Jackson Hewitt Tax Service and American Express teamed up Tuesday to give clients the option to receive tax refunds on an American Express Serve account.
American Express Serve is a reloadable prepaid debit card account, mainly aimed at consumers who lack bank accounts. The companies said the option would give taxpayers their refunds up to two days faster than a direct deposit from the IRS while also providing tools to manage the refund, which is often the biggest paycheck of the year for many unbanked consumers.
As another element of the collaboration, for clients with a minimum tax preparation fee of $150, Jackson Hewitt will offer $50 on an American Express Serve Card the same day they file their taxes with Jackson Hewitt.
The announcement comes a day after rival tax prep chain H&R Block announced a promotion to give away $1,000 each day to 1,000 customers each day during the first month of tax season (see H&R Block Giving Away Money for Tax Season).