Liberty becomes latest prep chain to offer banking services

Liberty Tax has entered the banking space.

The tax preparation chain has launched a banking-as-a-service mobile app called DeepBlue Debit, which has no minimum balance requirements and no credit checks beyond mandated identity verification. the government.

It’s supposed to offer Liberty’s 16 million customers faster direct deposit of refunds, account-to-account transfers, mobile check capture, a budgeting tool and options for refund programs, high-yield savings. and overdraft protection, among other features.

“Our investment in this new technology, designed from the ground up to deliver a seamless and satisfying customer experience, is another step in our strategy to create a comprehensive set of complementary financial services solutions for our customers,” said Brent Turner, CEO of Liberty Tax. , in a press release. “We believe our customers will appreciate the value and efficiency of managing a growing range of their financial services needs, all from the convenience of a mobile app.”

Liberty has company among the prep giants: At the end of last month, H&R Block launches its digital bank, Sprucewith services similar to DeepBlue and targeting low to moderate income customers who do not have strong banking relationships.

James V. Hayes