When filing your tax return with the Internal Revenue Service, choose to have your tax refund deposited directly to your Varo Bank Account. You could get your 2020 tax refund sooner than by waiting for a paper check in the mail.
At Varo, we don’t hold on to any of your deposits — including your tax refund. Instead, we post it right when we get it and notify you immediately with a push notification.
Most people receive their tax refund by direct deposit because it’s simple, quick, and safe. With potential mail delays due to COVID-19, receiving your tax refund with direct deposit is an especially good idea.
If you’re wondering, “Where’s my tax refund?” make sure to check with the IRS for your tax refund status.
You can start checking the status of your tax refund within 24 hours of filing your tax return online. According to the IRS, refund statuses are updated once a day.
Take a look at this chart for estimated dates on how long it could take to receive your tax refund with direct deposit vs. a paper check in the mail.
|Date your tax return is accepted by the IRS:||Date you could get your refund with direct deposit:||Date your refund could be mailed:|
|February 16||March 1||March 5|
|March 8||March 19||March 26|
|March 29||April 9||April 16|
|April 19||April 30||May 7|
According to the IRS, 9 out of 10 taxpayers will receive their refund within 21 days of when they file electronically with direct deposit if there are no issues with their tax return.
Yes — and you should! Direct deposit is the easiest and quickest way to deposit your tax refund into your bank account.
If you receive your 2020 tax refund to your Varo Bank Account, we’ll post it as soon as we get it so there’s no unnecessary waiting. Make sure your push notifications are turned on, and we’ll notify you the second your refund hits your account.
The best way to check the status of your refund is to visit the IRS site.
We’ll deposit your refund as soon as we get it. If you give us a call, our Customer Service team won’t have any further info on the status of your tax refund.
Believe it or not, that’s kind of a good thing. A tax refund tells you you’ve been overpaying on your taxes during the year and living off less of your income than you could be.
If your tax refund amount is lower than anticipated, it means you’ve been living off more of your income throughout the year.
It’s easy. When you file your 2020 taxes, just enter your bank account and routing number where you’re asked. You can find your bank account and routing number in the Varo Bank app by tapping Varo Bank Account > Account Details.