Another big benefit of having your pay direct deposited onto a Visa payroll debit card is that you can use the same routing and account number to also file your tax return electronically and get your refund directly deposited to your pay card in weeks instead of months!
According the IRS.gov, you can get your refund faster by telling the IRS to direct deposit your federal income tax refund on up to three different accounts. If you want the IRS to deposit your refund into just one account, use the direct deposit line on your tax form. However you also have a choice to direct deposit your refund to more than one account. With split refunds (use IRS’ Form 8888), you have a convenient option for managing your money. For example, if you use two paycards within your family, you can instruct the IRS to divide and share the refund at your request.
Give your tax preparer your Visa debit paycard's account and routing number, and your refund will be deposited to your card directly. No more waiting for your paper refund check to arrive in the mail. Electronic refunds usually arrive in 7-10 days after filing. With this method you can guarantee the delivery of your tax refund and get your refund dollars faster. Sending your refund to paycard account for immediate use can save you the expense of taking a loan against your refund. Tax refund loans fulfill customers' demand to get refund dollars quickly, however, the cost of these loans eat up much of the refund. Just like the savings from avoiding check cashing service fees on pay day, speeding your tax refund using your paycard will reduce the need for expensive tax refund loans.
Whether you file electronically or on paper, direct deposit gives you access to your refund at least one week faster than a paper check. Direct deposit also avoids the possibility that your check could be lost or stolen or returned to IRS as undeliverable. The IRS processes around 120 million individual income tax refunds. Of those, millions of refunds are unable to be delivered due to address changes and incorrect account information. Some refunds took up to three months to be received. Don't let this happen to you!
Enjoy savings, safety and faster tax refunds using your Visa debit payroll card for direct deposit. Ask your employer for a paycard today or order now.
Ps. Want to get a tax return deposited to your paycard at the beginning of every month? Learn how.