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For Immediate Release
Universal Tax Systems, Inc.® Introduces CashWise Stored-Value Card for Refund Loan Customers
New card further expands company's financial services offerings
Rome, GA. January 1, 2005 — Universal Tax Systems (UTS), a leader in tax preparation software and electronic tax filing services, announced today that it will offer a new stored-value card branded the CashWise Card™ through its nationwide network of independent tax preparers.
Consumers who receive refund loans against their tax refund will now be able to receive their funds on a stored-value card rather than a printed check. That way, they'll be able to avoid costly check-cashing fees. And the CashWise Card™ can be replaced if it is lost or stolen.
Best of all, consumers choosing the CashWise Card™ will have access to their funds at ATMs worldwide or can use it like a debit card at merchants who are part of MasterCard International's Maestro and Cirrus networks.
HSBC Bank USA, N.A. (formerly Household International, Inc.) will be the issuer of the new card under license from MasterCard International.
"We are pleased to offer this card to taxpayers," said UTS CEO William
P. Anderson. "In addition to avoiding check-cashing fees, the CashWise
Card will offer a new level of convenience and safety to those tax
filers who don't have established banking relationships." Anderson
added, "The new card program represents a further expansion of our
growing transaction business."
UTS said the new card will initially be available to both 3,500 independent tax preparers who use the TaxWise tax software program and offer HSBC Refund products and to tax preparers who do not offer other refund products. A maximum refund of up to $7,000 can be loaded on the card.
As in the case with many debit and stored-value cards, there will be an activation fee as well as modest transaction fees. The card is disposable and cannot be refilled with additional funds.
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About Universal Tax Systems,Inc.® and TaxWise®
Universal Tax Systems, Inc. (UTS), established in 1986, publishes the highly-rated TaxWise tax preparation software and provides e-filing and transaction processing services to the tax and accounting industry. The company's products and transactional services are used by more than 70,000 professionals who, in turn, serve and estimated 15 Million consumers.
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