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DALLAS -- For H&R Block clients that want their tax refund quicker, 7-Eleven's Vcom kiosks allow customers to cash their refund anticipation loan checks 24 hours a day.
Vcom financial service kiosks are available in 1,600 7-Eleven locations for those consumers who get a refund check but do not have a conventional bank, or those who get refund loan checks because they do not want to wait for the government checks to arrive. The expedited process enables tax preparers' clients to cash checks up to $6,000 in less than five minutes.
"Some 22 million American households don't have checking accounts," said Tim Gokey, president of retail tax services for H&R Block. "When it comes to cashing a check, they need to have choices to select a service that is trustworthy, convenient and offers a fair and competitive price. 7-Eleven offers all of that, helping our clients get money in a timely manner and keep as much of it as possible."
Vcom is the proprietary brand of financial service kiosks used in 7-Eleven stores, short for 'virtual commerce,' the bilingual, interactive, self-service machines allow customers to cash payroll, refund anticipation loan checks, tax refund and government checks, as well as conduct ATM, money order, bill payment and money-transfer transactions.
"Many Americans count on immediate access to the money from their refund anticipation loans," said Rick Updyke, vice president of corporate business development for 7-Eleven. "H&R Block served 15.7 million clients in its retail offices in 2006, and 7-Eleven can offer them round-the-clock check-cashing services at a reasonable fee."
7-Eleven market surveys revealed that check-cashing fees at its stores for H&R Block clients with refund anticipation loan checks are usually more than 20 percent below those charged by other check-cashing outlets. "As a result, consumers get to keep more money in their pocket, an added benefit 7-Eleven can provide," Updyke added.
Using the Vcom kiosks, H&R Block clients will enter information through a series of touch-screen prompts. After selecting "Check-Cashing" from the main menu, the customer selects the H&R Block option and enters key information into the secure Vcom electronic form. After completed, the customer will receive cash for the face amount of the check minus a check-cashing fee.