The IRS lets you split your refund across two or three accounts - sending some of your refund to an account for immediate use and some for future savings. You can better manage your financesĭirect deposit can also help you manage your finances and save for the future. One good thing about setting up direct deposit with the IRS means you don’t have to worry about mail theft, which could put your check and your personal information at risk.
Identity theft and fraud are very real concerns when it comes to receiving money from the government. In fact, if there are no issues with your tax return, the IRS expects nine out of 10 taxpayers will receive refunds within 21 days of when they file electronically with direct deposit. You can also expect a quicker refund if you combine direct deposit with electronic filing, rather than printing out and mailing in paper tax returns. Whether you file electronically or on paper, direct deposit gives you access to your refund faster than you would if you were to wait for your check to arrive in the mail. Choosing direct deposit over receiving your money as a check in the mail has many benefits. Eight out of 10 taxpayers use direct deposit to get their tax refunds, according to the IRS.
