Important Information about Your Tax Refund Direct Deposit

Every year, more taxpayers opt to receive their tax refund as a direct deposit in their financial account. Receiving your tax refund via direct deposit is easy, convenient, and secure. It’s just like receiving your paycheck from your employer via direct deposit. Plus, you’ll receive your refund sooner than you would if you were getting a paper check in the mail, especially with recent postal delays. You can select to have your tax refund directly deposited into either your checking or savings account. Before you file your taxes this year and choose how to receive your refund, here’s some important information to know about receiving your tax refund via direct deposit.

What You Need to Do

• You need to be sure that your tax refund is being directly deposited into an account in either your own name, your spouse’s name, or both names if it is a joint account. You cannot deposit your refund into someone else’ account.
• In order to ensure that your funds are deposited into the correct account, you need to verify that you correctly enter your financial account number and routing number on your tax return. Follow these steps to ensure you enter the correct information:

• Access your Direct Deposit Form in Digital Banking to verify your Robins Financial account number and routing number.
• You can also find your account number and routing number by following the steps in our Digital Banking Guide.

What You Can't Do

• You are unable to deposit your tax refund into anyone else’s account, even another Robin Financial member or your family member. The only exception is for a joint refund with you and your spouse.
• You cannot deposit your refund into the account of your hired tax preparer to pay their tax preparation fee, even if they are a Robins Financial member.
• You are unable to deposit more than 3 refunds into a single account.
• You cannot deposit your refund into a loan account to act as a payment on the loan. You can only deposit your refund into a checking or savings account. You can then transfer the funds from your checking/savings account to your loan account if you wish.

How to Split Deposits

• The IRS allows taxpayers to split direct deposits among 2-3 different accounts, with up to 3 different financial institutions.
• If you choose to split your tax refund direct deposit, the funds can be divided in any proportion you select.

How to Track Your Refund

• Robins Financial Credit Union or any other financial institution does not control when your tax refund direct deposit is received. We deposit your payments into your account as soon as we receive them.
• To track the status of your refund, please use the IRS “Where’s My Refund?” tool. You can check your refund status within 24 hours after the IRS has received your return if you filed electronically, or within 4 weeks if you submitted 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.