Typical ERA fees are shown on the 2005 ERA table below.
ERA costs include 2 parts:
A refund account set-up fee of $11.95, paid to the bank, to set up an account to receive you tax refund and pay off your loan;
A finance charge is paid to the bank - this varies by the amount of the loan and how fast you choose to receive it, and is stated as an Annual Percentage Rate (APR).
Interest rates are high on ERAs compared to other kinds of credit because the term of the loan is short - ERAs are usually repaid within two weeks, although the rates are disclosed on an annual basis.
Refund/ERA Tier |
ERA Cost |
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|
Refund Account Fee |
Finance Charge |
ERA Total |
|
$200.00 -- $500.00 |
$11.95 |
$18.00 |
$29.95 |
|
$501.00 -- $1,000.00 |
$11.95 |
$28.00 |
$39.95 |
|
$1,001.00 -- $2,000.00 |
$11.95 |
$58.00 |
$69.95 |
|
$2,001.00 -- $3,700.00 |
$11.95 |
$88.00 |
$99.95 |
|
$3,701.00 -- $5,000.00 |
$11.95 |
$98.00 |
$109.95 |
|
Maximum Loan Amount of $5,000.00. Earned Income Tax Credit Lending to $5,000 if qualified (some EIC customers will be capped at $5,000). The $11.95 refund account fee applies to a denied ERA. |
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