Tax Season Has Begun CU’s Get Ready for Direct Deposits of Refunds

Tax season has officially begun. As many tax filers are increasingly receiving their refunds by direct deposit these days, credit unions need to prepare their staff to handle members request about the process. 

The IRS has shared the following reminders to taxpayers in regard to direct deposited tax refunds: 

  • Refunds can be split into as many as three separate accounts. For example, a checking, a savings, and a retirement account.
  • Refunds should only be directly deposited into accounts that are in the taxpayer’s own name, their spouse's name, or both if it's a joint account.
  • Refunds should not be direct deposited into an account in a return preparer's name.

Click here for more information and important tax filing dates.