There has been steady growth in Direct Deposit of income tax refunds over the last several years. Over the previous four years, FMS has focused its marketing efforts on informing recipients of Federal benefit payments of the advantages of receiving their payments by Direct Deposit. Direct Deposit has been available for nearly 25 years and has proven to be safe, reliable, and convenient.
Statistics indicate that electronic transmissions also have fewer errors.
And Direct Deposit refund recipients are 26 times less likely to have a problem than those with paper check refunds. If a problem does occur, it can usually be resolved in 24 hours, compared with an average of 14 days for a check problem. These same benefits apply to tax refund payments made to millions of taxpayers each year. The most expeditious and safest method for receiving an income tax refund is by Direct Deposit into a checking or savings account. To choose a Direct Deposit refund, taxpayers indicate on the refund portion of the electronic return, or on the paper form 1040, their financial institution s routing transit number, their account number and the type of account-checking or savings.