The last two digits 05 mean Wednesday, 08 means the 8th week, and 2018 is the year. The cycle date on your transcript and the transcript notes do not necessarily reflect the amount or timing of a refund. I suggest using "Where's My Refund" to check the status of your refund. https://www.irs.gov/refunds.
Please see number three below:
https://www.irs.gov/newsroom/irs-answers-common-early-tax-season-refund-questions-and-addresses-surr...
