Stacy Wilson, ACH Coordinator
It’s tax time and the credit union is receiving income tax refunds via direct deposit and still a few paper checks. Here are few things to remember about tax refunds and direct deposit:
We post direct deposit twice a day. Once in the morning and once in the afternoon.
The IRS states that the person on the return must have access to the funds, and if they are not on the account they do not have access to the funds.
If it is a joint return, the deposit will come in under the first name listed on the income tax return form. There is limited space for the IRS to put information.
If the person on the refund deposit is not on the account, we will try to locate an account for them and post it to the account we are able to locate.
If you want the funds to go into your savings:
You should mark the account type as savings, give the IRS our routing number 313087286, and your member number. (No extra numbers or dashes)
If you want the funds to go into your checking or money market account:
Mark the account type as checking, give the IRS our routing number, and the SDC number for the account (the extra digit on your checks).
For those that will be receiving a check instead of direct deposit we offer the following:
The credit union can only accept a tax refund check if a name appearing on the check is a member. In order to deposit or cash a joint check, both names must be on a joint account. A co-borrower on a loan is not considered a joint owner of an account. In addition, both people must endorse the check exactly like it is made out, including initials. Writing for deposit only on the back of a check is not an endorsement.
If the account is not jointly owned, both people must be present, and both parties need to endorse the check exactly as it is written on the check.
Remember these important tips to ensure that your tax refund check can be deposited or cashed without delays:
- A co-borrower is not a member
- Check must be signed exactly as it is made out
- At least one name on the check must be a member
If you have any questions regarding your refund check or direct deposit, you can reach our contact center weekdays during business hours.