CWF Check Cashing Chain Aggreement

Photo of Campaign literature displayed at check cashing chain Rev. Phyllis Harris, site manager for the Mt. Pisgah free tax filing site, posts The Campaign for Working Families literature with volunteer greeter Barbara A. Kennedy at the CurrencyOne located at 16 South 40th Street.

Photo 2 of Campaign literature displayed in Check cashing chain

Volunteer and outreach worker for The Campaign for Working Families, Syretta Jefferson, along side Juanita Rivers, site manager for Ebenezer Temple Church, display the Campaign's literature at the CurrencyOne on the corner of 56th and Spruce Streets.

Photo 3 of Campaign literature displayed in Check cashing chain

Rev. Phyllis Harris and volunteer tax preparer, Carrie W. Yon, post literature at the CurrencyOne located inside the University of Penn's bookstore, 36th and Walnut Streets.

Local Check-Cashing Chain Agrees to Display Literature to help

Philadelphia Families Get Free Tax Help

PHILADELPHIA, March 29, 2004 – As tax season '04 is well underway, so is a citywide campaign to bring millions of dollars to low-income working families through the federal Earned Income Tax Credit (EITC). The Campaign for Working Families promotes free filing of EITC at 19 free tax-filing sites throughout Philadelphia.

EITC is a tax benefit for working people who earn low and moderate incomes (less than $35,000 a year). EITC refunds can be up to $4,200 per year, based on family size and income.

The Campaign for Working Families is a partnership that promotes free filing of the EITC and connects Philadelphia residents to other tax credits, public benefits and asset-building resources. The Campaign boosts the number of people who receive free tax filing assistance and do not have to pay sky-high fees to commercial tax preparers. Similar EITC campaigns are underway in 23 cities across the nation.

In 2003, the Campaign brought in more than $10 million in federal tax credits directly to Philadelphia families. The preparation of tax returns by 325 Campaign volunteers also resulted in a savings of $1.5 million for low-income working families, who did not have to pay commercial tax preparers an average of $165.00 per tax return.

In addition to these savings, Philadelphia's CurrencyOne Chain agreed to a Consumer Protection Accord that should enable families to keep more of their hard-earned dollars. The agreement, brokered by Community Legal Services, guaranteed a two and a half percent rate for cashing all government checks. CurrencyOne also agreed to display literature from The Campaign for Working Families about free tax filing.

Jean Hunt, Executive Director of the Campaign for Working Families said, "We're very pleased that CurrencyOne is willing to serve the community by providing fairer check-cashing rates for IRS checks. For Philadelphia residents without bank accounts, a two and a half percent rate puts more of the money families earn back into their own pockets."

PNC Bank, Citizens Bank and Wachovia Bank have adopted Campaign for Working Families tax sites. Bank representatives are available at several sites to open bank accounts for the tax filers. Money Smart workshops are offered throughout the community by the Campaign for Working Families available to teach families about their finances, how to improve their credit, and how to save money.

Hunt says, "We really want to encourage people to come to the Campaign for Working Families sites to get their taxes done for free. We can also offer helpful information about other benefits and programs for working families."

Click here for the locations of the Campaign's free tax preparation, and information on EITC eligibility, or call the Campaign's 24-hour information line at 215-686-2599.

Sharmain Matlock-Turner, president, Greater Philadelphia Urban Affairs Coalition, whose organization manages The Campaign for Working Families, said the EITC "is money that should be going to low-income families, but isn't. Low-income families are losing out on money through commercial tax preparers' so-called Rapid Refund Loans, which take advantage of the working poor by charging excessively to borrow off tax refunds and credits. That's why our slogan is ' Take All the Money. You Earned It! '"

Over the last 28 years, the EITC has reduced the annual tax burden for low-income working families and emerged as America's largest and most effective anti-poverty program.

In 2000, the EITC provided roughly the same level of federal assistance to low-income families nationwide as the TANF and food stamp programs combined, according to a study released in January 2003 by the Brookings Institution.

Currently, about 45,000 eligible households in Philadelphia do not file EITC claims, leaving approximately $76.5 million in unclaimed credits. More than 41 percent of those who do file for EITC use commercial tax preparers to obtain Refund Anticipation Loans (RALs). The interest paid on these loans can be as high as 800 percent – to provide cash only a few days before refunds would have arrived.

The Campaign for Working Families is managed by the Greater Philadelphia Urban Affairs Coalition. It works with a partnership that includes: Ceiba, City of Philadelphia: Free Library and Mayor's Office of Consumer Affairs, the Internal Revenue Service, PathWays PA, Philadelphia Citizens for Children and Youth, Philadelphia Council AFL-CIO, The Reinvestment Fund, Transitional Work Corporation, and the United Way of Southeastern Pennsylvania.

Supporters of the Campaign include: The Pew Charitable Trusts, The Annie E. Casey Foundation, the Pennsylvania Department of Public Welfare, the Philadelphia Office of Housing and Community Development, AmeriCorps/VISTA, John S. and James L. Knight Foundation, The Philadelphia Foundation, the Samuel S. Fels Fund, the City of Philadelphia, Verizon and Fleet Credit Card Services. In-kind support provided by Philadelphia Department of Human Services.