It’s January, which means it’s officially tax season or as we like to think of it, refund season!
If history is any indication, nearly 80% of people who file a return, will receive a refund. Say what? Yes. It’s true. Uncle Sam has refunded an average of $2,800 over the past few years. If you’re like most people and awaiting a big pay day, you’ll want to receive your reimbursement as quickly as possible. So why wait for a check in the mail, when you can have it automatically deposited directly into your Chime Account?
One of the best ways to ensure that you receive your refund is by electing to e-file with direct deposit, which according to the IRS is the “best and fastest way to get your refund”. Filing with direct deposit is convenient and easy. Here’s a quick step-by-step guide to getting your tax refund direct deposited to your Spending Account:
Step 1: Get your Spending Account and Routing Numbers.
First things first. Get your Spending Account information:
- Open the Chime app on your smartphone or login to your Chime Account on the web.
- Visit the ‘Direct Deposit’ screen under ‘Move Money’ to view your Spending Account and routing numbers.
- Copy these numbers and paste them directly into the tax software you’re utilizing to process your return.
Step 2: Include your Spending Account information when you file your return.
If you’re using a tax software, select direct deposit as your refund method and include your Spending Account and routing numbers as the account to which you want your refund deposited. If you are having your taxes filed by a professional, let your tax preparer know that you want to receive your refund via direct deposit and provide them with your Spending Account and routing numbers. Be sure to triple check the information provided to avoid any errors which could delay your refund.
Step 3: Get notified when your refund arrives.
When you e-file your return with direct deposit as the payment method, the IRS expects to issue 9 out of 10 refunds within 21 days, as opposed to 8 weeks for a check in the mail. We’ll let you know the moment your refund is deposited to your Spending Account by email and by push notification if you have the Chime app. If you think it’s taking too long to get your refund, you can always check on your refund status with the IRS’s nifty refund tracker.
The deadline for filing your 2015 return is April 18 (due to Emancipation Day) but the sooner you file, the sooner you’ll get your refund. When you e-file with direct deposit you could have your funds before leap day!