ARLINGTON, Va. — NAFCU Services Corporation and Credit Union Tax Services announced the renewal of their partnership, building on a four-year effort serving the credit union industry.
"Providing tax preparation services to members is an excellent growth opportunity for credit unions," NSC President David Frankil said. "More than that, though, it allows credit unions to blunt strategic threats that come from other financial institutions that are
using tax services to grow their share of refund dollars for savings and investments,
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at our expense."
CUTS Vice President of Marketing Van Barker added, "Credit unions see the benefit of providing turnkey, co-branded tax preparation services to their members. As such, we have over 1,000 credit union partners."
According to the duo, historically, when CUTS credit union partners offer tax preparation services, their members deposit their refunds into their credit union accounts. Branded tax prep services also allow credit unions to preserve member relationships, providing the opportunity to cross-sell additional tax-advantaged financial products, like IRAs and equity loans.
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