With tax filing season well underway, you should definitely consider a direct deposit of your tax refund. Not only is it easy, safe, and fast, it is the best way to get a refund according to 80% of taxpayers. Many of you opt for receiving the return this way every year now.
Click here to learn about how to set up direct deposit.
Make sure that you deposit refunds into accounts in your own name, or your spouse’s name or both. Avoid making a deposit into accounts owned by others. Some banks require both spouses’ names on the account to deposit a refund from a joint return. Taxpayers should check with their bank for direct deposit rules.
However, do know that there is a limit of three electronic direct deposit refunds made into a single financial account or pre-paid debit card. The IRS will send a notice and a refund check in the mail to any taxpayers exceeding the limit.