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Today had my taxes done,and went ahead and e filed for the overpayment refund check and my helper entered the correct routing number and my account number correctly.here is my question, When i return home and looking over the paper work, i found where he marked the type of account as a checking account when i only have a savings account with my bank.So what would happen if for some reason the payment gets rejected as its not a checking account?
I called my bank and the first woman was not sure and thought it could be rejected as i do not have a checking account,then she transferred me to another lady who said as long as the account number was enter correctly then the check should goto that account no matter if its a checking or saving account.
I'm not sure if this could make a problem for me or not,Also im not sure who i should believe or trust.
You will probably get an email saying that they can't deposit the money and either they will give you the option of correcting the mistake (depending on what program you used to efile) or they will mail your check. If you used Turbo Tax or a similar program, check their help section and they will most likely have a way to correct this.
I'm not sure if the money will be deposited directly or not--it's really up to the individual banks. I know mine audits daily rejections, and will manually go check accounts to see why something was rejected and then redeposit it into the right place. I highly doubt larger banks do this.
Your best bet may be to hurry and open a checking account with your bank!
IRS tax refund direct deposit is no different from any ACH transfer. Have you ever successfully direct deposited before? Or have you ever transfered into this account initiated from an external account?
If yes, then don't worry. Your bank will accept the fund from IRS.
If not, then IRS can't direct deposit the tax refund. As mentioned, it may give you options to update bank infor or receive a check in mail.
For example, Ally bank MMA is technically a savings account. But I was told to choose checking whenever I give out the account information.
Thanks ace, My check is direct deposited so more in less i should be fine?
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