Using Direct Deposit for Tax Returns
Published on: February 13, 2023
Why choose direct deposit for filing your tax returns?
Having direct deposit set up comes with many benefits, including ease of use to fraud protection. At Coloramo Federal Credit Union, we believe that efficiency is key as it saves our members time and reduces hassle. Because of this, Coloramo offers free direct deposit into both your savings and checking accounts. When e-filing or mailing in your returns, you can choose to have any refunds directly deposited to your account. By doing this, you can typically get your refund faster. You can even direct your tax refund(s) to multiple accounts.
IRS fraud is continually on the rise.
By using direct deposit, you lower the chances of having your tax refund stolen, since paper checks can be altered and cashed by perpetrators. Since the beginning of the Covid-19 pandemic, the IRS has sent out stimulus checks to help during challenging times. The majority of tax payers who get their refunds through direct deposit receive their stimulus check almost two weeks earlier than those who receive paper checks!
Helpful tips to keep in mind when setting up direct deposit for your tax refund:
Make sure you give the correct account information to the IRS.
Keep all information private. The IRS will almost never call you for information. If you do receive a call, email, or other communication from someone claiming to work for the IRS, chances are it is fraudulent. You can always call us if you have any questions or concerns over what may or may not be fraud relating to your direct deposit and/ or your tax returns.
Check the IRS website for beneficial information and to receive updates on your return status: https://www.irs.gov.
In conclusion
Check out our blog on setting up direct deposit or give us a call today for help setting up direct deposit. We are always happy to help, educate and advise our members in any way that we can!