While no one likes filing their taxes, most Americans look forward to getting a tax refund at the end of it all. About 79% of Americans got money back from the IRS in 2019, with the average refund being $2,600. (If you’re one of the 21% who owe money, you might want to read this instead.)
Once you’ve filed your tax return, though, you have to wait for the IRS to deliver it. While this used to mean checking the mailbox each day for a check, these days most people receive their money through direct deposit.
When you opt to receive your tax return by direct deposit, you’re not just making the process more convenient. You’re also getting several advantages that waiting for a paper check just doesn’t provide.
Direct Deposit for Your Tax Return is Faster
The biggest advantage direct depositing your tax return provides over waiting for a check is that it’s faster. No longer do you have to wait for the IRS to print and mail a check. Instead, the funds get electronically deposited into your account of choice.
Direct Deposit is More Secure for Your Tax Refund
When you get your tax refund by direct deposit, you don’t have to worry about your check being lost in the mail or stolen. While you can get the IRS to reissue your refund check if it goes missing, the process will take up to six weeks, and that’s on top of the wait you’ll have to determine if your tax refund check really is missing.
When you get direct deposit, the money goes straight from the IRS to your bank account. No muss, no fuss, and no worries about what happens to your tax refund check after the IRS has sent it out.
Direct Depositing Your Tax Refund Gives you Options
When you get your tax return by IRS, you get the option to split your refund between two or three accounts. These accounts can be checking, savings, retirement and even health and education.
The best part of all this is you get some time to decide the best way to allocate your money, instead of trying to make a decision while it’s burning a hole in your pocket.
Get Your Tax Refund Direct Deposited at First Alliance Credit Union
Getting your tax return with direct deposit just makes sense. It’s convenient, easy and helps you manage your finances much better than getting your tax refund by a check ever could.
When you get your tax refund, be sure to put it into a First Alliance Credit Union account. You’ll be able to put your money into a savings account, club accounts, health savings accounts, or even a Certificate of Deposit (CD).
This is your year. Make your tax return work for you.