H&R Block Bank Reaches 1 Million Accounts Goal Early
The company expected to reach its goal by the end of tax season - April 17 this year. Instead, the milestone was reached after slightly more than two months of offering the accounts, which can be accessed with the H&R Block Emerald Prepaid MasterCard(R).
In those two months, the card has helped H&R Block clients save nearly $30 million on check-cashing fees. The card also provides year-round benefits, such as direct deposit and easy access through a nationwide network of ATMs. Thousands of clients have already taken advantage of adding funds to the account with payroll and other deposits totaling $14 million.
"Nearly 40 percent of our new bank clients did not previously have a checking or savings account," said H&R Block Chairman and CEO Mark. A. Ernst. "This is a solid first step in connecting clients to the financial mainstream and helping them begin a banking relationship."
The FDIC-insured bank account offers unique features to meet the needs of consumers who either don't have a bank account or may not have the same benefits offered through their current checking or savings account. The account features no set-up fees, no overdraft fees, no minimum balance requirement, no transaction fees for purchase and easy bill payment.
"Consumers without bank accounts can spend more than $500 annually on check-cashing and transaction fees," said Kathy Barney, president of H&R Block Bank. "The H&R Block Emerald Card account through the Bank can dramatically reduce these costs, putting more money into clients' pockets and equipping them to make healthier financial choices."
Client interest in the accounts remains high. The H&R Block Bank, which opened May 1, 2006, expects that it could open 2 to 3 million bank accounts by the end of tax season.
H&R Block tax professionals, located in the company's nationwide network of 12,500 tax offices, have assisted clients with opening their H&R Block Bank accounts, which provides them the ability to direct deposit their income tax refunds. Offering bank accounts through the H&R Block Bank is one of the many ways H&R Block is committed to becoming its clients' tax and financial partner and helping them achieve their financial objectives.
To learn more go to www.hrblock.com, or call 1-800-HRBLOCK.
About H&R Block
H&R Block Inc. (NYSE: HRB) is a leading provider of tax, financial, mortgage, accounting and business consulting services and products. H&R Block is the world's largest tax services provider, having prepared more than 400 million tax returns since 1955. The company and its subsidiaries generated revenues of $4.9 billion and net income of $490 million in fiscal year 2006. The company operates in four principal business segments: Tax Services (income tax preparation and advice via in-office, online and software solutions); Mortgage Services (non-prime mortgage originations and loan servicing); Business Services (tax, accounting and consulting services for midsized businesses); and Consumer Financial Services (investment and financial advisory services, retail mortgage loans and banking products). Headquartered in Kansas City, Mo., H&R Block markets its services and products under three leading brands - H&R Block, Option One and RSM McGladrey. The H&R Block Emerald Prepaid MasterCard is issued by H&R Block Bank, a Federal Savings Bank, member FDIC. For more information visit our Online Press Center at www.hrblock.com.
SOURCE: H&R Block Inc.
H&R Block Inc.
Janine Smiley, 816-854-4557
jsmiley@hrblock.com