic Bank & Trust Company, Member FDIC. Once you enroll and meet the eligibility requirements, you will be charged $20.00 for each transaction that overdraws your account by more than $10.00, up to a maximum of five (5) fees per calendar month. To avoid that fee, you have twenty-four (24) hours from the time of the first transaction that creates the overdraft to bring your account back to a zero ($0.00) or a positive balance. Transactions subject to an overdraft fee are one-time PIN and signature-based purchase transactions and ATM withdrawals. Other transactions including ACH Debit transactions are not eligible for coverage. Any negative balance must be repaid within thirty (30) days. Whether we authorize an overdraft is discretionary, and we reserve the right not to pay. For example, we typically will not pay overdrafts if you fail to meet the eligibility requirements for this service or you attempt too many transactions or transactions that create too large of an overdraft. Call us at 833-954-1605 or log in to your Online Account Center for additional terms and conditions that apply, including initial and ongoing eligibility requirements for the service. This service is expensive, so we encourage you to research alternatives before enrolling. Once enrolled, you may opt-out at any time; however, you are responsible to repay any overdrawn amounts on your account even if you opt-out of the service.
	DEEPBLUE™ Debit Account is a deposit account that is offered by Republic Bank & Trust Company, Member FDIC. Netspend is a service provider to Republic Bank & Trust Company. Certain products and services may be licensed under U.S. Patent Nos. 6,000,608 and 6,189,787. Fees, terms and conditions apply

 

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SOURCE Liberty Tax

FAQ

What is DEEPBLUE™ Debit by Liberty Tax?

DEEPBLUE™ Debit is a Banking-as-a-Service mobile app launched by Liberty Tax that requires no credit check and has no minimum balance requirements.

What are the key features of DEEPBLUE™ Debit?

Key features include a MasterCard® debit card, enhanced account security, faster direct deposits, account transfers, and rewards program.

When was the DEEPBLUE™ Debit app launched?

The DEEPBLUE™ Debit app was launched on February 1, 2022.

Which company is behind the DEEPBLUE™ Debit app?

The DEEPBLUE™ Debit app is launched by Liberty Tax, a tax preparation service with a significant customer base in North America.

What does the launch of DEEPBLUE™ Debit mean for Liberty Tax shareholders?

The launch of DEEPBLUE™ Debit indicates expansion into financial services, potentially increasing customer engagement and revenue for Liberty Tax.