You may want to consider setting up a direct deposit of your tax refunds to a new bank account if you want to qualify for a checking account bonus. Whether you’re considering an offer from Chase Bank like the Chase Total Checking® or splitting your taxes between multiple checking or savings for more bank bonuses. The necessary option for qualifying direct deposit is any single electronic deposit of your government benefits from the government, so it’s a given that tax refund direct deposit would most likely qualify you.
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Rules to Qualifying for Bank Bonuses via Tax Refund Direct Deposit
- Check if the checking account promotion does not require multiple direct deposits to qualify. In this case, you would only need to make a single direct deposit. (you can attempt multiple direct deposits into a single account if necessary – see Rule 6.0)
- Check the minimum amount required for your direct deposit to qualify and make sure that your tax refund will cover the necessary minimum.
- Double-check for language in the fine print about your offer and that the indicated government-initiated deposits will qualify.
- Refunds should only be deposited directly into accounts that have your own name, spouse’s name, or both on it if joint. (See Rule 5.0)
- There are some financial institutions out there that do not allow a joint refund to be deposited into an individual account. It’s necessary to check with your bank to make sure your direct deposit will be accepted if applicable.
- There is a limit of 3 electronic refunds deposited into a single financial account or prepaid debit card. Taxpayers who exceed the limit will receive an IRS notice and paper refund.
- Direct Deposit of your tax refund may not meet the criteria as a qualifying direct deposit for all bank account promotions. This would be depending on the terms of the offer, the particular bank establishment, and how strictly they view direct deposits.
Set Up Your Tax Refund Direct Deposit:
Request your tax refund as a direct deposit with the following methods:
- Tax Software Filing: Select direct deposit as your refund method through your tax software, and proceed to typing in your account number and routing number.
- Paper Return Filing: Type in your account number and routing number in the direct deposit line on your 1040 Form.
- Tax Preparer Filing: Tell your tax preparer that you want a direct deposit and provide them with your account number and routing number.
Maximizing Tax Refund Direct Deposits
When maximizing Tax Refund Direct Deposits, it’s most certainly free and the fastest way to get your tax refund! On top of that, this could help you qualify for extra bonus money with a new bank account making it an even better option towards maximizing your tax refund.
Splitting Your Tax Refund Direct Deposit
Considering that you can split your tax refunds and have it direct deposited in up to 3 different banking accounts, this method has been proven to be one of the best ways to qualify for multiple bank account promotions that require direct deposit at the same time.
Essentially, you will be able to divide your tax refund in up to 3 checking or savings from up to 3 different U.S. financial institutions and you can even deposit your funds into an IRA and make Savings Bond Purchases to divide your refund.
Conclusion:
Setting up direct deposit as your tax refund is free and easily one of the fastest methods you have to getting your tax refunds. It’s necessary to double-check for language in the fine print about your offer and that the indicated government-initiated deposits will qualify. There is a limit of 3 electronic refunds deposited into a single financial account or prepaid debit card. Taxpayers who exceed the limit will receive an IRS notice and paper refund. Be sure to check out our complete list of Bank Deals for all your banking necessities!
