Thats basically correct, but the problem is not with Turbotax the Company, and Turbotax never touches your refund and can't fix anything.
The problem is that (a) you did something foolish by using refund transfer, because you paid $40 to do something that should have cost less than $7 and you agreed to put a third party bank in between you and the IRS. Then (b) the IRS screwed up, because they know exactly which accounts are temporary and should have mailed checks automatically to people who used refund transfer, and (c) when the IRS created a web site so taxpayers could update their bank account information you apparently didn't use it.
During the first round of stimulus payments, when the IRS sent some rebates to SBTPG by mistake, SBTPG tried to forward the money to the taxpayer if they could. For the second round, SBTPG has decided to simply bounce all payments. This actually makes sense to me since (1) you had a chance to update your banking info with the IRS, and (2) if you are not an ongoing customer of SBTPG they have no way of knowing if the account you used for your tax refund last March is still the correct account for you.
https://www.sbtpg.com/coronavirus-stimulus-payment-info/
