RAC Check definition
RAC Check. A refund anticipation check that is a Cashier's Check, express refund check that is a Cashier's Check, or refund processing transfer issued to a customer or, if a direct deposit option is chosen, an ACH transfer initiated to a customer, after the IRS and/or state taxing authority has notified Imperial of the amount of a wire transfer to be received by Imperial from the IRS and/or state taxing authority in connection with such customer's tax return.
Examples of RAC Check in a sentence
The RAC Agreement and the related RAC Check issued and delivered to such taxpayer pursuant to the Refund Anticipation Check Service.
If a RAL Check, RAC Check, Denied RAL Check, or Excess Check is not presented to Imperial by a mutually agreed upon time, the Parties agree that a sale of such item shall be deemed not to have occurred, and Imperial shall promptly return the purchase price to HTMAC or HTMAC's Assignee, as applicable, for such unpresented item.
The agreement between a taxpayer and Imperial pursuant to which Imperial issues a RAC Check to such taxpayer.