H&r Block Shares Drop After Hsbc Contract Nixed

KANSAS CITY, MO. (TheStreet) -- H&R Block shares plunged on news that HSBC will not resume offering refund anticipation loans (RALs) to the tax preparation firm's clients as the tax season gets underway. The Office of the Comptroller of the Currency has apparently prohibited HSBC from offering refund anticipation products. H&R Block said in a statement on Friday that HSBC has told the tax preparer that it is "immediately terminating the parties' long-term contract under which HSBC provided all of H&R Block's refund anticipation loans and some of its refund anticipation checks." As part of the termination, HSBC's exclusive right to provide the refund anticipation products has also ended.

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