With tax season right around the corner, many people are looking for the fastest and safest way to receive their tax refunds. The answer is a Direct Deposit tax refund, which is the best way to gain access to what may be the biggest payday you receive all year.

Last year, the IRS began phasing out paper refund checks for electronic deposits because paper checks are nearly 20 times more likely to be lost, stolen, altered or delayed. Combining direct deposit with electronic filing will also speed up the process. Consider that the IRS issues most refunds within a three-week period, making it impossible for a direct deposit electronic refund to be lost, stolen or destroyed.

In addition, most Direct Deposit refunds are issued in less than 21 days and should appear in your account within five days from the date approved. Paper returns can take four weeks or more to process.

Direct Deposit is easy regardless of how you file your taxes. Select Direct Deposit as your refund method on your tax return, provide your checking or savings account number and your bank’s routing number. Your routing number, which identifies the location of the bank, consists of nine digits and can be found on the bottom left side of your check.

For First Keystone Community Bank account customers, the routing number is 031307125. Your account number consists of nine or 10 digits and can also be found on the bottom of your check, in online banking or on your mobile app.

If you don’t have a bank account, your tax preparer may provide alternate payment options like a prepaid debit card. 

Because your tax return can be the largest single check you will receive, it’s the perfect time to start a savings account or increase the balance in your existing savings account. You can receive your Direct Deposit tax refund from the IRS in several different ways, including:

• Directly deposited into one checking or savings account
• Directly deposited into a maximum of three different accounts
• Used to buy a maximum of $5,000 in U.S. Savings Bonds
• Received in a paper check

Splitting your direct deposit tax refund is easy. You can do it electronically or with a paper return. It’s a quick, safe way to manage your money by depositing some of your refund into an account to use now and some to save for later. Funds can be deposited in up to three different accounts. Contact a tax professional for split deposit filing instructions.

Regardless of how you file or how many accounts you use, you can track the status of your refund with the “Where’s My Refund?” feature on the IRS website. Your banking professional at First Keystone Community Bank can help you determine the best product choice for depositing your refund. Call 570-752-3671 to speak to an account representative today. For tax filing advice, contact a tax professional.