I was told that my refund would be direct deposited in the bank account I picked by tomorrow. Will the money actually be available for me to use(withdrawal,transfer,etc.)? How long does direct deposit money usually take to be available? I've never done direct deposit before.
2007-02-15 03:58:14 · 10 answers · asked by Gio H 2 in Business & Finance ➔ Taxes ➔ United States
That depends on whether the refund is being deposited into your personal bank account or the account of the company that processed your return. If it is going to your personal account it should be available as soon as your bank posts it to your account. (you need to call the bank to see when they post).
If it was deposited thru the company that prepared your return and they are going to be taking their service fees from your refund then that may delay you actually getting your refund by a week or more depending on the time that they release it to you.
That is why it is recommended that you pay for the service of preparing your taxes up front and having the refund direct deposited into Your Personal Bank Account, rather than paying your provider to get it first so they can take their fees out.
2007-02-15 04:12:48 · answer #1 · answered by Anonymous · 1⤊ 0⤋
My refund will be direct deposited tomarrow as well---straight into my bank account not into a preparers account first-----and my bank will credit the account immediately for that amount and it will be available for withdrawel the same day. If you walk into your bank and show ID they will let you withdraw funds from your IRS deposit tomarrow when it is deposited. At least that has been my experiance over the years of getting a direct deposit----it has been available the same exact day.
Some people on here are going through other banks who are then rerouting their money to their accounts because they signed up for a refund anticipation loan or something of that nature. That will definitely take longer if you did something like that.
2007-02-15 04:58:43 · answer #2 · answered by MarineMom 6 · 1⤊ 0⤋
I filed my taxes on the 17th and it was accepted on that day. I called today the 25th and spoke to someone at the IRS and they said it is still processing. It could still be about 7-10 days before I get my refund that the chart is not accurate. That they are just beginning to send out deposits. He also said that noone had received any which from what I have read on other posts some people have gotten their deposits already. I am not sure when to expect my deposit but I really need it. Hopefully I will get it tomorrow.
2016-03-29 07:33:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Federal tax refund will be made only after your taxes are processed - about 9 days from the day it is accepted. Other answers about direct deposits are a little misleading. Electronically filed tax returns are not processed real-time, they are batched, go through several audits and ultimately held for a payment cycle - usually once a week. The refunds are sent to an automated clearing house (ACH), which then posts to your bank nightly. The deposit would then be available to you the next morning.
Bottom line: your refund assuming direct deposit to your personal account will be available about 9 days from the day the IRS acknowledges receipt of your return.
2007-02-15 04:30:20 · answer #4 · answered by the foolish fox 3 · 0⤊ 2⤋
It all depends on whether it will be direct deposited to your account or not. If someone prepared your taxes for you they will receive the money first to take out their fees then it will be deposited in your account usually within 1-4 business days.If you are receiving the money directly then it should post at midnight and should be available for immediate withdrawal.
2007-02-16 07:26:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Direct Deposit is usually same day but sometimes next business day if the EFT is received after 2:00.
2007-02-15 04:04:22 · answer #6 · answered by Anonymous · 0⤊ 0⤋
There is no rhyme or reason to when the IRS will send your direct deposit, nor is there any consistency about when your bank will post the deposit.
On the Net, go to IRS.GOV on the header click Individual click Where's My Refund? bottom of page, click Where's My Refund? again, enter your SS# and the exact amount of the refund as shown on your 1040 return. It will tell you when the IRS is planning to transmit the deposit.
If it does not show up in your bank account within 3 days after the IRS transmit date, call your bank and ask "Where's My REFUND!!!!!"
2007-02-15 04:12:14 · answer #7 · answered by Robert in Nuuanu 3 · 1⤊ 2⤋
Generally direct deposit is immediate
2007-02-15 04:01:53 · answer #8 · answered by micg 4 · 0⤊ 1⤋
call your bank
2007-02-15 04:05:31 · answer #9 · answered by csucdartgirl 7 · 0⤊ 2⤋
"Incorporate, Road To Riches" by Laughlin Associates Inc.
2007-02-15 04:02:26 · answer #10 · answered by Anonymous · 0⤊ 7⤋