You’re getting a tax refund – awesome!
However you plan to use it, you want to get it fast! Direct Deposit with the IRS is the best way to do this.
The great part is you can have your direct deposit put into other types of accounts, not just your checking.
- Savings account
- IRS (Individual Retirement Account)
- HAS (Health Savings Account
- ESA (Coverdell Education Savings Account)
- Archer MSA (Medical Savings Account)
- Treasury Direct Online
But, let’s be real here – We want it straight to checking. How does it work you ask? Well, direct deposit is accomplished by giving the IRS your bank account and routing numbers. The funds are then transferred electronically. Depending on when you file, this can happen in less than a week. Much faster than waiting for a paper check.
“My personal deadline for tax filing is Valentine’s Day. I direct deposit my return and normally see it before the end of February.”
First, the account you want to deposit to must be in your name. Not because the IRS says so but because your bank has fraud protection measures in place. Most banks, if not all, will not direct deposit into an account with a different name.
“Make sure to check your routing numbers. Incorrect routing and bank numbers can make your refund disappear into someone else’s account or even sent back to the IRS. Plus surprise! There is NO OFFICIAL procedure for replacing lost electronic direct deposits. Actually, the IRS assumes NO responsibility for taxpayer error.
Direct Deposit with the IRS will also protect against lost, stolen or undelivered refund paper checks. In years past, the IRS has received back 153 million dollars in undelivered checks. That doesn’t have to be your refund floating around out there in someone else’s mailbox.
Get your refund faster by using direct deposit – You can also check on your refund here with the IRS. If you want to get fancy and have your refund split up a few ways, you can use IRS form 8888. This form allows you to even get part of your refund direct deposited & part mailed to you, if you choose.
Perfect for putting some away in savings & having a little to spend on yourself.