Important Information About Tax Refund Direct Deposits
More taxpayers are turning to direct deposit each year as their preferred way to receive their refund. Receiving your tax refund via direct deposit is easy, secure, and convenient. It’s just like having your paycheck direct deposited. Plus, you’ll receive your tax refund sooner than you would with a paper check, especially with the current postal delays. You can choose to have your refund direct deposited into your checking account or your savings account.
Here’s what you need to know before you file:
What You Must Do
In order to receive your tax refund via direct deposit, you need to verify that your account number and routing number are entered correctly on your tax return. Your information must be entered correctly to ensure that your tax refund is deposited into the correct account. You must also verify that the funds are being deposited into an account in your own name, your spouse’s name, or both names if it is a joint account. You can access your Direct Deposit form in Digital Banking to ensure you have the correct information for your account number and routing number. You can also find your full account number (MICR) in Digital Banking by following these steps in our Digital Banking User Guide. Robins Financial Credit Union’s Routing Number is: 261171587.
What You Can’t Do
You’re not able to deposit your tax refund into another member’s account, even a family member, with the exception of a joint refund of a spouse. You also can’t deposit your refund into the account of your hired tax preparer to pay their fee, even if your tax preparer has an account with us. Additionally, you’re not able to direct deposit more than three refunds into a single account. Lastly, you are unable to deposit your refund into a loan account; your tax refund cannot be deposited to act as a payment on your loan.
Can You Split Deposits?
The IRS allows taxpayers to split direct deposit tax refunds among 2-3 different accounts, with up to 3 different financial institutions. The funds may be divided in any proportion you select.
How to Track Your Refund
Please remember that your credit union does not control when your tax refund direct deposit is received. We deposit payments into your account as soon as we receive them. The IRS has their “Where’s My Refund?” tool that you can use to track the status of your tax refund. You can check your refund status within 24 hours after the IRS received your return if you filed electronically, or within 4 weeks if you sent your return by mail.
At Robins Financial Credit Union, our mission is to enhance the financial well-being of our members and community. We honor this commitment by providing educational content to help you make the most of your finances. Read our other blog articles to help you gain the financial knowledge you need to succeed.