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January 16, 2020

Direct Deposit Your Tax Refund—How and Why

Tax returns give many Americans a chance to catch up on bills, pay off debt, build their savings, or make large purchases. Make sure you receive your return quickly—and safely—by setting up direct deposit.


How to set up direct deposit

The IRS allows you to direct deposit your refund into up to three accounts, making it easy to divvy up your potential windfall between your checking, savings, and even retirement accounts. Whether you e-file or hire a tax preparer, you’ll need to have your MIDFLORIDA Credit Union account and routing numbers handy to set up direct deposit for your tax refund. To find this information, simply log into Online Banking and visit the Accounts tab by clicking “View/Edit Accounts”.

Get your tax refund faster

According to the IRS, 90% of tax payers receive their refunds in less than 21 days when they e-file and set up direct deposit. You can check the status of your refund on the IRS website as early as 24 hours after you’ve filed electronically; be sure to have your refund amount, social security or individual tax identification number, and filing status on hand.

Prevent fraud at tax time

While many criminals have moved on to more savvy techniques to include cybercrime, run-of-the-mill mail and check fraud are still a real threat—especially during tax season. Plain and simple, when you set up direct deposit for your tax refund, there is no paper check for crooks to steal from your mailbox.

Learn more

Set yourself up for financial success in 2020 by checking out more tips for staying safe and spending wisely this tax season.