CHAPTER 8-3: Financial Institutions

Volunteers must properly use and safeguard taxpayers’ personal information. Volunteers may not use confidential or nonpublic information to engage in financial transactions. They cannot allow improper use of taxpayer information to further their own, another persons’ or organizations’ private interests.

SPEC encourages partnering with banks or credit unions to promote unbanked taxpayers to open bank accounts. However, sites and volunteers cannot offer clients refund anticipation loans (RAL) or refund anticipation checks (RAC) when preparing federal or state tax returns.

Below is guidance for banks or credits unions who partner with VITA/TCE:

VITA/TCE coalitions and partners must take steps, so taxpayers clearly understand tax services remain free of cost regardless of whether they sign up for a bank or credit union membership or a refund anticipation loan.
Bank or credit union information/enrollment tables must remain in a separate space from tax return preparation.
Bank or credit union offerings must be announced using general terms to potential customers separate from tax return preparation.
Volunteers must not promote bank or credit union services by using information provided by the taxpayer to prepare a tax return (such as the taxpayer not having a bank account or the amount of the tax refund).
SPEC encourages VITA/TCE coalitions and partners to reach out and find additional financial institutions to offer services at VITA/TCE sites. To avoid the appearance of endorsement or preferential treatment, SPEC recommends giving other financial institutions with similar products with the same or similar terms to be present at the location separate from tax return preparation.