PATH Act & “5 Days Early”

[adria-castellano]

Same! That means that potentially an institution is gaining interest (although minuscule) on my held $....

I bet this is the last year TurboTax offers early deposits and if it isn't, it will come with 100 page disclaimer. I wouldn't be surprised if they had to hire holiday help to get them through all the  five day early complaints

[cody241]

Cross River Bank. If you look back at the contract you signed that's what it says. Do jot let their agents tell you different! That's clearly what the contract said. They insisted SBTPG has my refund. My DD is 2/24 yet SBTPG says they have no record. I called the IRS and they gave me a routing number and confirmed it was Cross River. Good luck trying to get anyone though. If you try to ask they send you back to TT customer service. I am so ticked off that TT has no idea where my refund is and the only thing I have to go by is where the IRS said they sent it.

[amirroberts797]

I got my refund going to my One bank card the Walmart card called One Bank and it said I would get it 5 days early and I was charged for it too on TurboTax for the 5 days early but I haven't worked basically most of the full year so I got child tax credit for claiming my nephew cuz I've been claiming him for so many years and it said I won't be able to get nothing until March 3rd and my status is not even changed yet it has even said approved everything was put in correctly and I had to do it 10:40 something like that to fix it so I'm still waiting but it said about me getting it March 3rd but the 5 days early is what I'm expecting to see I hope everything gets together soon.

[Ashmill]

Hey mine is exactly same as yours and I also have chime they don’t accept same day AHC transfers so that’s why we couldn’t get the same day deposit but they told me it should be in my account within two days . Someone on here told me yesterday it would be in my account by morning but that was not true. But it should be in your account within two days I was told depending on bank could be up to five days . But I’m thinking tomorrow will be our day . Hope this helps you 

[Sbbecause]

Although Turbo Tax does not get direct updates about your tax refund, their managing bank gets alerts of in -route funds to their account. Most people elect to have their tax preparation fee taken out of their refund and to opt in for services such as the 5 days early. When customers do this, they are basically assigning the right to control their refund to Turbo Tax. In other words, most refunds do not go directly from the IRS to the taxpayer. In the case of Turbo Tax customers and any other tax preparation service, opting in to services means assigning your tax refund and it is rerouted. It is still your tax refund but it makes a pitstop before if is forwarded yo you. So their banking partner is not updated on your refund status but rather alerted of an incoming deposit. Because there is a large margin in number of days that it can take once it leaves their bank to that of the customer, that is why the information made available may be odd by a couple of days. Every bank operates differently with some offering early deposit while others hold customers funds the maximum amount of time legally possible before funds are available.  Let's say I bank at Bank A and you at Bank B.Our money leaves whoever is sending it on the same day at the same time.  Bank B prides themselves and advertises early deposit. You get your money 2 days later. I checked my account and didn't get mine. Why? Because I bank with Bank A who doesn't offer early deposit and has a practice of making deposits available after the longest possible hold time which gor the same of argument let's say is 7 days. So I am left waiting another 5 days on my money. Banks make money off of investing customers' money.  When you consider how many customers a bank has, believe  me when I say that holding customer's money makes banks a lot of money. It's usually the banks with physical locations that do this because they have overhead costs to pay whereas the online only banks do not have that expense.  The money has to come from somewhere!

[Westsidekitty7]

Transcripts are more reliable. They are real time.

So if the IRS updated my transcript with the 846 code (refund issued)- the money was released and immediately deposited into this “cross river” bank.

That was on the 17th Feb. They took the turbo tax filing fees out. They have been sitting on the remainder of my “5 day early”, much anticipated refund for FOUR DAYS… earning interest????? Is that what’s happening?
 

[Westsidekitty7]

Absolutely!!!! 
every year I get my DD- and it takes WMR a few days to a WEEK to catch up h up lol…

TRANSCRIPTS!! Does Turbo Tax and these banks not realize we have easy access to our REAL TIME IRS transcripts????!?!?!??

[Jayy jones]

Did you receive your refund 

[Rachelrenee1738]

I haven't received an email

[Andromeda86]

Did you qualify for other earned income credits ? According to the irs website they are not issuing refunds until  mid February and I believe some of the refunds until March 3rd despite what turbo tax says also have to have a traditional bank account for the advance idk if this helps you but better to go to the wheres my refund website and check

[MszYari]

Did you get it?

[robinhood69]

Many are in the same boat as you.

My 846 also says Refund Issued on 02/26.

If I don't get my refund direct deposit TODAY. 

Then I agree with you 100 %

Also if you pull your account order information, you might see where it's been changed several times. Mine was and I didn't change it.

Turbo Tax did. They didn't list the 5 days early on the final order,  they just moved some stuff around,but my fees are exactly the same amount, as they were with the 5 days early on the account. 

I don't think we have heard the last of this.

Turbo Tax may get into legal hot water with the Federal Government over this . 

I suspect we will all be seeing a news story on the TV soon about it.

[sammyc1886]

I'm still waiting for mine I got a notice on the turbo tax site saying they couldn't expedite my refund so I wasn't charged the early fee

[robinhood69]

Because Turbo Tax is " over - promising" a promise they can't possibly keep 100% of the time and have constructive knowledge of it, while simultaneously charging people 40$, and 25$ fees for that over-promise. 

Is

It's not just my fee, but think of ALL the 25$ and 40$ fees they collected worldwide.

I'm certain that figure is into the hundreds of millions of dollars. 

That's FRAUD .

You can't legally sell customers a service, you knowingly cannot perform.

[Ern05]

What are the transcripts?