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Help! what happens to my tax refund if i close my bank account?

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Help! what happens to my tax refund if i close my bank account?

Postby santino » Thu May 17, 2012 5:02 am

i opted for direct deposit for my tax return, however now i have an overdrafted account. i cannot close the account yet but i dont want my tax refund to be deposited in there. what can i do to switch it to another account or have it mailed to me? is there a phone number or address to contact? please any help would be appreciated.
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Help! what happens to my tax refund if i close my bank account?

Postby bºi » Thu May 17, 2012 5:03 am

Once the wheels are set in motion it is impossible to change tracks. If the account is closed the electronic deposit will be returned and it will go back to default and a paper check will be printed and mailed from Philadelphia, Pa. If the account is open then it will go in as it was designated.
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Help! what happens to my tax refund if i close my bank account?

Postby kevion » Thu May 17, 2012 5:06 am

There's no way to change the account details or method of payment once the IRS accepts your return. It used to be possible if you timed it just right, but the IRS no longer allows it for security and fraud prevention reasons.

If the account is still open and accepting deposits when your refund hits, the bank will accept it and pay down the overdraft. There's NO way to stop that. Even if you close the account, the bank will keep it active for deposits "just in case" a deposit hits the account. This is standard practice in the banking industry when an account has a negative balance.

If the account is closed and non longer accepting deposits when your refund hits, the bank will reject it and return the money to FMS. FMS will then process your refund for payment by check and mail it to you. Allow 4 to 6 weeks processing time and mail time for your refund.
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Help! what happens to my tax refund if i close my bank account?

Postby bennie » Thu May 17, 2012 5:22 am

The funds will be returned to IRS who will send a paper check to the address on the return.
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Help! what happens to my tax refund if i close my bank account?

Postby obed » Thu May 17, 2012 5:24 am

The only way to stop the refund from going to that account is to close the account. In that case the bank will refuse the deposit and the refund will be returned to the IRS* and they willsend it to the address on the return.
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Help! what happens to my tax refund if i close my bank account?

Postby chace » Thu May 17, 2012 5:30 am

The only way to stop the refund from going to that account is to close the account. In that case the bank will refuse the deposit and the refund will be returned to the IRS* and they willsend it to the address on the return.
nope once your return is filed and you request the direct deposit it must be direct deposit, if the bank reject the deposit then IRS would send you a paper check.
but you can't make changes.
(if you have overdrafted account, you might not be able to open another account.)
good luck
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Help! what happens to my tax refund if i close my bank account?

Postby piers93 » Thu May 17, 2012 5:39 am

you can't change at this late date
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