Tax Refunds Delayed
@flowerchilde (12529)
United States
February 15, 2011 1:48pm CST
If someone's tax refund is direct deposited, I noticed this year, there may be a two day delay of the bank's posting it to the person's account. This happened to my son's refund and Turbo Tax included the notice of this possible two day delay when electronically filing my taxes. Why would this be I wonder? Are the banks planning on using those deposits before they are credited to the person's account? If so, did they receive permission to do this from the government I wonder? Does anyone know the answer to this banking question? Why a delay from deposit to when it is actually credited to a taxpayer's bank account?
5 responses
@celticeagle (189957)
• Boise, Idaho
16 Feb 11
No, it is actually on the governement's end and not the banks. I just have mine done at H&R Block and get it the next afternoon. Love it!
@flowerchilde (12529)
• United States
16 Feb 11
My husband says H&R Block works for the government so doesn't think they check for all deductions, etc. (I have no idea if they do or not!)
1 person likes this
@flowerchilde (12529)
• United States
18 Feb 11
I'm thinking it's a conspiracy tween the banks and gov because we use a credit union and there was no delay whatsoever.
- P.S. thanks for the info..
1 person likes this
@celticeagle (189957)
• Boise, Idaho
17 Feb 11
I don't believe that! I stand by them.
1 person likes this
@lologirl2021 (5541)
• United States
15 Feb 11
Alot of banks will hold a check for a larger amount then they are used to seeing go into your bank account to make sure things are correct. It might of stated it was your income tax return but they will do this to make you safe and them safe as well. Its just a caution they have used in the past year or so to be careful with everything. They dont want it to be a scam check being deposited in your account too.
@flowerchilde (12529)
• United States
16 Feb 11
It's entirely possible that somehow cynicism has crept into me..
@Lakota12 (42600)
• United States
16 Feb 11
I think the bank make sure that the money is going to the right person its like a check being deposited from someothr bank needs to know its not going to bounce Like my SOn in law had a check from his company put it in bank as it was from out of the country took 15 days before they could use the money!
1 person likes this
@MsTickle (25180)
• Australia
25 Feb 11
Over here, some cheques take several days to clear and this is not necessary as the funds are readily available. At any opportunity here, the banks will invest any such money in the overnight money markets and make a killing. They use my money but I get no benefit. They don't need my permission to do this. I think it's wrong and that I should at least get a significant share in anything they make.
