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No. The state of CO (nor any other state) does not send a state refund to TurboTax or to the third party bank that handles refund processing. It is only a federal refund from the IRS that can go to the third party bank when you choose to pay your TurboTax fees from a federal refund. A state refund NEVER goes through the third party bank. So...if your state says that your state refund has been issued and you did not receive it, there is something else going on. The state will have to trace the payment. Contact the state.
Federal and state refunds come from completely separate entities, There is no rule as to which one will come first or how much time there will be between their arrivals. Some states process returns quickly and some are very slow.
STATE RETURN
Make sure your state return was accepted: https://turbotax.intuit.com/tax-tools/efile-status-lookup/
To track your state refund:
https://ttlc.intuit.com/questions/1899433-how-do-i-track-my-state-refund
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