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Turbo Tax does not touch or send your refund. If the bank rejects the deposit the IRS will mail a check to the address on your return.
Banking information is entered by the user--not TurboTax.
If you entered incorrect banking information for your refund, you can change it if your return is rejected. If it is accepted, however, it is too late to change it. The bank will reject the refund and send it back to the IRS. Then the IRS will issue a paper check and mail it to the address you put on your tax return. Expect a delay of at least a couple of weeks to receive your refund.
Here is what the IRS says about entering incorrect banking information
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