I started a post almost 3 weeks ago about this exact same thing that all of this would happen but after much debate from people that were sooooo certain that because they talked to TurboTax, Greendot and Santa Barbara bank that they were all assured that Turbocard users will receive their direct deposit on their Turbo card. My post was to ask TurboTax to allow us to update our deposit info vs our refund being delayed and so that we wouldn’t have to wait for the IRS tool to release and be further delayed for deposit or for a mailed payment for that mattter. It was like team forum we would receive deposit vs team forum we wouldn’t lol, 1000 plus posts later I was starting to doubt my original findings and Because I was skeptical of what so many people were assuring me of that we would receive the refunds via direct deposit etc, I went ahead and spoke with the IRS directly and I too was assured That as long as the account info on our return matched to Turbocards Account info then it would auto deposit, well what we weren’t privy to was that behind the scenes a third party bank (Santa Barbara) was used to transmit our original tax returns. So because the bank that was used to transmit the funds doesn’t match the Greendot account that’s printed on our tax returns that this is why they won’t be transmitting Turbocard advance refund customers stimulus payments automatically unless you update the IRS directly. Also ANY prepaid card users that didn’t opt for advance refund but That the prepaid company that they use, ALSO uses a third party bank to put the funds they transmit into a temporary account aka (third party bank) when transmitting finds, that those users Too will also receive a paper check. So I would recommend to anyone that used one to receive your tax refund on to check your customer agreements/disclosures with that prepaid card company or call them to verify. From what I understand some prepaid companies use third party banks that are FDIC Insured so that their customers have the nice selling features that hey this prepaid bank you are using is just like a regular bank it’s not just a prepaid money account. The insurance basically states hey if your bank fails we will insure your money up to $250,000 just like the regular banks do. All venders whether is your utility or insurance company or the IRS for that matter will typically only refund back to the original source of payment and not a third party. So yes your prepaid card bank is performing with the same perks of a FDIC regular bank or credit union but it isn’t systematically functioning like one. Sorry for long winded answer but to hopefully save another thousand plus posts with debates.....,there it is, lord I hope not because this is the nerdiest I think I have ever felt with me actually taking the time to research all of that and to spend time posting on forums. Not that anyone who does forums is nerdy but for me It’s not my cup of tea. I did appreciate the helpful info and enjoyed hilarious posts and banter. Good luck everyone At least if a second stimulus payment issues hopefully this won’t happen to us again!! Cheers
