Some Things You Should Know About Direct Deposit Tax Refunds at Meriwest
This tax season, it is estimated that eight out of ten taxpayers will use direct deposit to receive their tax refund and you may have the option to receive your refund into your Meriwest checking or savings accounts.
Consider the following:
- Determine which checking or savings account will be receiving their directly deposited tax refund;
- Ensure there are no limitations on the account of your choosing, check back with us if you are unsure.
What is permitted:
- Direct your refund into an account where you are the owner, unless it is a joint refund with a spouse that can then be directed into the spouse’s account.
What must be done:
- Verify that a directly deposited tax refund is being directed into an account in your own name, your spouse’s name, or both, if it is a joint account;
- Ensure that all information such as account and routing number are accurately entered on your tax returns in order to ensure the funds will be deposited into the correct account.
What is not permitted:
- Directly deposit more than three (3) refunds into a single account, or
- Direct your refund into a loan account with the intention of making a payment, or
- Direct your refund into your tax preparer’s account for the purposes of paying their preparation fee.
Per the IRS, members are allowed to split their direct deposit refunds into two or three accounts, at up to three different financial institutions. Members can view the status of their refund by following the IRS link “Where’s My Refund?”. Members are able to view the status of their refund either 24 hours after an e-filed return has been received or four (4) weeks after a paper return has been mailed.