I did a lot of research and I hope this helps:
Everyone is concerned by the post from SBBT that states they have no affiliation with direct deposit of irs payments nor would any stimulus payments be issued to cards they themselves issued. From what I gather, these statements do not effect the turbo card/ green dot service many used this year, which includes those who opted for refund advances. None of these were issued by Santa Barbara Bank and Trust. SBBT is used by TurboTax, FreeTax USA, and other tax services to collect fees only (such as filing fees, add on services, etc...) In other words, they are the bank that Turbo tax etc uses for themselves, not the consumer. According to the tax return paperwork, this is how our actual payment received breaks down:
“We're going to disclose the tax information described from your 2019 tax return to First Century Bank (the lender), BorrowWorks (the lender service provider) and Green Dot Bank (the issuer of the card) to process your Refund Advance loan, administer and communicate with you regarding the loan program, and to issue and manage a Turbo® Visa® Debit Card account for you.”
So the IRS has the Green Dot Bank on file, with an actual routing number and account number. Hence the reason it can be used for social security payments and direct deposit from an employer. This SHOULD mean the IRS will directly deposit via these means. However only time will actually tell...
