Anonymous
Anonymous asked in Business & FinanceTaxesUnited States · 1 decade ago

Is it true that the IRS only dispurses the Tax Refunds on Fridays??

I am expecting my tax return to be direct deposited to my account, my friend told me that the IRS only releases funds on Fridays?

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  • 1 decade ago
    Favorite Answer

    They actually release the ACH transactions for direct deposit on Thursday evenings. How long it takes to make it to your bank account depends entirely upon your bank and how they process ACH transactions.

    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.

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  • miliam
    Lv 4
    3 years ago

    there will be no cycle chart this 300 and sixty 5 days. incredibly much everybody will receive their refund interior 21 days, yet in many cases way earlier the 21 days. case in point: I filed with swifter Tax on one million/23/2013, my returns have been universal early by ability of the IRS on one million/26/2012, and my refund has now been authorized with an instantaneous deposit date of two/4/2012.

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  • Anonymous
    1 decade ago

    I wanted to add, if you are expecting your refund to be direct deposited, if you went to H&R Block or Jackson Hewitt and got one of those "debit cards" to receive your funds...the money will first go to the bank who processes it, then fees will be taken out for your preparation (if you elected to have them deducted from your refund), and then the remaining balance will be direct deposited by 5 p.m. on that Friday, according to Santa Barbara Bank, the ones who process the Jackson Hewitt iPower cards.

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  • Anonymous
    1 decade ago

    IRS does not release funds at all. The Treasury Dept Bureau of Accounts does and can do so any day.

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  • Anonymous
    1 decade ago

    Probably, seems like I always get it in Monday's mail.

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  • 1 decade ago

    Boston gave you the best answer.

    Source(s): I'm a tax preparer.
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  • 1 decade ago

    ....

    yes that is true

    they drain by noon and process and disburse on Friday's

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  • 1 decade ago

    yes, that's true.

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