From the IRS-
As you prepare for the 2018 filing season, you should consider direct deposit of any refunds you are due.
IRS Direct Deposit:
- Is Fast— The quickest way for you to get your refund is to electronically file your federal return and use direct deposit. Taxpayers who file a paper return can also use direct deposit.
- Is Secure- Since refunds go right into a bank account, there’s no risk of having a paper check stolen or lost.This is the same electronic transfer system that deposits nearly 98% of all Social Security and Veterans Affairs benefits into millions of accounts.
- Is Easy- Choosing direct deposit is easy. Just provide your preparer with your routing and account number(s) and be sure to verify that the information appears correctly on your returns.
- Has Options- You can split a refund into more than 1 checking or savings account. Use IRS Form 8888, Allocation of Refund (including Savings Bond Purchases) to deposit a refund in up to 3 accounts.
You should deposit refunds into accounts in your own name, your spouse’s name, or both. Avoid making a deposit into accounts owned by others. Some banks require both spouses’ names to be on the account to deposit a tax refund from a joint return.You should check with your bank for their direct deposit rules.
There is a limit of 3 electronic direct deposit refunds made into a single financial account or pre-paid debit card. The IRS will send a notice and a refund check in the mail to taxpayers who exceed the limit.