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Liberty becomes the latest prep network to offer banking

By on February 3, 2022 0

Liberty Tax has entered the banking space.

The tax preparation network has launched a banking-as-a-service mobile app called DeepBlue Debit, which has no minimum balance or credit checking requirements other than government-required identity verification.

It is announced to offer 16 million Liberty customers faster direct deposits, account-to-account transfers, mobile check hijacking, budgeting tool and repayment program options, high yield savings and overdraft protection.

“Our investment in this new technology, built from the ground up to provide hassle-free and satisfactory customer service, is the next step in our strategy of building a comprehensive set of complementary financial services solutions for our clients,” said Brent Turner, president of Liberty Tax. , in a statement. “We believe our clients will appreciate the value and efficiency of managing their growing range of financial services needs, all from within the convenience of a mobile app.”

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