Hsbc and taxes?

Question

My deposit date for my federal was feb.23 but when i asked them if it has been deposited they say it doesn't show up but she said that when the irs makes a deposit to the bank it usually takes to the next friday to post to your accout is this true or not i have been given the run around on this the whole time someone can tell me why?

Answer 1

Anthony,

When the IRS deposits your income tax refund, it is processed through an ACH (automated clearing house). It "pings" your HSBC account, and then HSBC decides how long to hold these funds before making them available to you. I believe HSBC's funds availability is probably a few business days. So, even though the IRS may deposit the money today, the bank can hold those funds in accordance with its Funds Availability Policy. This most likely explains your wait. As such, you should be seeing these funds soon in your HSBC account.

Answer 2

Refund anticipation checks are processed on Thursdays, (well, in Texas, at least) and usually by Fridays the ones authorized by HSBC bank have been processed. It all depends on when the IRS sends out the information via the Treasury Department to release the funds. The RACs are processed in batches on Thursdays, is what the deal is. So if it isn't in one batch, the next batch won't go through for another week.

Part of the lag time now is the volume of returns that are being processed. We're all at the mercy of the person who is in front of the computer.

Refund Anticipation Loans are different, because they are loans and the bank handles them differently.

Answer 3

my refund was schedules for deposit on feb 16th also at hsbc and it was showed as deposited by 9 am feb 16th...they do say that sometimes it may be deposited the date the irs says it will be but sometimes it takes the banks a day or to to credit it...it should not take a week to clear