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Disbursement Options: Check, Direct Deposit

Refundo offers taxpayers two ways to receive their tax refund:

  1. Check
  2. Direct Deposit

These options are offered when creating a bank application both in our integrated and non-integrated platforms.

Clearly explain these disbursement options to your customers so that they can decide which option best fits their needs.

Check

Customers may choose to receive their refund via a check printed in the ERO office. Checks are drawn on check stock of your choosing for a bank that is located in your area. Refundo checks can also be cashed at Wal-Mart. Typically check cashing fees are $8 or less.

Check is the most common disbursement choice.  Once you choose check, you are done with disbursement selection.  No additional information is required.

Direct Deposit

Choosing Direct Deposit changes the screen to show the additional information that is required to deposit fees to the taxpayers bank account.

If the customer requests their tax refund to be deposited into their personal bank account, the customer should provide a copy of a voided check. The check will show the customer’s name, name of the bank, the routing transit number (RTN) for the bank and customer’s account number (DAN). Please see the example below:

Account Type: Checking/Savings

Routing #:  Enter the routing number from your clients bank account.  Entering the routing number will also enter the bank name.

Verify Account: enter the bank account number. (this is a typo in the system - should be changed by the time you see this training)

Verify Account: enter the bank account number again to verify.

Bank Name: This info is entered automatically when you enter the routing #.

Incorrect RTN and DAN information that is submitted to Refundo with the customer’s tax return will delay the customer’s receipt of their refund proceeds.

Visit our Disbursement Options section for more details.

 

 

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