Netspend is a prepaid debit card company that allows users to have their tax refunds directly deposited onto their card. One of the benefits that Netspend offers to cardholders is a faster tax refund with direct deposit. Let’s find out how long it takes to get your tax refund into your Netspend account.
Get a faster tax refund with direct deposit
On the Netspend website, it says that you can get a faster tax refund with direct deposit. What does that mean? Net spend explains:
Faster access claim is based on comparison of a disbursement via direct deposit vs. disbursement via a mailed paper check.
Netspend explains faster access claim
This means that when they say faster access, it is compared to the tax refund done by the paper form.
How long does it normally take?
The time it takes for the IRS to process a tax return can vary. The IRS states that most refunds are issued within 21 days of the return being filed. However, if the return is selected for further review, the process can take longer. Additionally, if the return is filed close to the tax deadline, it may take longer for the refund to be processed.
Thus, the time it takes for the refund to be deposited onto a Netspend card also varies. The IRS states that most refunds are deposited directly onto a prepaid debit card within 5-7 business days of the refund being issued. However, this can take longer if there are any issues with the refund or the card.
Overall, the time it takes for a tax return to be processed and deposited onto a Netspend card can vary depending on the IRS processing time and any issues that may arise. Generally, most refunds are deposited onto a Netspend card within 5-7 business days of the refund being issued.
It is important to note that Netspend also offers a Refund Transfer program which is a service offered by participating tax preparation providers. This service allow the filers to pay their tax preparation fee with their refund and it may take longer than the standard deposit process.
Also, it depends on when you finish filing your tax refund. For example. for the 2021 tax filing season, the earliest day to file was January 24.
It is always a good idea to check your refund status with the IRS and contact Netspend customer service if you have any concerns about the deposit of your refund.
Check with IRS after 21 days
During the tax return season, the IRS can experience a spike in their workload, but they normally follow their stated tax refund schedule and you don’t want to ring them within 21 days since you file your return during the busy season. You can you their “Where’s My Refund” portal to track the status.
The IRS is not allowed to issue any refunds for the Earned Income Tax Credit or Additional Child Tax Credit before mid-February. This means if you file on January 24, you might have to wait until mid-February or later to get your refund.
How can I check my refund status?
On the IRS portal, there is a status page named “Where’s My Refund”. You can get an update on when your refund can get paid and that would be the fastest way to check. The IRS explains that the page will display a status for yor return after 24 hours since your e-filing. Mailed refunds take longer.
The IRS tries to update their system every day during overnight. Check tomorrow if you don’t see any update today during the day. You need the following information ready to check your status:
- Social security number
- Filing status (single, married filing jointly, head of household, etc.)
- The expected amount of your refund
Based on these, the IRS can look at your account and provide any updates they have for you.
Conclusion
When you set up direct deposit for tax refund with Netspend, you can get a faster refund into your Netspend bank account compared to paper-based check. There can be many factors that decide the refund time, but generally it will be issued within 21 business days since you file. For a faster refund, consider to set up direct deposit on Netspend.
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