Will Santa Barbara bank deposit my federal refund the same day the IRS deposit it to them on Friday?
I filed my tax return through turbo tax and chose direct deposit, However because i didn't have $34.95 on a debit or credit card to pay for my return being processed up front, i had to go through a bank called Santa Barbara and pay more fees which came to $84.00 total. Santa Barbara will deduct from return when they receive it on 2/6. My question is..... The same day the Irs deposit my refund to them so they can deduct the fees will i get the remaining the same day or does it take extra time for them to send it or will they mail me a check. Do anyone out there know? Have you filed your return through this bank before.5 years ago - 3 answers
SBBT is actually the bank that will deposit your return, not the IRS. SBBT is the middle man between the IRS and you. The IRS only approves your return and clears SBBT to release your refund.
So the answer to your question is yes. They will handle the entire transaction for you all at the same time.
When any bank is provided with a cheque it takes a maximum of 4 - 6 hours for that cheque to clear unless it has come from overseas. The banks however give a larger timescale of perhaps 3 - 5days for the cheque to clear...this is purely so that they have more time to earn interest on your money.
You will notice this when you look at your account and is says funds available $250.00 and available to withdraw $00.00
It should be. I hope you have learned your lesson about using a lame boxed program. If you had gone to a professional you would have had it done correctly and for about 20% to 25% less.by Big Woof - 5 years ago