Now that the tax season is upon us, it is quite likely that you have discovered that you are due a refund from the Federal Government. Once you have completed the filing process, the Internal Revenue Service (IRS) must accept your tax refund.
Once this step is finalized, it can take anywhere from 7 to 21 days to receive your tax refund – but, only if you use direct deposit and you have completed your submission through e-file. Chances are, you want to receive your refund as quickly as possible – especially given the talks of tax reform, economic challenges, and political issues that have been occurring recently.
If so, you will be pleased to know that technological advancements in the banking industry make it easy to get a rapid refund.
The IRS Direct Deposit Program
If you are ready to get your money, you should opt to use the Direct Deposit Program offered by the IRS. This is a completely free service. The best part? If you elect to do so, you may opt to have your refund deposited into different accounts.
You may split up the funds into as many as three unique bank accounts. Technological advancements make it easy to split up your income tax return to a checking account, a savings account, a holiday account – or any other combination of bank account types, for a total of up to three. By doing this, you may put the money where you need it and get it much faster.
Additionally, this is much safer than opting for a paper check or loading onto a prepaid card. Additionally, you save on check cashing fees and the fees charged by prepaid card companies.
What Should I Do with My Income Tax Refund?
If you are like many, you may be wondering – what, exactly – to do with all of that money you get back in your refund.
You actually have many choices.
You may opt to make a large purchase, put a down payment on a product – such as a vehicle or a home – or save your money. You may elect to settle any outstanding debt or create an emergency fund to handle those unexpected expenses that you may be faced with throughout the year.
By using the new banking technology that allows you to split up the refund into different types of account, you have the ability to designate money for now, for later, and for savings – or any combination – the choice is yours!
Somerville Takes Savings Seriously
We here at Somerville Bank know how important your money is – be it income from a job, a cash bonus, or the money received in your income tax refund. We offer many different types of accounts. By speaking with one of our banking specialists today, you may find many ways to sort and save your refund.