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jgreening32-gmai
New Member

IRS says I will have direct deposit on August 17 will turbo taxes bank institution hold up my deposit for that day

 
4 Replies
Mike9241
Level 15

IRS says I will have direct deposit on August 17 will turbo taxes bank institution hold up my deposit for that day

if you can, it would be best to go online to your bank a/c to make sure the deposit has cleared. banks can hold funds for several days.  if you specified that your Turbotax fees are to be taken out of your refund, the refund goes to a third-party bank to split it and then forward your portion by ACH to the a/c you specified on your return.  should there be an error in the routing or a/c number then the refund goes back to the IRS and they will send you a check which will take a while for you to receive

xmasbaby0
Level 15

IRS says I will have direct deposit on August 17 will turbo taxes bank institution hold up my deposit for that day

Your tax refund will not be sent to TurboTax.   TurboTax does not handle your refund at all.

 

Santa Barbara Tax Products Group, LLC  (SBTPG) is the bank that handles the Refund Processing Service when you choose to have your TurboTax fees deducted from your refund. This option also has an additional charge from the bank that processes the transaction. 

You can contact them SBTPG, toll-free, at 1-877-908-7228 or go to their secure website www.sbtpg.com 

https://ttlc.intuit.com/questions/2580357-who-provides-the-refund-processing-service

 

 

 

https://ttlc.intuit.com/community/refunds/help/who-provides-pay-with-my-refund/00/26410

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
xmasbaby0
Level 15

IRS says I will have direct deposit on August 17 will turbo taxes bank institution hold up my deposit for that day

@jgreening32-gmai And....please remember that the IRS tells you to allow up to five days for your deposit to appear in your account.   Just because the refund site says your refund will be issued on August 17, you should expect it to take more than a few minutes to post to your bank account.   If you used refund processing then it has to go through the third party bank first, and then it goes to your own account.   Your own bank may take its time posting the deposit to the account, as well.  

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
fanfare
Level 15

IRS says I will have direct deposit on August 17 will turbo taxes bank institution hold up my deposit for that day

IRS direct deposit date is the date your money goes to the TurboTax partner bank, not your bank.

now you have to deal with SB TPG, many are reporting difficulties.

@jgreening32-gmai 

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