What You Need to Know About Tax Refund Direct Deposits
Every tax season, more and more taxpayers turn to direct deposit as their preferred method of receiving their refund. Eight out of ten taxpayers are expected to use direct deposit for their tax refund this year. Just like having your paycheck directly deposited into your financial account, receiving your tax refund via direct deposit is easy, convenient, and secure, plus you receive your refund sooner than you would with a paper check. You can opt to have your tax refund directly deposited into your checking or savings account. Before you file, familiarize yourself with the following:
What You Must Do
In order to receive your tax refund via direct deposit, you must verify that your account number and routing number are accurately entered on your tax return to ensure the funds will be deposited into the correct account. Robins Financial Credit Union’s Routing Number is 261171587, and you can find your 13-digit account number (MICR) in Digital Banking following the steps in our User Guide. You must also verify that the direct deposit is going to an account in your own name, your spouse’s name, or both names if it is a joint account.
What You Cannot Do
You are not able to direct your tax refund into another member’s account, even a family member, with the exception of a joint refund of a spouse. You also cannot direct your refund to your tax preparer’s account to pay their tax preparation fee, even if they have an account with us. You are also unable to directly deposit more than three refunds into a single account, or direct your refund to be deposited into a loan account to act as a payment on the loan.
Can I Split Deposits?
The IRA 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.
Where Is My 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. To track the status of your tax refund, you are able to use the IRS “Where’s My Refund?” tool. 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.