I just was informed that my tax refund , which is over $10,000. and scheduled to be direct deposited will be rejected by my bank because my bank has a reject line at $5,000. What should I do? Who should I call?
2007-02-21 03:44:55 · 4 answers · asked by alijewyl 1 in Business & Finance ➔ Taxes ➔ United States
If your bank is going to reject the refund the IRS will issue a paper check once they are notified of the Direct deposiit reject. You can try to talk to your bank to see if there is any exception to their limit.
2007-02-21 04:27:26 · answer #1 · answered by Anonymous · 2⤊ 2⤋
No, it isn't your tax professional's fault. How could anyone possibly know that your bank would do this? It's your bank's fault. I have never in my years of experience heard of this happening. You need to speak with someone in charge at your bank. Anyways, the IRS will issue a check to you instead now. Unfortunately, you'll have to wait until they do that. The IRS won't try to deposit again or change accounts for you. If you want a time frame, call them at 1-800-829-1040 and speak to a representative. I would switch banks ASAP as well.
2007-02-22 10:58:52 · answer #2 · answered by Fool in the Rain 6 · 0⤊ 2⤋
Unfortunately it's too late now to do anything about it unless the bank is willing and able to make an exception. When the bank rejects it, the IRS will be notified and will issue a paper check.
2007-02-21 18:18:43 · answer #3 · answered by Judy 7 · 2⤊ 1⤋
Did you have a professional prepare your taxes? If you did, this needs to be their problem too. This year is the first year that you can have multiple deposits of your refund to separate accounts.
I don't know how to go back on a bank matter, but if a pro did your taxes, there should be a way to co-ordinate with the IRS and your bank to split the deposit, even if that means opening a new account.
www.irs.gov
good luck & blessing
2007-02-21 12:30:03 · answer #4 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 4⤋