Direct Deposit Limits Changing January 2015

January 8, 2015

Tax Pros, don’t forget: as of January 2015, new IRS proceedures limit the number of refunds deposited to a single account or pre-paid debit card to three. If there is a fourth deposit, the IRS will automatically convert it to a paper check and send the taxpayer a notice. 

From IRS.gov:

“The vast majority of taxpayers will not be affected by this limitation, and we would encourage taxpayers and tax preparers to continue to use direct deposit. It is the fastest, safest way for taxpayers to receive refunds.

The direct deposit limit will prevent criminals from easily obtaining multiple refunds.

The limit applies to financial accounts, such as bank savings or checking accounts, and to prepaid, reloadable cards or debit cards.”