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Block Extends Bank Products Agreement

HR Block logoWith the Internal Revenue Service not having announced conditions of any refund loan program for the 2010 tax year, things are a more than a little uncertain. But H&R Block has extended an agreement with HSBC Taxpayer Financial Services that was scheduled to expire next year.

Under the original contract in 2005, HSBC agreed to provide funds for bank products with the agreement scheduled to expire on June 30, 2011. The agreement was extended until June 30, 2012 by Block which has the right to extend the agreement for two one-year periods. HSBC does not provide funding for bank products to any other preparers.
There are provisions that would allow the two parts of the contract, a Retaii Distribution and Agreement and Digital Distribution Agreement, to be terminated earlier.


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