New electronic return originators who did not offer RALs last year and who are new to SBTPG will be eligible to enroll only in the company's refund transfer programs. No fee schedule has yet been posted to the site.
Santa Barbara Gets in RAL Business
The Santa Barbara Tax Products
Group, which formed early this year, has gotten into the refund loan business as widely expected in the tax industry. While the company issued no formal statement, its Web site is offering 28- to 48-hour Refund Anticipation Loans. Enrollment for those who offered RALs through another program is open through December 19.
SBTPG was formed when a management group got backing to buy the bank products operations of Santa Barbara Bank & Trust. The bank had to dispose of the operations when the Office of the Comptroller of the Currency last December refused to let it continue its RAL program. The new company received backing from Meta Bank for its refund transfer products, but did not obtain funding for refund loans.
