Anyone With A Bank of America Account NOT receive their Tax Refund Direct Deposit on it's due date?

Question

This question is one of many that I've been asking as I track the status of my own tax refund direct deposit. I've been reading from some that they received their refund from the IRS in their BofA account on the refund's due date. Right now I'm anticipating a monday deposit, or, at least, for the deposit to show up. I am still interested all those others who have not received their tax returns as direct deposit last Friday from the IRS. If this persistence offends you, please, move on.

Answer 1

I e-filed 1/25/08 evening. I received my state tax refund direct deposit into my Bank of America acct. on 1/29/08. Federal expected date is 2/12/08.

Answer 2

According to the IRS web site and automated telephone system, my refund was supposedly direct deposited into my Bank of America account on Friday Feb 1st. It's approaching 9pm on Monday the 4th and the money is still not there. This seems unusual...in prior years I have never experienced a problem. The money was always there on the date the IRS said it would be.



Just an update: it is now the 5th. The IRS still reports the refund was deposited on the 1st, but I went into my BofA branch today and they told me they have definitely not received the deposit. Guess I will be calling the IRS tomorrow.

Answer 3

You need to understand how Direct Deposit of refunds works. Here's the short skinny on it from a guy (me) who works in the banking industry:



The IRS runs the ACH transmittals for tax refunds on Thursday evenings. How long it takes to make it into your bank account depends entirely upon your bank.



If your bank processes them in real time around the clock it will usually be in your account sometime on Friday, often at the beginning of the banking day.



If your bank batch processes at end-of-day (many still do) then it will be processed by your bank on Friday evening and will be in your account on Monday morning. If Monday falls on a holiday it will be Tuesday before you see your money.



A few small community banks and credit unions are not on the Fedline system and/or process ACH transactions manually. In that case it often takes an additional 2 to 4 days or more for your refund to post to your account.



SOME banks can tell you if there is a pending transaction but not all of them can. And just because they show a pending transaction does NOT mean that the funds will actually post to your account. If the name on the ACH transaction does not match one of the names on the account it very well may bounce back to the IRS who would then issue a paper check in a couple of weeks.