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Perks of Having Your Tax Refund Direct Deposited

Perks of Having Your Tax Refund Direct Deposited

Money Management
SouthEast Bank| March 15, 2022
Perks of Having Your Tax Refund Direct Deposited

If you’re getting a tax refund this year, one of the decisions you need to make is whether you want to direct deposit your tax refund.

For many taxpayers, getting an IRS refund direct deposit vs. check makes the most sense. Let’s review the pros and cons of getting a direct deposit or paper check tax refund.

IRS Refund Direct Deposit vs. Check

When you get your IRS refund via direct deposit, the IRS sends the money directly to your bank account. On the other hand, when you opt to receive a check in the mail, the IRS will cut your check and send it through the post office.

In most cases, a direct deposit tax refund is the better option because it is faster, more convenient, and offers better security.

Fast and Simple

When deciding between a direct deposit or paper check tax refund, consider the speed and convenience that each option offers. With direct deposit, the money is electronically deposited right into your account, which is generally a faster process. In fact, if you e-file your tax return and specify direct deposit for your tax refund, you could get your refund in less than 21 days.

Receiving a paper check is a longer process. Before you can deposit it, the check has to be cut, mailed, and manually deposited into your account. In some cases, it may even take weeks.


Using direct deposit for your IRS refund check avoids the possibility that a refund check could be lost, stolen, or returned to the IRS as undeliverable. With direct deposit, the money is sent electronically to your bank, without using other intermediaries. The fewer hands your money passes through, the smaller the chance for mistakes.

Convenient Options for Your Refund

As you consider whether to get a direct deposit or paper check tax refund, consider the most convenient option for your refund.

When you choose a direct deposit tax refund, you can decide where your money should go and easily split the refund between three different account types. You could split your refund between your checking, savings, or even some retirement accounts.

Can You Get a Direct Deposit Tax Refund with a Paper Return?

If you want your money fast, filing online is a good way to move forward. However, you can still send your tax return paperwork by mail. Just keep in mind that you will wait longer than you would with e-file.

How to Set Up a Direct Deposit Tax Refund

Setting up your direct deposit tax refund is fairly straightforward. You will just need your routing number and account number. If you plan to divide your tax refund between accounts, you need to fill out Form 8888, which allows you to allocate your tax refund among three accounts.

If you need a checking account for your IRS tax refund, consider SouthEast Bank. SouthEast Bank offers a variety of checking accounts with perks to help you achieve your financial goals simply and efficiently.

In addition, if you choose an eligible account, you could get your tax refund even faster with Accelerate early direct deposit.* This is a feature available with the following checking accounts:

By using e-file and choosing to have your refund directly deposited into a SouthEast Bank account with Accelerate, you can get your refund back as quickly as possible.

How to Change Direct Deposit Information with the IRS

You have the option to submit your direct deposit account information each time you file your taxes. If you have already submitted your tax return and you need to change account information for direct deposit, you can wait until the IRS either accepts or rejects your return.

If the IRS rejects your return and you electronically filed it, you can sign in to your account to make corrections before e-filing your tax return again. If the IRS accepts your tax return and is unable to direct deposit your refund, then the IRS will mail your refund check to the address listed on your tax return.

You can also call the IRS directly at 800-829-1040 to inquire about updating your direct deposit information. Keep in mind that it’s important to carefully review your personal information before submitting your tax return.

Bottom Line

Combining the power of electronic filing and direct deposit is the most secure and efficient way to submit your tax return and receive any refund due.

Note: Links to other websites or references to services or applications are provided as a convenience only. A link does not imply SouthEast Bank’s sponsorship or approval of any other site, service or application. SouthEast Bank does not control the content of these sites, services or applications.

Information contained in this blog is for educational and informational purposes only. Nothing contained in this blog should be construed as legal or tax advice. An attorney or tax advisor should be consulted for advice on specific issues.

*The payer has until the posting date to retract the payment. If the payment is retracted, SouthEast Bank will debit the account.

¹Enrollment in monthly eStatements is required to earn the $.10 debit card rewards. Qualifying transactions include point of sale or online purchases of $1 or more using the SouthEast Bank debit card. ATM and cash-only transactions do not qualify for cash back rewards. The Rewards Period begins on the first calendar day after the last business day of the prior month and ends on the last business day of the current calendar month.  Regardless of the Statement Cycle, Cash Back Rewards will be paid (credited to the account) on the 1st business day of each month. Customers over age 25 will be notified and moved into a Rewards Checking product. No monthly service fee will be assessed for account holders age 13 – 24 (e-statement required). Overdraft/Returned item fees may apply. Unlimited check writing is subject to available funds. Please see the full Fee Schedule for any other fees that may be imposed in connection with this account. Visit or ask an associate for complete details.

²If enrolled in eStatements, a reward of $0.10 will be credited to your account on the 1st business day of each month for any qualifying debit card transaction (point of sale or online purchases) of $1 or more. Regardless of statement cycle, the Rewards Period begins on the first calendar day of the month and ends on the last business day of the month. $3 paper statement fee is waived with a daily average account balance of $1,200 or a daily average relationship balance of $10,000. Some fees, which may reduce earnings, and restrictions apply. Unlimited check writing is subject to available funds. Rates are accurate as of 5-2-2022.

³The Thrive checking account is available to customers who are 60 years old and older. There is no monthly service charge with this account. The free checks are safety paper checks. The free official checks are limited to 9 per month. Visit or ask an associate for complete details. Thrive checking account holders can receive a 10 basis point increase on newly opened CD Special rates (see associate for CD Special offers) if the Thrive checking account receives a monthly direct deposit as well as one monthly debit (check or debit card) from the account.