So, we did our taxes with the TaxCut software from H&R Block. The return has been processed and according to the IRS website, should be deposited in our account tomorrow.
My question is...when we filed, we did not want to pay the cost up front for the e-file. So we took the "Simple Pay" option that deducts the fee straight from the return.
This is what it states:
"Simple Pay gives you the option of paying your e-filing fees without having to use a credit card.
For a $24.95 fee, HSBC Trust Company (Delaware), National Association ("HSBC") will receive your federal income tax refund in an account you open with HSBC, pay TaxCut your applicable e-filing fees, and deposit the balance of your federal refund amount into the bank account you designate. "
Has anyone used this before and will it delay my refund so I do not get it tomorrow?
2007-02-15 06:26:46 · 6 answers · asked by Chris M 1 in Business & Finance ➔ Taxes ➔ United States
You might not see your refund for another week due to the way you had the refund processed, You need to find out from HSBC to see how long they will hold on to your refund before they transfer the funds to your account.
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 06:36:06 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I have heard so many stories like yours and it does sound like your money will NOT be there tomarrow since you did not have it deposited straight into your own bank account. Go back through some of the questions from a day or two ago or even a week ago, and some people are having the same worries as you are. I believe it takes additonal time for the money to get to your account. Last week those expecting a refund on Feb 9 did not have the deposit then and they were going through SBBT because their refund anticipation loan was turned down, so they were depositing the money through that bank and then on to their own account. I would not count on it until next week sometime but maybe you can call them to be sure.
2007-02-15 06:47:37 · answer #2 · answered by MarineMom 6 · 0⤊ 0⤋
We used them last year and our tax return was not delayed at all. It really depends on your own bank and how they do direct deposits. For example, last year we actually received the money on a Thursday and the IRS only does their deposits on Fridays, so we are unsure how that happened. They can't hold onto your money when it isn't theirs, so you should get it. If it is all done electronically, there really shouldn't be much of a delay, at least that is what happened last year.If you don't get your refund tomorrow, look up their contact info and contact them about your refund. They should be able to tell you how much of a delay you will have.
2007-02-15 08:23:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I used a few tax filers but the best one was this free online tax filing tool try http://doiop.com/taxfiler .
2007-02-16 05:04:45 · answer #4 · answered by Derek N 1 · 0⤊ 0⤋
Sounds like a pain and a waste of money, unless you are getting thousands back.
2007-02-15 06:31:03 · answer #5 · answered by jasontogs 3 · 0⤊ 1⤋
All that truoble for $30 bucks..! Oh My.!
2007-02-15 06:36:13 · answer #6 · answered by Nita 2 · 0⤊ 1⤋