@jysanders21 wrote:
I asked the same question to TT and have gotten absolutely no valid information. And the response they gave you is the typical jargon which still doesn't answer the question.
No one know the answer to your specific question in your specific case (or the specific case for any taxpayer) because we don't know your name, your social security number, your bank account number (and don't post them), and we can't get information about you from either the bank or the IRS because of privacy laws.
Here's how it works: You agreed that your refund from the IRS would be intercepted by a third party bank (SBTPG). If the IRS provides proper advance notice of the refund and if your bank accepts the deposit, SBTPG will send a deposit in the amount of the noticed refund minus $25 to your bank 5 days early. Then when the IRS deposits the refund to SBTPG, they keep it, making a $25 profit (about 60% interest, given the average refund of $3000). If the IRS does not provide notice or if your bank will not accept the deposit, your refund will go to SBTPG whenever the IRS pays it, and SBTPG will then forward it to your bank. This can incur a delay of 1-3 additional business days, depending on your bank's policy about direct deposits.
Putting another bank between you and the IRS has so many drawbacks, I have never been convinced it was a good idea in any of the schemes that tax preparers use (pay fees from refund, advance refund, etc.).
