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CENTRAL FIDELITY TO OFFER ELECTRONIC TAX FILING SERVICE

 CENTRAL FIDELITY TO OFFER ELECTRONIC TAX FILING SERVICE
 RICHMOND, Va., Jan. 9 /PRNewswire/ -- Central Fidelity will begin offering electronic tax filing services to its customers January 10, 1992. Central Fidelity has joined with Electronic Filing Centers, Inc. to provide customers with a quick, convenient, and safe way to obtain their tax refunds. Central Fidelity is one of only two major banks in the Southeastern region to offer this service to customers.
 The number of consumers filing tax returns electronically has grown from 4 million in 1990 to 7.5 million in 1991. The IRS is projecting by 1995 25 million returns will be filed electronically.
 Electronic tax filing allows customers who are entitled to refunds to receive them in 2-3 weeks, almost a full month faster than normal. And, when a customer files electronically, the refund is automatically deposited into his checking account.
 Electronic tax filing also offers a "file now, pay later" option to those customers who will be paying the IRS. Once the return has been filed, a person may take until April 15, 1992 to mail his payment to the IRS.
 Plus, Electronic Filing Centers can help determine a customer's eligibility for opening a deductible IRA for tax year 1991. This review could result in an increase in a person's refund amount or a decrease in what a person owes, if he is eligible and funds an IRA as recommended.
 Customers can take advantage of electronic tax filing for $35 ($30 for Focus 55 customers) at any of Central Fidelity's 203 conveniently located offices throughout Virginia.
 Central Fidelity Banks, Inc. (NASDAQ-NMS: CFBS) is Virginia's fifth largest bank holding company with $6.5 billion in assets.
 -0- 1/9/92
 /CONTACT: Peggy Cummings, Public Relations Manager, Central Fidelity Banks, Inc., 804-697-7261/
 (CFBS) CO: Central Fidelity Banks, Inc. ST: Virginia IN: FIN SU: PDT


JM -- CH004 -- 8323 01/09/92 15:03 EST
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Publication:PR Newswire
Date:Jan 9, 1992
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